Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
1
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
11
.4
%
Cayman
Islands
-
1
.1
%
Kingston
Airport
Revenue
Finance
Ltd.,
6.7500%, 12/15/36
(144A)
$
743,000
$
746,381
Kingston
Airport
Revenue
Finance
Ltd.,
6.7500%, 12/15/36
1,900,000
1,908,645
Oryx
Funding
Ltd.,
5.8000%, 2/3/31
500,000
513,270
Otel
Sukuk
Ltd.,
5.3750%, 1/24/31
1,250,000
1,265,675
4,433,971
Egypt
-
0
.2
%
African
Export-Import
Bank
(The),
3.7980%, 5/17/31
750,000
652,133
Georgia
-
0
.1
%
Georgian
Railway
JSC,
4.0000%, 6/17/28
500,000
459,436
Indonesia
-
0
.1
%
Pertamina
Persero
PT,
4.1750%, 1/21/50
400,000
301,914
Malaysia
-
0
.3
%
Petronas
Capital
Ltd.,
2.4800%, 1/28/32
500,000
437,951
Petronas
Capital
Ltd.,
5.8480%, 4/3/55
500,000
504,014
Petronas
Capital
Ltd.,
5.8480%, 4/3/55
(144A)
450,000
453,612
1,395,577
Netherlands
-
0
.1
%
DTEK
Energy
BV,
7.0000%
(3.50%
Cash,
4.00%
PIK), 12/31/27Ø
739,844
558,582
Nigeria
-
1
.0
%
Africa
Finance
Corp.,
5.5500%, 10/8/29
(144A)
3,579,000
3,623,627
3,623,627
Oman
-
0
.9
%
EDO
Sukuk
Ltd.,
5.6620%, 7/3/31
2,300,000
2,361,180
Mazoon
Assets
Co.
SAOC,
5.2500%, 10/9/31
(144A)
1,117,000
1,121,980
3,483,160
South
Africa
-
1
.3
%
Eskom
Holdings
SOC
Ltd.,
8.4500%, 8/10/28
4,500,000
4,737,234
Togo
-
0
.1
%
Banque
Ouest
Africaine
de
Developpement,
4.7000%, 10/22/31
500,000
455,289
Turkey
-
1
.3
%
TC
Ziraat
Bankasi
A/S,
8.0000%, 1/16/29
1,450,000
1,504,227
Turkiye
Vakiflar
Bankasi
TAO,
9.0000%, 10/12/28
200,000
213,792
Turkiye
Vakiflar
Bankasi
TAO,
6.8750%, 1/7/30
(144A)
900,000
894,666
Turkiye
Vakiflar
Bankasi
TAO,
7.2500%, 7/31/30
(144A)
2,293,000
2,288,417
4,901,102
United
Arab
Emirates
-
3
.0
%
Abu
Dhabi
Crude
Oil
Pipeline
LLC,
4.6000%, 11/2/47
700,000
633,756
Abu
Dhabi
Developmental
Holding
Co.
PJSC,
5.3750%, 5/8/29
1,000,000
1,031,221
Abu
Dhabi
Developmental
Holding
Co.
PJSC,
5.5000%, 5/8/34
3,300,000
3,443,825
Abu
Dhabi
National
Energy
Co.
PJSC,
4.3750%, 10/9/31
(144A)
100,000
98,716
Abu
Dhabi
National
Energy
Co.
PJSC,
4.7500%, 3/9/37
(144A)
1,133,000
1,090,199
Abu
Dhabi
National
Energy
Co.
