NPORT-EX 2 primary-document.htm
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
1
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
14
.8
%
Cayman
Islands
-
1
.4
%
Banco
do
Brasil
SA,
6.0000%, 3/18/31
$
950,000
$
975,522
Kingston
Airport
Revenue
Finance
Ltd.,
6.7500%, 12/15/36
(144A)
743,000
757,622
Kingston
Airport
Revenue
Finance
Ltd.,
6.7500%, 12/15/36
1,900,000
1,937,392
Oryx
Funding
Ltd.,
5.8000%, 2/3/31
500,000
514,030
Otel
Sukuk
Ltd.,
5.3750%, 1/24/31
2,250,000
2,290,838
6,475,404
Chile
-
1
.1
%
Corp.
Nacional
del
Cobre
de
Chile,
3.0000%, 9/30/29
1,000,000
950,870
Corp.
Nacional
del
Cobre
de
Chile,
5.9500%, 1/8/34
700,000
732,472
Corp.
Nacional
del
Cobre
de
Chile,
3.7000%, 1/30/50
950,000
669,569
Corp.
Nacional
del
Cobre
de
Chile,
6.7800%, 1/13/55
(144A)
1,075,000
1,152,378
Corp.
Nacional
del
Cobre
de
Chile,
6.7800%, 1/13/55
1,000,000
1,071,980
4,577,269
Egypt
-
0
.2
%
African
Export-Import
Bank
(The),
3.7980%, 5/17/31
750,000
651,613
Georgia
-
0
.1
%
Georgian
Railway
JSC,
4.0000%, 6/17/28
500,000
476,973
Luxembourg
-
0
.2
%
MHP
Lux
SA,
10.5000%, 7/28/29
(144A)
910,000
936,410
Mongolia
-
0
.5
%
State
Bank
JSC,
8.9000%, 9/25/28
2,000,000
2,002,369
Netherlands
-
1
.0
%
DTEK
Energy
BV,
7.0000%
(3.50%
Cash,
4.00%
PIK), 12/31/27Ø
734,766
535,395
Petrobras
Global
Finance
BV,
5.1250%, 9/10/30
2,300,000
2,275,160
Petrobras
Global
Finance
BV,
6.2500%, 1/10/36
1,865,000
1,832,362
4,642,917
Nigeria
-
0
.8
%
Africa
Finance
Corp.,
5.5500%, 10/8/29
(144A)
3,579,000
3,663,288
3,663,288
Oman
-
0
.8
%
EDO
Sukuk
Ltd.,
5.6620%, 7/3/31
2,300,000
2,389,125
Mazoon
Assets
Co.
SAOC,
5.2500%, 10/9/31
(144A)
1,117,000
1,134,448
3,523,573
South
Africa
-
1
.2
%
Eskom
Holdings,
8.4500%, 8/10/28
4,900,000
5,249,163
Togo
-
0
.5
%
Banque
Ouest
Africaine
de
Developpement,
4.7000%, 10/22/31
500,000
464,546
Banque
Ouest
Africaine
de
Developpement,
6.2500%, 10/14/40
(144A)
EUR
1,540,000
1,790,693
2,255,239
Turkey
-
2
.0
%
TC
Ziraat
Bankasi
A/S,
8.0000%, 1/16/29
$
1,450,000
1,540,309
TC
Ziraat
Bankasi
A/S,
7.2500%, 2/4/30
2,000,000
2,073,087
Turk
Telekomunikasyon
A/S,
6.9500%, 10/7/32
(144A)
1,826,000
1,862,922
Turkiye
Vakiflar
Bankasi
TAO,
9.0000%, 10/12/28
200,000
217,230
Turkiye
Vakiflar
Bankasi
TAO,
6.8750%, 1/7/30
(144A)
900,000
919,599
Turkiye
Vakiflar
Bankasi
TAO,
7.2500%, 7/31/30
(144A)
2,293,000
2,365,987
8,979,134
United
Arab
Emirates
-
2
.5
%
Abu
Dhabi
Crude
Oil
Pipeline
LLC,
4.6000%, 11/2/47
700,000
644,729
Abu
Dhabi
Developmental
Holding
Co.
PJSC,
5.3750%, 5/8/29
1,000,000
1,033,648
Abu
Dhabi
Developmental
Holding
Co.
PJSC,
5.5000%, 5/8/34
3,300,000
3,451,912
Abu
Dhabi
National
Energy
Co.
PJSC,
4.3750%, 10/9/31
(144A)
100,000
99,588
Abu
Dhabi
National
Energy
Co.
PJSC,
4.7500%, 3/9/37
(144A)
1,133,000
1,099,469
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
2
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
United
Arab
Emirates
-
(continued)
Abu
Dhabi
National
Energy
Co.