PJSC,
3.4000%, 4/29/51
1,500,000
1,039,646
Adnoc
Murban
Rsc
Ltd.,
4.5000%, 9/11/34
1,000,000
980,608
Adnoc
Murban
Rsc
Ltd.,
5.1250%, 9/11/54
(144A)
993,000
915,585
MDGH
GMTN
RSC
Ltd.,
2.5000%, 5/21/26
300,000
295,327
MDGH
GMTN
RSC
Ltd.,
5.8750%, 5/1/34
1,000,000
1,067,500
Oztel
Holdings
SPC
Ltd.,
6.6250%, 4/24/28
300,000
312,603
10,908,986
United
Kingdom
-
0
.5
%
NAK
Naftogaz
Ukraine,
7.1250%, 7/19/26
EUR
544,133
538,100
NAK
Naftogaz
Ukraine,
7.6250%, 11/8/28Ø
$
1,576,206
1,231,884
1,769,984
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
2
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Uzbekistan
-
1
.4
%
Ipoteka-Bank
ATIB,
5.5000%, 11/19/25
$
500,000
$
495,418
Jscb
Agrobank,
9.2500%, 10/2/29
(144A)
694,000
739,867
Jscb
Agrobank,
9.2500%, 10/2/29
1,600,000
1,705,745
Navoi
Mining
&
Metallurgical
Combinat,
6.7000%, 10/17/28
1,000,000
1,022,742
Uzbek
Industrial
and
Construction
Bank
ATB,
8.9500%, 7/24/29
1,600,000
1,692,595
5,656,367
Total
Corporate
Bonds
(cost
42,869,348)
43,337,362
Foreign
Government
Bonds
-
82
.4
%
Albania
-
0
.3
%
Republic
of
Albania,
4.7500%, 2/14/35
(144A)
EUR
406,000
467,276
Republic
of
Albania,
4.7500%, 2/14/35
EUR
500,000
575,463
1,042,739
Angola
-
0
.7
%
Republic
of
Angola,
8.0000%, 11/26/29
$
1,200,000
1,118,648
Republic
of
Angola,
8.7500%, 4/14/32
1,300,000
1,181,610
Republic
of
Angola,
9.1250%, 11/26/49
650,000
514,161
2,814,419
Argentina
-
3
.7
%
Argentine
Republic,
0.7500%, 7/9/30
Ç
3,880,000
3,000,753
Argentine
Republic,
4.1250%, 7/9/35
Ç
5,150,000
3,399,000
Argentine
Republic,
5.0000%, 1/9/38
Ç
3,050,000
2,142,625
Argentine
Republic,
3.5000%, 7/9/41
Ç
2,300,000
1,399,550
Provincia
de
Buenos
Aires,
6.6250%, 9/1/37
Ç
1,806,528
1,278,119
YPF
SA,
9.5000%, 1/17/31
1,820,000
1,925,396
YPF
SA,
8.7500%, 9/11/31
(144A)
800,000
832,414
13,977,857
Azerbaijan
-
0
.8
%
Republic
of
Azerbaijan,
3.5000%, 9/1/32
1,100,000
1,000,756
Southern
Gas
Corridor
CJSC,
6.8750%, 3/24/26
1,500,000
1,515,013
State
Oil
Co.
of
the
Azerbaijan
Republic,
6.9500%, 3/18/30
200,000
212,628
2,728,397
Bahamas
-
1
.1
%
Commonwealth
of
the
Bahamas,
8.9500%, 10/15/32
2,200,000
2,334,200
Commonwealth
of
the
Bahamas,
8.2500%, 6/24/36
(144A)
2,000,000
2,031,000
4,365,200
Bahrain
-
0
.3
%
CBB
International
Sukuk
Programme
Co.
SPC,
3.9500%, 9/16/27
1,250,000
1,207,702
Barbados
-
0
.1
%
Barbados
Government
Bond,
8.0000%, 6/26/35
(144A)
522,000
520,502
Benin
-
0
.3
%
Benin
Government
Bond,
4.9500%, 1/22/35
EUR
200,000
204,009
Benin
Government
Bond,
7.9600%, 2/13/38
$
200,000
193,682
Benin
Government
Bond,
8.3750%, 1/23/41
(144A)
514,000
506,471
904,162
Brazil
-
2
.0
%
Caixa
Economica
Federal,
5.6250%, 5/13/30
(144A)
1,400,000
1,401,400
Federative
Republic
of
Brazil,
6.0000%, 10/20/33
1,800,000
1,777,567
Federative
Republic
of
Brazil,
6.1250%, 3/15/34
1,600,000
1,582,160
Federative
Republic
of
Brazil,
5.0000%, 1/27/45
800,000
602,440
Federative
Republic
of
Brazil,
4.7500%, 1/14/50
1,000,000
703,062
Federative
Republic
of
Brazil,
7.1250%, 5/13/54
1,100,000
1,056,000
7,122,629
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
3
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Bulgaria
-
1
.8
%
Bulgaria
Government
Bond,
4.2500%, 6/19/30
EUR
1,500,000
$
1,707,617
Republic
of
Bulgaria,
3.5000%, 5/7/34
EUR
2,500,000
2,882,929
Republic
of
Bulgaria,
5.0000%, 3/5/37
$
366,000
356,693
Republic
of
Bulgaria,
4.1250%, 5/7/38
EUR
900,000
1,044,794
Republic
of
Bulgaria,
4.2500%, 9/5/44
EUR
465,000
533,460
6,525,493
Cameroon
-
0
.5
%
Republic
of
Cameroon,
5.9500%, 7/7/32
EUR
2,200,000
2,000,497
Cayman
Islands
-
0
.4
%
Sharjah
Sukuk
Program
Ltd.,
3.2000%, 7/13/31
$
1,500,000
1,354,519
Chile
-
1
.7
%
Corp.
Nacional
del
Cobre
de
Chile,
3.0000%, 9/30/29
1,000,000
929,798
Corp.
Nacional
del
Cobre
de
Chile,
5.9500%, 1/8/34
700,000
715,211
Corp.
Nacional
del
Cobre
de
Chile,
3.7000%, 1/30/50
950,000
640,890
Corp.
Nacional
del
Cobre
de
Chile,
6.7800%, 1/13/55
1,000,000
1,026,500
Republic
of
Chile,
2.5500%, 1/27/32
400,000
351,028
Republic
of
Chile,
2.5500%, 7/27/33
1,000,000
841,000
Republic
of
Chile,
3.5000%, 1/25/50
1,700,000
1,194,930
Republic
of
Chile,
3.5000%, 4/15/53
1,000,000
694,480
Republic
of
Chile,
5.3300%, 1/5/54
200,000
187,230
6,581,067
Colombia
-
3
.1
%
Ecopetrol
SA,
8.3750%, 1/19/36
1,500,000
1,481,305
Ecopetrol
SA,
5.8750%, 11/2/51
700,000
477,895
Republic
of
Colombia,
4.5000%, 3/15/29
500,000
478,750
Republic
of
Colombia,
7.3750%, 4/25/30
574,000
601,265
Republic
of
Colombia,
3.1250%, 4/15/31
600,000
504,456
Republic
of
Colombia,
7.5000%, 2/2/34
1,050,000
1,064,700
Republic
of
Colombia,
8.5000%, 4/25/35
487,000
515,489
Republic
of
Colombia,
8.0000%, 11/14/35
800,000
820,000
Republic
of
Colombia,
7.7500%, 11/7/36
732,000
729,804
Republic
of
Colombia,
5.0000%, 6/15/45
2,000,000
1,395,000
Republic
of
Colombia,
5.2000%, 5/15/49
1,500,000
1,036,155
Republic
of
Colombia,
8.7500%, 11/14/53
1,200,000
1,218,000
Republic
of
Colombia,
8.3750%, 11/7/54
1,550,000
1,508,785
Republic
of
Colombia,
3.8750%, 2/15/61
300,000
164,709
11,996,313
Costa
Rica
-
1
.8
%
Republic
of
Costa
Rica,
6.5500%, 4/3/34
3,000,000
3,133,830
Republic
of
Costa
Rica,
7.1580%, 3/12/45
1,350,000
1,396,818
Republic
of
Costa
Rica,
7.3000%, 11/13/54
2,250,000
2,337,188
6,867,836
Dominican
Republic
-
4
.1
%
Dominican
Republic
Government
Bond,
5.5000%, 2/22/29
1,000,000
998,200
Dominican
Republic
Government
Bond,
4.5000%, 1/30/30
2,000,000
1,905,800
Dominican
Republic
Government
Bond,
7.0500%, 2/3/31
1,200,000
1,262,220
Dominican
Republic
Government
Bond,
4.8750%, 9/23/32
4,000,000
3,697,200
Dominican
Republic
Government
Bond,
6.0000%, 2/22/33
600,000
595,290
Dominican
Republic
Government
Bond,
6.6000%, 6/1/36
3,600,000
3,652,200
Dominican
Republic
Government
Bond,
6.9500%, 3/15/37
(144A)
1,300,000
1,331,850
Dominican
Republic
Government
Bond,
6.9500%, 3/15/37
500,000
512,250
Dominican
Republic
Government
Bond,
6.5000%, 2/15/48
650,000
622,765
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
4
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Dominican
Republic
-
(continued)
Dominican
Republic
Government
Bond,
7.1500%, 2/24/55
(144A)
$
450,000
$
457,425
15,035,200
Ecuador
-
1
.4
%
Republic
of
Ecuador,
6.9000%, 7/31/30
Ç
2,155,244
1,890,149
Republic
of
Ecuador,
6.9000%, 7/31/35
Ç
3,547,015
2,647,847
Republic