PJSC,
3.4000%, 4/29/51
$
1,500,000
$
1,069,517
Adnoc
Murban
Rsc
Ltd.,
4.5000%, 9/11/34
1,000,000
981,665
Adnoc
Murban
Rsc
Ltd.,
5.1250%, 9/11/54
(144A)
993,000
923,266
MDGH
GMTN
RSC
Ltd.,
2.5000%, 5/21/26
300,000
298,566
MDGH
GMTN
RSC
Ltd.,
5.8750%, 5/1/34
1,000,000
1,076,600
Oztel
Holdings
SPC
Ltd.,
6.6250%, 4/24/28
300,000
311,437
10,990,397
United
Kingdom
-
0
.6
%
NAK
Naftogaz
Ukraine,
7.1250%, 7/19/26
EUR
544,133
536,635
NAK
Naftogaz
Ukraine,
7.6250%, 11/8/28Ø
$
1,576,206
1,203,408
Ukraine
Railways,
8.2500%, 7/9/26
850,000
624,758
Ukraine
Railways,
7.8750%, 7/15/28
646,901
457,371
2,822,172
Uzbekistan
-
1
.9
%
Jscb
Agrobank,
9.2500%, 10/2/29
(144A)
694,000
760,436
Jscb
Agrobank,
9.2500%, 10/2/29
1,600,000
1,753,167
Navoi
Mining
&
Metallurgical
Combinat,
6.7000%, 10/17/28
1,000,000
1,035,204
Uzauto
Motors
AJ,
7.3750%, 11/19/30
(144A)
2,140,000
2,196,703
Uzbek
Industrial
and
Construction
Bank
ATB,
8.9500%, 7/24/29
1,600,000
1,740,180
Uzbek
Industrial
and
Construction
Bank
ATB,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.7920%,
9.4500%, 10/23/30
(144A)‡,μ
841,000
872,591
8,358,281
Total
Corporate
Bonds
(cost
64,500,468)
65,604,202
Foreign
Government
Bonds
-
77
.9
%
Albania
-
0
.2
%
Republic
of
Albania,
4.7500%, 2/14/35
(144A)
EUR
406,000
490,870
Republic
of
Albania,
4.7500%, 2/14/35
EUR
500,000
604,520
1,095,390
Angola
-
0
.7
%
Republic
of
Angola,
8.0000%, 11/26/29
$
1,200,000
1,176,919
Republic
of
Angola,
8.7500%, 4/14/32
1,300,000
1,271,636
Republic
of
Angola,
9.1250%, 11/26/49
650,000
562,599
3,011,154
Argentina
-
4
.7
%
Argentine
Republic,
0.7500%, 7/9/30
Ç
3,492,000
2,954,232
Argentine
Republic,
4.1250%, 7/9/35
Ç
6,150,000
4,757,025
Argentine
Republic,
5.0000%, 1/9/38
Ç
3,050,000
2,453,725
Argentine
Republic,
3.0000%, 7/9/41
Ç
EUR
475,000
396,583
Argentine
Republic,
3.5000%, 7/9/41
Ç
$
2,300,000
1,662,900
Ciudad
Autonoma
De
Buenos
Aires,
7.8000%, 11/26/33
(144A)
1,270,000
1,301,598
Province
of
Santa
Fe,
8.1000%, 12/11/34
(144A)
1,276,000
1,242,250
Provincia
de
Buenos
Aires,
6.6250%, 9/1/37
Ç
1,763,328
1,423,887
YPF
SA,
9.5000%, 1/17/31
2,820,000
2,989,774
YPF
SA,
8.7500%, 9/11/31
(144A)
800,000
825,970
20,007,944
Azerbaijan
-
0
.4
%
Southern
Gas
Corridor
CJSC,
6.8750%, 3/24/26
1,500,000
1,506,241
State
Oil
Co.
of
the
Azerbaijan
Republic,
6.9500%, 3/18/30
200,000
215,816
1,722,057
Bahamas
-
1
.2
%
Commonwealth
of
the
Bahamas,
8.9500%, 10/15/32
2,200,000
2,483,646
Commonwealth
of
the
Bahamas,
8.2500%, 6/24/36
(144A)
2,000,000
2,230,620
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
3
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Bahamas
-
(continued)
Commonwealth
of
the
Bahamas,
8.2500%, 6/24/36
$
300,000
$
334,593
5,048,859
Bahrain
-
1
.2
%
Bahrain
Government
Bond,
7.1000%, 2/3/38
(144A)
2,175,000
2,173,311
CBB
International
Sukuk
Programme
Co.
SPC,
3.9500%, 9/16/27
1,250,000
1,224,791
CBB
International
Sukuk
Programme
Co.