of
Ecuador,
5.0000%, 7/31/40
Ç
1,500,000
938,250
5,476,246
Egypt
-
2
.3
%
Arab
Republic
of
Egypt,
6.5880%, 2/21/28
1,500,000
1,494,861
Arab
Republic
of
Egypt,
7.0529%, 1/15/32
1,450,000
1,329,709
Arab
Republic
of
Egypt,
7.6250%, 5/29/32
900,000
845,523
Arab
Republic
of
Egypt,
9.4500%, 2/4/33
500,000
507,811
Arab
Republic
of
Egypt,
7.3000%, 9/30/33
300,000
267,306
Arab
Republic
of
Egypt,
7.9030%, 2/21/48
500,000
386,548
Arab
Republic
of
Egypt,
8.7002%, 3/1/49
800,000
657,470
Arab
Republic
of
Egypt,
8.8750%, 5/29/50
900,000
749,326
Arab
Republic
of
Egypt,
8.7500%, 9/30/51
1,300,000
1,068,381
Arab
Republic
of
Egypt,
8.1500%, 11/20/59
1,000,000
771,029
Arab
Republic
of
Egypt,
7.5000%, 2/16/61
650,000
473,826
8,551,790
El
Salvador
-
0
.4
%
Republic
of
El
Salvador,
8.2500%, 4/10/32
700,000
712,950
Republic
of
El
Salvador,
7.6250%, 2/1/41
650,000
588,900
1,301,850
Gabon
-
0
.4
%
Gabon
Government
Bond,
6.6250%, 2/6/31
2,000,000
1,641,764
Georgia
-
0
.3
%
Republic
of
Georgia,
2.7500%, 4/22/26
1,200,000
1,168,797
Ghana
-
2
.5
%
Republic
of
Ghana,
0.0000%, 7/3/26
(144A)
¤
41,600
39,856
Republic
of
Ghana,
5.0000%, 7/3/29
Ç
7,200,000
6,842,220
Republic
of
Ghana,
5.0000%, 7/3/29
(144A)
Ç
629,200
597,934
Republic
of
Ghana,
0.0000%, 1/3/30
(144A)
¤
81,041
67,496
Republic
of
Ghana,
5.0000%, 7/3/35
Ç
2,000,000
1,605,807
Republic
of
Ghana,
5.0000%, 7/3/35
(144A)
Ç
604,800
485,596
9,638,909
Guatemala
-
0
.8
%
Republic
of
Guatemala,
5.3750%, 4/24/32
700,000
687,085
Republic
of
Guatemala,
6.6000%, 6/13/36
700,000
716,849
Republic
of
Guatemala,
6.2500%, 8/15/36
(144A)
1,232,000
1,238,234
Republic
of
Guatemala,
4.6500%, 10/7/41
500,000
400,020
3,042,188
Hungary
-
2
.2
%
Hungary
Government
Bond,
1.1250%, 4/28/26
EUR
1,000,000
1,136,999
Hungary
Government
Bond,
5.3750%, 9/26/30
(144A)
$
995,000
1,007,467
Hungary
Government
Bond,
4.5000%, 6/16/34
EUR
800,000
928,251
Hungary
Government
Bond,
5.5000%, 6/16/34
$
600,000
592,989
Hungary
Government
Bond,
6.0000%, 9/26/35
(144A)
825,000
830,733
Hungary
Government
Bond,
5.5000%, 3/26/36
1,000,000
967,425
Hungary
Government
Bond,
6.7500%, 9/23/55
(144A)
1,333,000
1,347,906
MFB
Magyar
Fejlesztesi
Bank
Zrt.,
6.5000%, 6/29/28
1,000,000
1,036,541
7,848,311
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
5
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Indonesia
-
1
.3
%
Perusahaan
Listrik
Negara
PT,
5.4500%, 5/21/28
$
5,000,000
$
5,101,525
Iraq
-
0
.6
%
Republic
of
Iraq,
5.8000%, 1/15/28
2,150,000
2,129,203
Ivory
Coast
-
1
.0
%
Republic
of
Cote
d'Ivoire,
4.8750%, 1/30/32
EUR
296,000
312,800
Republic
of
Cote
d'Ivoire,
6.1250%, 6/15/33
$
1,250,000
1,156,358