WLL,
6.1240%, 9/3/34
(144A)
1,942,000
1,945,918
5,344,020
Barbados
-
0
.1
%
Barbados
Government
Bond,
8.0000%, 6/26/35
(144A)
522,000
559,401
Benin
-
0
.1
%
Benin
Government
International
Bond,
7.9600%, 2/13/38
(144A)
621,000
648,573
Brazil
-
1
.7
%
Caixa
Economica
Federal,
5.6250%, 5/13/30
(144A)
1,400,000
1,418,382
Federative
Republic
of
Brazil,
6.1250%, 3/15/34
1,600,000
1,617,440
Federative
Republic
of
Brazil,
6.6250%, 3/15/35
1,800,000
1,849,500
Federative
Republic
of
Brazil,
5.0000%, 1/27/45
800,000
638,688
Federative
Republic
of
Brazil,
4.7500%, 1/14/50
1,000,000
733,400
Federative
Republic
of
Brazil,
7.1250%, 5/13/54
1,100,000
1,099,274
7,356,684
Bulgaria
-
1
.5
%
Bulgaria
Government
Bond,
4.2500%, 6/19/30
EUR
1,500,000
1,780,999
Republic
of
Bulgaria,
3.5000%, 5/7/34
EUR
2,500,000
3,001,180
Republic
of
Bulgaria,
5.0000%, 3/5/37
$
366,000
360,968
Republic
of
Bulgaria,
4.1250%, 5/7/38
EUR
900,000
1,080,670
Republic
of
Bulgaria,
4.2500%, 9/5/44
EUR
465,000
551,629
6,775,446
Cameroon
-
0
.5
%
Republic
of
Cameroon,
5.9500%, 7/7/32
EUR
2,200,000
2,287,832
Cayman
Islands
-
0
.3
%
Sharjah
Sukuk
Program
Ltd.,
3.2000%, 7/13/31
$
1,500,000
1,364,784
Chile
-
1
.4
%
Chile
Government
Bond,
2.5500%, 7/27/33
3,000,000
2,589,000
Republic
of
Chile,
2.5500%, 1/27/32
400,000
357,480
Republic
of
Chile,
2.5500%, 7/27/33
1,000,000
863,000
Republic
of
Chile,
3.5000%, 1/25/50
1,700,000
1,238,450
Republic
of
Chile,
3.5000%, 4/15/53
1,000,000
712,950
Republic
of
Chile,
5.3300%, 1/5/54
200,000
193,490
5,954,370
Colombia
-
2
.9
%
Ecopetrol
SA,
8.8750%, 1/13/33
2,600,000
2,794,652
Ecopetrol
SA,
8.3750%, 1/19/36
1,500,000
1,551,933
Ecopetrol
SA,
5.8750%, 11/2/51
700,000
505,406
Republic
of
Colombia,
5.3750%, 1/21/29
1,193,000
1,186,140
Republic
of
Colombia,
6.1250%, 1/21/31
259,000
257,912
Republic
of
Colombia,
5.0000%, 9/19/32
EUR
660,000
759,150
Republic
of
Colombia,
6.5000%, 1/21/33
$
871,000
862,682
Republic
of
Colombia,
7.5000%, 2/2/34
1,050,000
1,094,730
Republic
of
Colombia,
5.6250%, 2/19/36
EUR
2,300,000
2,577,763
Republic
of
Colombia,
8.3750%, 11/7/54
$
950,000
1,003,438
12,593,806
Costa
Rica
-
1
.8
%
Republic
of
Costa
Rica,
6.5500%, 4/3/34
3,000,000
3,247,860
Republic
of
Costa
Rica,
7.0000%, 4/4/44
1,000,000
1,084,590
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
4
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Costa
Rica
-
(continued)
Republic
of
Costa
Rica,
7.1580%, 3/12/45
$
1,350,000
$
1,476,171
Republic
of
Costa
Rica,
7.3000%, 11/13/54
2,250,000
2,499,997
8,308,618
Dominican
Republic
-
5
.3
%
Dominican
Republic
Government
Bond,
5.5000%, 2/22/29
1,000,000
1,012,500
Dominican
Republic
Government
Bond,
4.5000%, 1/30/30
2,000,000
1,946,000
Dominican
Republic
Government
Bond,
7.0500%, 2/3/31
2,200,000
2,346,300
Dominican
Republic
Government
Bond,
4.8750%, 9/23/32
4,000,000
3,824,920
Dominican
Republic
Government
Bond,
6.0000%, 2/22/33
600,000
610,800
Dominican
Republic
Government
Bond,
5.8750%, 10/28/35
(144A)
1,476,000
1,469,697
Dominican
Republic
Government
Bond,
6.6000%, 6/1/36
7,550,000
7,885,975
Dominican
Republic
Government
Bond,
6.9500%, 3/15/37
(144A)
1,300,000
1,387,750
Dominican
Republic
Government
Bond,
6.9500%, 3/15/37
2,000,000
2,135,000
Dominican
Republic
Government
Bond,
6.5000%, 2/15/48
650,000
645,775
Dominican
Republic
Government
Bond,
5.8750%, 1/30/60
800,000
710,000
23,974,717
Ecuador
-
1
.7
%
Republic
of
Ecuador,
6.9000%, 7/31/30
Ç
2,155,244
2,139,080
Republic
of
Ecuador,
8.7500%, 1/29/34
(144A)
1,069,000
1,079,690
Republic
of
Ecuador,
6.9000%, 7/31/35
Ç
3,095,868
2,820,336
Republic
of
Ecuador,
9.2500%, 1/29/39
(144A)
311,000
317,998
Republic
of
Ecuador,
5.0000%, 7/31/40
Ç
1,500,000
1,237,500
7,594,604
Egypt
-
2
.4
%
Arab
Republic
of
Egypt,
5.6250%, 4/16/30
EUR
1,800,000
2,126,528
Arab
Republic
of
Egypt,
6.3750%, 4/11/31
EUR
1,500,000
1,804,391
Arab
Republic
of
Egypt,
7.3000%, 9/30/33
$
300,000
301,557
Arab
Republic
of
Egypt,
7.9030%, 2/21/48
500,000
453,192
Arab
Republic
of
Egypt,
8.7002%, 3/1/49
800,000
783,261
Arab
Republic
of
Egypt,
8.8750%, 5/29/50
900,000
888,744
Arab
Republic
of
Egypt,
8.7500%, 9/30/51
1,300,000
1,268,285
Arab
Republic
of
Egypt,
8.1500%, 11/20/59
1,000,000
917,829
Arab
Republic
of
Egypt,
7.5000%, 2/16/61
650,000
552,829
Egyptian
Financial
Co.
for
Sovereign
Taskeek
(The),
6.3750%, 4/7/29
(144A)
957,000
970,381
Egyptian
Financial
Co.
for
Sovereign
Taskeek
(The),
7.9500%, 10/7/32
(144A)
406,000
426,844
10,493,841
El
Salvador
-
0
.3
%
Republic
of
El
Salvador,
8.2500%, 4/10/32
700,000
752,304
Republic
of
El
Salvador,
7.6250%, 2/1/41
650,000
648,375
1,400,679
Gabon
-
0
.4
%
Gabon
Government
Bond,
6.6250%, 2/6/31
2,000,000
1,702,327
Georgia
-
0
.9
%
Republic
of
Georgia,
5.1250%, 1/28/31
(144A)
4,016,000
3,958,082
Ghana
-
1
.8
%
Republic
of
Ghana,
0.0000%, 7/3/26
(144A)
¤
20,800
20,299
Republic
of
Ghana,
5.0000%, 7/3/29
(144A)
Ç
550,550
538,494
Republic
of
Ghana,
5.0000%, 7/3/29
Ç
3,850,000
3,765,690
Republic
of
Ghana,
0.0000%, 1/3/30
(144A)
¤
72,041
62,984
Republic
of
Ghana,
5.0000%, 7/3/35
(144A)
Ç
604,800
551,436
Republic
of
Ghana,
5.0000%, 7/3/35
Ç
3,500,000
3,191,180
8,130,083
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
5
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Guatemala
-
0
.8
%
Republic
of
Guatemala,
5.3750%, 4/24/32
$
700,000
$
704,347
Republic
of
Guatemala,
6.6000%, 6/13/36
700,000
747,761
Republic
of
Guatemala,
6.2500%, 8/15/36
(144A)
1,232,000
1,283,140
Republic
of
Guatemala,
4.6500%, 10/7/41
500,000
430,595
3,165,843
Hungary
-
2
.7
%
Hungary
Government
Bond,
1.1250%, 4/28/26
EUR
1,000,000
1,186,675
Hungary
Government
Bond,
5.3750%, 9/26/30
(144A)
$
995,000
1,018,413
Hungary
Government
Bond,
4.5000%, 6/16/34
EUR
800,000
968,881
Hungary
Government
Bond,
5.5000%, 6/16/34
$
600,000
605,833
Hungary
Government
Bond,
6.0000%, 9/26/35
(144A)
825,000
851,030
Hungary
Government
Bond,
6.0000%, 9/26/35
2,000,000
2,063,103
Hungary
Government
Bond,
5.5000%, 3/26/36
3,000,000
2,981,345
Hungary
Government
Bond,
6.7500%, 9/23/55
(144A)
1,333,000
1,385,197
MFB
Magyar
Fejlesztesi
Bank
Zrt.,
6.5000%, 6/29/28
1,000,000
1,039,637
12,100,114
Indonesia
-
1
.2
%
Perusahaan
Listrik
Negara
PT,
5.4500%, 5/21/28
5,000,000
5,108,000
Iraq
-
0
.4
%
Republic
of
Iraq,
5.8000%, 1/15/28
1,720,000
1,711,696
Ivory
Coast
-
1
.5
%
Republic
of
Cote
d'Ivoire,
4.8750%, 1/30/32
EUR
296,000
346,195
Republic
of
Cote
d'Ivoire,
6.1250%, 6/15/33
$
1,250,000
1,233,615
Republic
of
Cote
d'Ivoire,
8.0750%, 4/1/36
(144A)
1,701,000
1,816,982
Republic
of
Cote
d'Ivoire,
8.2500%, 1/30/37
1,000,000
1,078,943
Republic
of
Cote
d'Ivoire,
6.8750%, 10/17/40
EUR
900,000
1,067,538
Republic
of
Cote
d'Ivoire,
6.6250%, 3/22/48
EUR
1,000,000
1,100,473
6,643,746
Jamaica
-
0
.3
%
Jamaica
Government
Bond,
7.8750%, 7/28/45
$
1,100,000
1,326,589
Kazakhstan
-
0
.4
%
Development
Bank
of
Kazakhstan
JSC,
5.6250%, 4/7/30
(144A)
1,700,000
1,759,160
Lebanon
-
0
.3
%
Lebanon
Government
Bond,
8.2500%, 4/12/21
€
4,300,000
1,279,250
Luxembourg
-
0
.4
%
Eagle
Funding
Luxco
Sarl,
5.5000%, 8/17/30
(144A)
1,784,000
1,812,223
Macedonia,
Former
Yugoslav
Republic
of
-
0
.9
%
Republic
of
North
Macedonia,
6.9600%, 3/13/27
EUR
100,000
122,920
Republic
of
North
Macedonia,
1.6250%, 3/10/28
EUR
3,650,000
4,153,423
4,276,343
Mexico
-
4
.9
%
Petroleos
Mexicanos,
8.7500%, 6/2/29
$
500,000
536,853
Petroleos
Mexicanos,
6.8400%, 1/23/30
150,000