Republic
of
Cote
d'Ivoire,
8.0750%, 4/1/36
(144A)
1,701,000
1,675,301
Republic
of
Cote
d'Ivoire,
6.8750%, 10/17/40
EUR
900,000
905,424
4,049,883
Jamaica
-
0
.3
%
Jamaica
Government
Bond,
7.8750%, 7/28/45
$
1,100,000
1,282,050
Kazakhstan
-
0
.5
%
Development
Bank
of
Kazakhstan
JSC,
5.6250%, 4/7/30
(144A)
1,700,000
1,731,849
Luxembourg
-
0
.5
%
Eagle
Funding
Luxco
Sarl,
5.5000%, 8/17/30
(144A)
1,784,000
1,792,028
Macedonia,
the
Former
Yugoslav
Republic
of
-
1
.6
%
Republic
of
North
Macedonia,
3.6750%, 6/3/26
EUR
1,900,000
2,174,282
Republic
of
North
Macedonia,
6.9600%, 3/13/27
EUR
100,000
119,759
Republic
of
North
Macedonia,
1.6250%, 3/10/28
EUR
3,650,000
3,920,877
6,214,918
Mexico
-
5
.0
%
Mexico
Government
Bond,
5.8500%, 7/2/32
$
1,190,000
1,197,140
Petroleos
Mexicanos,
6.5000%, 3/13/27
3,400,000
3,401,341
Petroleos
Mexicanos,
8.7500%, 6/2/29
500,000
526,929
Petroleos
Mexicanos,
6.8400%, 1/23/30
150,000
147,609
Petroleos
Mexicanos,
5.9500%, 1/28/31
4,000,000
3,712,788
Petroleos
Mexicanos,
6.7000%, 2/16/32
2,850,000
2,716,615
Petroleos
Mexicanos,
6.7500%, 9/21/47
1,275,000
987,645
Petroleos
Mexicanos,
7.6900%, 1/23/50
1,000,000
847,764
United
Mexican
States,
4.7500%, 4/27/32
1,150,000
1,090,855
United
Mexican
States,
4.8750%, 5/19/33
2,200,000
2,064,700
United
Mexican
States,
6.3500%, 2/9/35
500,000
507,500
United
Mexican
States,
6.8750%, 5/13/37
265,000
273,480
United
Mexican
States,
4.4000%, 2/12/52
500,000
349,250
United
Mexican
States,
6.3380%, 5/4/53
1,400,000
1,278,900
United
Mexican
States,
7.3750%, 5/13/55
350,000
360,500
United
Mexican
States,
3.7710%, 5/24/61
200,000
116,900
19,579,916
Mongolia
-
2
.4
%
City
of
Ulaanbaatar
Mongolia,
7.7500%, 8/21/27
2,000,000
2,032,994
Development
Bank
of
Mongolia
LLC,
8.5000%, 7/3/28
4,250,000
4,281,596
State
of
Mongolia,
3.5000%, 7/7/27
500,000
473,058
State
of
Mongolia,
6.6250%, 2/25/30
(144A)
500,000
498,501
State
of
Mongolia,
4.4500%, 7/7/31
2,400,000
2,118,372
9,404,521
Montenegro
-
1
.1
%
Republic
of
Montenegro,
7.2500%, 3/12/31
2,300,000
2,388,638
Republic
of
Montenegro,
4.8750%, 4/1/32
(144A)
EUR
1,459,000
1,650,077
Republic
of
Montenegro,
4.8750%, 4/1/32
EUR
300,000
339,289
4,378,004
Nigeria
-
1
.9
%
Federal
Republic
of
Nigeria,
7.6250%, 11/21/25
$
1,000,000
1,000,972
Federal
Republic
of
Nigeria,
6.5000%, 11/28/27
2,000,000
1,988,044
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
6
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Nigeria
-
(continued)
Federal
Republic
of
Nigeria,
7.1430%, 2/23/30
$
1,000,000
$
974,105
Federal
Republic
of
Nigeria,
8.7470%, 1/21/31
300,000
307,683
Federal
Republic
of
Nigeria,