153,860
Petroleos
Mexicanos,
5.9500%, 1/28/31
4,000,000
3,902,044
Petroleos
Mexicanos,
6.7000%, 2/16/32
7,150,000
7,138,456
Petroleos
Mexicanos,
6.7500%, 9/21/47
1,275,000
1,051,316
Petroleos
Mexicanos,
6.3500%, 2/12/48
2,000,000
1,586,100
Petroleos
Mexicanos,
7.6900%, 1/23/50
1,000,000
899,621
Petroleos
Mexicanos,
6.6250%, 12/28/74
1,000,000
741,300
United
Mexican
States,
4.8750%, 5/19/33
1,200,000
1,147,140
United
Mexican
States,
6.1250%, 2/9/38
1,942,000
1,934,232
United
Mexican
States,
4.4000%, 2/12/52
500,000
361,150
United
Mexican
States,
6.3380%, 5/4/53
600,000
568,380
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
6
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Mexico
-
(continued)
United
Mexican
States,
6.7500%, 2/9/56
$
1,942,000
$
1,915,006
United
Mexican
States,
3.7710%, 5/24/61
200,000
121,810
22,057,268
Mongolia
-
1
.7
%
City
of
Ulaanbaatar
Mongolia,
7.7500%, 8/21/27
2,000,000
2,054,540
Development
Bank
of
Mongolia
LLC,
8.5000%, 7/3/28
4,250,000
4,414,207
State
of
Mongolia,
3.5000%, 7/7/27
500,000
489,007
State
of
Mongolia,
6.6250%, 2/25/30
(144A)
500,000
519,478
7,477,232
Montenegro
-
1
.1
%
Republic
of
Montenegro,
7.2500%, 3/12/31
2,300,000
2,449,727
Republic
of
Montenegro,
4.8750%, 4/1/32
(144A)
EUR
1,459,000
1,780,016
Republic
of
Montenegro,
4.8750%, 4/1/32
EUR
300,000
366,007
4,595,750
Nigeria
-
1
.3
%
Federal
Republic
of
Nigeria,
6.5000%, 11/28/27
$
800,000
811,000
Federal
Republic
of
Nigeria,
7.1430%, 2/23/30
1,000,000
1,029,596
Federal
Republic
of
Nigeria,
7.3750%, 9/28/33
1,200,000
1,212,362
Federal
Republic
of
Nigeria,
8.6308%, 1/13/36
(144A)
1,565,000
1,671,857
Federal
Republic
of
Nigeria,
7.6250%, 11/28/47
440,000
411,547
Federal
Republic
of
Nigeria,
8.2500%, 9/28/51
400,000
392,434
5,528,796
Oman
-
0
.5
%
Sultanate
of
Oman
Government
Bond,
4.7500%, 6/15/26
800,000
800,733
Sultanate
of
Oman
Government
Bond,
7.0000%, 1/25/51
1,050,000
1,172,266
1,972,999
Pakistan
-
0
.5
%
Islamic
Republic
of
Pakistan,
6.0000%, 4/8/26
200,000
199,802
Islamic
Republic
of
Pakistan,
6.8750%, 12/5/27
825,000
837,312
Islamic
Republic
of
Pakistan,
8.8750%, 4/8/51
1,500,000
1,507,558
2,544,672
Panama
-
1
.8
%
Republic
of
Panama,
3.1600%, 1/23/30
1,150,000
1,077,320
Republic
of
Panama,
2.2520%, 9/29/32
2,300,000
1,897,270
Republic
of
Panama,
3.2980%, 1/19/33
1,500,000
1,311,000
Republic
of
Panama,
6.4000%, 2/14/35
800,000
836,720
Republic
of
Panama,
4.5000%, 4/16/50
950,000
722,142
Republic
of
Panama,
6.8530%, 3/28/54
1,000,000
1,028,600
Republic
of
Panama,
4.5000%, 4/1/56
300,000
220,350
Republic
of
Panama,
3.8700%, 7/23/60
1,300,000
842,270
7,935,672
Paraguay
-
1
.6
%
Paraguay
Government
Bond,
2.7390%, 1/29/33
2,700,000
2,391,741
Paraguay
Government
Bond,
3.8490%, 6/28/33
1,000,000
937,750
Paraguay
Government
Bond,
6.0000%, 2/9/36
1,000,000
1,060,040
Paraguay
Government
Bond,
5.4000%, 3/30/50
2,000,000
1,843,720
Paraguay
Government
Bond,
6.6500%, 3/4/55
1,000,000
1,068,130
Republic
of
Paraguay,
5.6000%, 3/13/48
500,000
475,050
7,776,431
Peru
-
1
.1
%
Corp.
Financiera
de
Desarrollo
SA,
5.5000%, 5/6/30
585,000
603,395
Corp.
Financiera
de
Desarrollo
SA,
5.5000%, 5/6/30
(144A)
585,000
603,395
Petroleos
del
Peru
SA,
4.7500%, 6/19/32
2,500,000
1,887,500
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
7
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Peru
-
(continued)
Petroleos
del
Peru
SA,
5.6250%, 6/19/47
$
2,100,000
$
1,409,877
Republic
of
Peru,
5.3750%, 2/8/35
300,000
305,550
Republic
of
Peru,
5.8750%, 8/8/54
400,000
391,900
5,201,617
Philippines
-
0
.7
%
Republic
of
Philippines,
1.9500%, 1/6/32
1,000,000
871,184
Republic
of
Philippines,
3.5560%, 9/29/32
1,000,000
942,819
Republic
of
Philippines,
5.2500%, 5/14/34
1,075,000
1,107,428
2,921,431
Qatar
-
1
.5
%
QatarEnergy,
2.2500%, 7/12/31
750,000
672,822
QatarEnergy,
3.1250%, 7/12/41
1,000,000
764,686
State
of
Qatar,
4.7500%, 5/29/34
2,900,000
2,987,476
State
of
Qatar,
4.4000%, 4/16/50
2,100,000
1,815,718
6,240,702
Romania
-
2
.2
%
Romania
Government
Bond,
5.7500%, 9/16/30
(144A)
1,350,000
1,392,458
Romania
Government
Bond,
3.0000%, 2/14/31
450,000
410,085
Romania
Government
Bond,
7.1250%, 1/17/33
1,000,000
1,092,052
Romania
Government
Bond,
5.3750%, 6/7/33
(144A)
EUR
905,000
1,111,619
Romania
Government
Bond,
3.7500%, 2/7/34
EUR
1,500,000
1,642,884
Romania
Government
Bond,
6.1250%, 10/7/37
(144A)
EUR
800,000
989,941
Romania
Government
Bond,
6.7500%, 7/11/39
EUR
1,550,000
1,987,626
Romania
Government
Bond,
5.1250%, 6/15/48
$
900,000
754,059
9,380,724
Saudi
Arabia
-
3
.7
%
Kingdom
of
Saudi
Arabia,
3.2500%, 10/26/26
1,300,000
1,295,661
Kingdom
of
Saudi
Arabia,
5.1250%, 1/13/28
3,000,000
3,054,773
Kingdom
of
Saudi
Arabia,
4.7500%, 1/18/28
500,000
505,044
Kingdom
of
Saudi
Arabia,
3.3750%, 3/5/32
(144A)
EUR
642,000
767,427
Kingdom
of
Saudi
Arabia,
2.2500%, 2/2/33
$
1,500,000
1,283,401
Kingdom
of
Saudi
Arabia,
5.0000%, 1/16/34
2,300,000
2,328,391
Kingdom
of
Saudi
Arabia,
5.0000%, 4/17/49
1,500,000
1,339,285
Kingdom
of
Saudi
Arabia,
5.2500%, 1/16/50
1,000,000
920,545
Kingdom
of
Saudi
Arabia,
3.2500%, 11/17/51
1,000,000
647,618
Kingdom
of
Saudi
Arabia,
5.0000%, 1/18/53
600,000
523,084
Kingdom
of
Saudi
Arabia,
5.7500%, 1/16/54
1,500,000
1,454,610
Kingdom
of
Saudi
Arabia,
3.7500%, 1/21/55
1,500,000
1,046,096
KSA
Sukuk
Ltd.,
2.2500%, 5/17/31
600,000
535,882
KSA
Sukuk
Ltd.,
5.2500%, 6/4/34
1,100,000
1,127,759
16,829,576
Senegal
-
0
.5
%
Republic
of
Senegal,
4.7500%, 3/13/28
EUR
500,000
437,272
Republic
of
Senegal,
5.3750%, 6/8/37
EUR
1,050,000
685,815
Republic
of
Senegal,
6.7500%, 3/13/48
$
1,700,000
913,141
2,036,228
South
Africa
-
2
.1
%
Republic
of
South
Africa,
4.8750%, 4/14/26
1,750,000
1,750,076
Republic
of
South
Africa,
5.6500%, 9/27/47
450,000
371,849
Republic
of
South
Africa,
5.7500%, 9/30/49
800,000
658,859
Republic
of
South
Africa,
7.3000%, 4/20/52
2,700,000
2,661,822
Republic
of
South
Africa,
7.9500%, 11/19/54
(144A)
758,000
795,705
Republic
of
South
Africa,
7.9500%, 11/19/54
1,500,000
1,574,614
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
8
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
South
Africa
-
(continued)
Republic
of
South
Africa,
7.2500%, 12/11/55
(144A)
$
733,000
$
711,633
8,524,558
Sri
Lanka
-
2
.1
%
Democratic
Socialist
Republic
of
Sri
Lanka,
4.0000%, 4/15/28
2,860,080
2,785,999
Democratic
Socialist
Republic
of
Sri
Lanka,
3.1000%, 1/15/30
Ç
1,710,770
1,686,084
Democratic
Socialist
Republic
of
Sri
Lanka,
3.3500%, 3/15/33
Ç
909,570
834,076
Democratic
Socialist
Republic
of
Sri
Lanka,
3.6000%, 6/15/35
Ç
1,711,600
1,403,512
Democratic
Socialist
Republic
of
Sri
Lanka,
3.6000%, 5/15/36
Ç
785,660
776,030
Democratic
Socialist
Republic
of
Sri
Lanka,
3.6000%, 2/15/38
Ç
1,871,560
1,852,834
9,338,535
Suriname
-
0
.1
%
Suriname
Government
International
Bond,
8.5000%, 11/6/35
(144A)
200,000
214,992
Tajikistan
-
0
.7
%
Republic
of
Tajikistan,
7.1250%, 9/14/27
3,000,000
3,019,070
Trinidad
and
Tobago
-
0
.2
%
Republic
of
Trinidad
and
Tobago,
4.5000%, 6/26/30
950,000
915,733
Tunisia
-
0
.7
%
Tunisian
Republic,
6.3750%, 7/15/26
EUR
2,600,000
3,068,338
Turkey
-
2
.8