9.6250%, 6/9/31
(144A)
206,000
219,873
Federal
Republic
of
Nigeria,
7.3750%, 9/28/33
1,200,000
1,105,073
Federal
Republic
of
Nigeria,
10.3750%, 12/9/34
(144A)
333,000
357,635
Federal
Republic
of
Nigeria,
7.6250%, 11/28/47
440,000
357,071
Federal
Republic
of
Nigeria,
8.2500%, 9/28/51
400,000
341,529
6,651,985
Oman
-
0
.8
%
Oman
Sovereign
Sukuk
SAOC,
4.8750%, 6/15/30
1,000,000
1,018,778
Sultanate
of
Oman
Government
Bond,
4.7500%, 6/15/26
800,000
799,937
Sultanate
of
Oman
Government
Bond,
7.0000%, 1/25/51
1,050,000
1,163,073
2,981,788
Pakistan
-
1
.3
%
Islamic
Republic
of
Pakistan,
6.0000%, 4/8/26
200,000
199,157
Islamic
Republic
of
Pakistan,
6.8750%, 12/5/27
3,125,000
3,064,066
Islamic
Republic
of
Pakistan,
7.3750%, 4/8/31
1,500,000
1,404,599
4,667,822
Panama
-
2
.0
%
Republic
of
Panama,
3.1600%, 1/23/30
1,150,000
1,035,747
Republic
of
Panama,
2.2520%, 9/29/32
2,300,000
1,760,788
Republic
of
Panama,
3.2980%, 1/19/33
1,500,000
1,233,750
Republic
of
Panama,
6.4000%, 2/14/35
800,000
787,000
Republic
of
Panama,
4.5000%, 4/16/50
950,000
649,135
Republic
of
Panama,
6.8530%, 3/28/54
1,000,000
930,000
Republic
of
Panama,
4.5000%, 4/1/56
300,000
198,618
Republic
of
Panama,
3.8700%, 7/23/60
1,300,000
756,366
7,351,404
Paraguay
-
1
.0
%
Paraguay
Government
Bond,
2.7390%, 1/29/33
300,000
255,900
Republic
of
Paraguay,
2.7390%, 1/29/33
2,400,000
2,047,200
Republic
of
Paraguay,
6.0000%, 2/9/36
1,000,000
1,023,150
Republic
of
Paraguay,
5.6000%, 3/13/48
500,000
449,500
3,775,750
Peru
-
1
.3
%
Corp.
Financiera
de
Desarrollo
SA,
5.5000%, 5/6/30
585,000
591,377
Corp.
Financiera
de
Desarrollo
SA,
5.5000%, 5/6/30
(144A)
585,000
591,377
Petroleos
del
Peru
SA,
4.7500%, 6/19/32
2,500,000
1,991,675
Petroleos
del
Peru
SA,
5.6250%, 6/19/47
1,100,000
737,807
Republic
of
Peru,
5.3750%, 2/8/35
300,000
298,671
Republic
of
Peru,
5.8750%, 8/8/54
400,000
384,988
4,595,895
Philippines
-
0
.7
%
Republic
of
Philippines,
1.9500%, 1/6/32
1,000,000
846,172
Republic
of
Philippines,
3.5560%, 9/29/32
1,000,000
926,888
Republic
of
Philippines,
5.2500%, 5/14/34
1,075,000
1,095,916
2,868,976
Poland
-
1
.3
%
Bank
Gospodarstwa
Krajowego,
5.7500%, 7/9/34
1,750,000
1,811,949
Republic
of
Poland,
5.5000%, 4/4/53
650,000
607,224
Republic
of
Poland,
5.5000%, 3/18/54
2,500,000
2,337,047
4,756,220
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
7
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Qatar
-
1
.7
%
QatarEnergy,
2.2500%, 7/12/31
$
750,000
$
658,500
QatarEnergy,
3.1250%, 7/12/41
1,000,000
745,880
State
of
Qatar,
4.7500%, 5/29/34
2,900,000
2,958,135
State
of
Qatar,
4.4000%, 4/16/50
2,100,000
1,790,025
6,152,540
Romania