%
Hazine
Mustesarligi
Varlik
Kiralama
A/S,
5.1250%, 6/22/26
$
1,350,000
1,354,217
Istanbul
Metropolitan
Municipality,
10.7500%, 4/12/27
1,000,000
1,059,934
Istanbul
Metropolitan
Municipality,
10.5000%, 12/6/28
1,900,000
2,086,355
Republic
of
Turkiye
(The),
7.1250%, 7/17/32
1,200,000
1,249,287
Republic
of
Turkiye
(The),
4.8750%, 4/16/43
3,200,000
2,410,214
Republic
of
Turkiye
(The),
5.7500%, 5/11/47
1,900,000
1,529,643
Turkiye
Ihracat
Kredi
Bankasi
A/S,
7.5000%, 2/6/28
2,000,000
2,091,946
Turkiye
Ihracat
Kredi
Bankasi
A/S,
6.8750%, 7/3/28
(144A)
827,000
855,059
12,636,655
Ukraine
-
1
.3
%
NPC
Ukrenergo,
6.8750%, 11/9/28
€
700,000
629,931
Ukraine
Government
Bond,
4.5000%, 2/1/29
(144A)
Ç
200,000
155,217
Ukraine
Government
Bond,
4.0000%, 2/1/32
Ç
4,246,000
3,384,050
Ukraine
Government
Bond,
0.0000%, 2/1/35
(144A)
Ç
200,000
113,050
Ukraine
Government
Bond,
0.0000%, 2/1/35
Ç
986,686
557,726
Ukraine
Government
Bond,
4.5000%, 2/1/35
(144A)
Ç
700,000
433,036
Ukraine
Government
Bond,
4.5000%, 2/1/35
Ç
258,435
159,874
Ukraine
Government
Bond,
0.0000%, 2/1/36
(144A)
Ç
200,000
112,590
Ukraine
Government
Bond,
4.5000%, 2/1/36
(144A)
Ç
200,000
121,647
Ukraine
Government
Bond,
4.5000%, 2/1/36
Ç
1,229,591
747,879
6,415,000
United
Arab
Emirates
-
0
.1
%
Sharjah
Sukuk
Program
Ltd.,
3.6250%, 3/10/33
400,000
353,444
Uruguay
-
2
.1
%
Oriental
Republic
of
Uruguay,
5.7500%, 10/28/34
4,500,000
4,761,450
Oriental
Republic
of
Uruguay,
4.9750%, 4/20/55
2,400,000
2,163,000
Oriental
Republic
of
Uruguay,
5.2500%, 9/10/60
2,550,000
2,359,898
9,284,348
Uzbekistan
-
0
.8
%
Navoiyuran
State
Enterprise,
6.7000%, 7/2/30
(144A)
2,196,000
2,246,395
Uzbekneftegaz
JSC,
8.7500%, 5/7/30
(144A)
1,059,000
1,145,342
3,391,737
Venezuela,
Bolivarian
Republic
of
-
0
.4
%
Petroleos
de
Venezuela
SA,
9.7500%, 5/17/35
€
2,000,000
740,000
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
9
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Venezuela,
Bolivarian
Republic
of
-
(continued)
Venezuela
Government
Bond,
9.0000%, 31/12/2049
€
$
2,000,000
$
760,200
1,500,200
Zambia
-
1
.0
%
Republic
of
Zambia,
5.7500%, 6/30/33
Ç
3,676,712
3,593,232
Republic
of
Zambia,
0.5000%, 12/31/53
1,310,000
941,479
4,534,711
Total
Foreign
Government
Bonds
(cost
325,685,695
)
344,212,654
Investment
Companies
-
7
.1
%
Money
Market
Funds
-
7
.1
%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.6619%
£,∞
(cost
$31,275,523)
31,275,025
31,284,408
Total
Investments
(total
cost
$
421,461,686
)
-
99
.8
%
441,101,264
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
0.2%
675,731
Net
Assets
-
100.0%
$441,776,995
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
31,284,408
7
.1
%
Dominican
Republic
23,974,717
5
.4
Mexico
22,057,268
5
.0
Turkey
21,615,789
4
.9
Argentina
20,007,944
4
.5
Saudi
Arabia
16,829,576
3
.8
South
Africa
13,773,721
3
.1
Colombia
12,593,806
2
.9
Hungary
12,100,114
2
.7
Uzbekistan
11,750,018
2
.7
United
Arab
Emirates
11,343,841
2
.6
Egypt
11,145,454
2
.5
Chile
10,531,639
2
.4
Mongolia
9,479,601
2
.1
Romania
9,380,724
2
.1
Sri
Lanka
9,338,535
2
.1
Uruguay
9,284,348
2
.1
Nigeria
9,192,084
2
.1
Costa
Rica
8,308,618
1
.9
Ghana
8,130,083
1
.8
Panama
7,935,672
1
.8
Cayman
Islands
7,840,188
1
.8
Paraguay
7,776,431
1
.8
Ecuador
7,594,604
1
.7
Brazil
7,356,684
1
.7
Bulgaria
6,775,446
1
.5
Ivory
Coast
6,643,746
1
.5
Ukraine
6,415,000
1
.5
Qatar
6,240,702
1
.4
Oman
5,496,572
1
.2
Bahrain
5,344,020
1
.2
Peru
5,201,617
1
.2
Indonesia
5,108,000
1
.2
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
10
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
(continued)
Country
Value
%
of
Investment
Securities
Bahamas
$
5,048,859
1
.1
%
Netherlands
4,642,917
1
.1
Montenegro
4,595,750
1
.1
Zambia
4,534,711
1
.0
Georgia
4,435,055
1
.0
Macedonia,
Former
Yugoslav
Republic
of
4,276,343
1
.0
Guatemala
3,165,843
0
.7
Tunisia
3,068,338
0
.7
Tajikistan
3,019,070
0
.7
Angola
3,011,154
0
.7
Philippines
2,921,431
0
.7
United
Kingdom
2,822,172
0
.6
Luxembourg
2,748,633
0
.6
Pakistan
2,544,672
0
.6
Cameroon
2,287,832
0
.5
Togo
2,255,239
0
.5
Senegal
2,036,228
0
.5
Kazakhstan
1,759,160
0
.4
Azerbaijan
1,722,057
0
.4
Iraq
1,711,696
0
.4
Gabon
1,702,327
0
.4
Venezuela,
Bolivarian
Republic
of
1,500,200
0
.3
El
Salvador
1,400,679
0
.3
Jamaica
1,326,589
0
.3
Lebanon
1,279,250
0
.3
Albania
1,095,390
0
.3
Trinidad
and
Tobago
915,733
0
.2
Benin
648,573
0
.1
Barbados
559,401
0
.1
Suriname
214,992
0
.1
Total
$441,101,264
100
.0
%
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
11
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%
Money
Market
Funds
-
7.1%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.6619%
∞
$
19,486,458
$
136,942,884
$
(
125,146,137
)
$
(
4,169
)
$
5,372
$
31,284,408
31,275,025
$
198,496
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
(1,621,271)
$
1,910,648
$
20,562
Euro
3/4/26
(1,382,583)
1,633,494
13,397
Euro
3/4/26
(802,138)
942,586
12,897
Euro
3/4/26
(540,004)
630,419
12,818
Euro
3/4/26
(7,125)
8,320
167
Euro
3/4/26
(1,953,882)
2,328,265
(
859
)
Euro
3/4/26
378,604
(
445,129
)
(
5,853
)
Euro
3/4/26
744,429
(
878,938
)
(
7,804
)
Euro
3/4/26
970,455
(
1,127,493
)
(
28,485
)
Euro
3/4/26
40,078,916
(
46,998,551
)
(
742,275
)
(725,435)
Total
$(725,435)
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
January
31,
2026
12
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
40
3/20/26
$
4,473,125
$
(
19,431
)
U.S.
Treasury
10
Year
Ultra
Bonds
111
3/20/26
12,671,344
(
127,593
)
U.S.
Treasury
2
Year
Notes
49
3/31/26
10,216,117
(
21,484
)
U.S.
Treasury
5
Year
Notes
148
3/31/26
16,121,594
(
108,150
)
U.S.
Treasury
Long
Bonds
299
3/20/26
34,422,375
(
645,096
)
U.S.
Treasury
Ultra
Bonds
132
3/20/26
15,501,750
(
360,207
)
Total
-
Futures
Long
(1,281,961)
Futures
Short:
Euro-Bobl
80
3/6/26
(11,098,007)
(6,578)
Euro-Bund
100
3/6/26
(15,247,744)
35,344
Euro-Buxl
18
3/6/26
(2,352,937)
31,501
Euro-Schatz
70
3/6/26
(8,902,567)
(872)
Total
-
Futures
Short
59,395
Total
$(1,222,566)
Average
Ending
Monthly
Value
of
Derivative
Instruments
During
the
Period
Ended
January
31,
2026
Futures
contracts:
Average
notional
amount
of
contracts
-
long
$87,789,969
Average
notional
amount
of
contracts
-
short
43,434,329
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
-
in
USD
4,620,225
Average
amounts
sold
-
in
USD
47,891,684
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2026
13
CJSC
Closed
Joint
Stock
Company
EUR
Euro
JSC
Joint
Stock
Company
LLC
Limited
Liability
Company
PIK
Pay-in-kind
(PIK)
bonds
give
the
issuer
an
option
to
make
the
interest
payment
in
case
of
additional
securities.
PJSC
Public
Joint
Stock
Company
SAOC
Societe
Anonyme
Omanaise
Close
SPC
Special
Purpose
Company
∞
Rate
shown
is
the
7-day
yield
as
of
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.
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.
‡
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.
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
$69,822,950
which
represents
15.8%
of
net
assets.
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2026
14
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:
Corporate
Bonds
$
—
$
65,604,202
$
—
$
65,604,202
Foreign
Government
Bonds
—
344,212,654
—
344,212,654
Investment
Companies
—
31,284,408
—
31,284,408
Total
Investments
in
Securities
$
—
$
441,101,264
$
—
$
441,101,264
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
59,841
$
—
$
59,841
Futures
Contracts
66,845
—
—
66,845
Total
Other
Financial
Instruments
$
66,845
$
59,841
$
—
$
126,686
Total
Assets
$
66,845
$
441,161,105
$
—
$
441,227,950
Liabilities
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
785,276
$
—
$
785,276
Futures
Contracts
1,289,411
—
—
1,289,411
Total
Liabilities
$
1,289,411
$
785,276
$
—
$
2,074,687
(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
Emerging
Market
Debt
Hard
Currency
ETF
15
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
Emerging
Market
Debt
Hard
Currency
ETF
16
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.
125-25-71248
03-26