-
3
.3
%
Romania
Government
Bond,
5.7500%, 9/16/30
(144A)
1,350,000
1,356,041
Romania
Government
Bond,
3.0000%, 2/14/31
450,000
393,861
Romania
Government
Bond,
7.1250%, 1/17/33
1,000,000
1,061,016
Romania
Government
Bond,
6.3750%, 1/30/34
1,500,000
1,495,371
Romania
Government
Bond,
5.7500%, 3/24/35
(144A)
1,334,000
1,264,021
Romania
Government
Bond,
5.7500%, 3/24/35
500,000
473,771
Romania
Government
Bond,
6.6250%, 5/16/36
(144A)
1,350,000
1,348,312
Romania
Government
Bond,
6.7500%, 7/11/39
EUR
1,550,000
1,823,856
Romania
Government
Bond,
5.1250%, 6/15/48
$
900,000
708,415
Romania
Government
Bond,
4.0000%, 2/14/51
3,100,000
2,012,612
Romania
Government
Bond,
7.6250%, 1/17/53
500,000
521,205
12,458,481
Saudi
Arabia
-
4
.6
%
Kingdom
of
Saudi
Arabia,
3.2500%, 10/26/26
1,300,000
1,281,428
Kingdom
of
Saudi
Arabia,
5.1250%, 1/13/28
3,000,000
3,052,303
Kingdom
of
Saudi
Arabia,
4.7500%, 1/18/28
500,000
504,010
Kingdom
of
Saudi
Arabia,
3.3750%, 3/5/32
(144A)
EUR
642,000
735,948
Kingdom
of
Saudi
Arabia,
5.5000%, 10/25/32
$
1,500,000
1,568,558
Kingdom
of
Saudi
Arabia,
2.2500%, 2/2/33
1,500,000
1,261,727
Kingdom
of
Saudi
Arabia,
5.0000%, 1/16/34
2,300,000
2,310,150
Kingdom
of
Saudi
Arabia,
5.0000%, 4/17/49
1,500,000
1,317,825
Kingdom
of
Saudi
Arabia,
5.2500%, 1/16/50
1,000,000
911,686
Kingdom
of
Saudi
Arabia,
3.2500%, 11/17/51
1,000,000
648,810
Kingdom
of
Saudi
Arabia,
5.0000%, 1/18/53
600,000
516,427
Kingdom
of
Saudi
Arabia,
5.7500%, 1/16/54
1,500,000
1,444,716
Kingdom
of
Saudi
Arabia,
3.7500%, 1/21/55
1,500,000
1,027,566
KSA
Sukuk
Ltd.,
2.2500%, 5/17/31
600,000
529,200
KSA
Sukuk
Ltd.,
5.2500%, 6/4/34
1,100,000
1,129,520
18,239,874
Senegal
-
0
.3
%
Republic
of
Senegal,
4.7500%, 3/13/28
EUR
500,000
493,458
Republic
of
Senegal,
6.2500%, 5/23/33
$
600,000
443,808
Republic
of
Senegal,
5.3750%, 6/8/37
EUR
550,000
418,307
Republic
of
Senegal,
6.7500%, 3/13/48
$
200,000
129,805
1,485,378
South
Africa
-
1
.8
%
Republic
of
South
Africa,
4.8750%, 4/14/26
1,750,000
1,741,304
Republic
of
South
Africa,
5.6500%, 9/27/47
450,000
337,388
Republic
of
South
Africa,
5.7500%, 9/30/49
800,000
592,715
Republic
of
South
Africa,
7.3000%, 4/20/52
2,700,000
2,436,475
Republic
of
South
Africa,
7.9500%, 11/19/54
(144A)
758,000
720,361
South
Africa
Government
Bond,
7.9500%, 11/19/54
800,000
760,276
6,588,519
Sri
Lanka
-
1
.0
%
Democratic
Socialist
Republic
of
Sri
Lanka,
4.0000%, 4/15/28
743,080
704,068
Democratic
Socialist
Republic
of
Sri
Lanka,
3.1000%, 1/15/30
Ç
1,110,770
996,916
Democratic
Socialist
Republic
of
Sri
Lanka,
3.3500%, 3/15/33
Ç
609,570
498,670
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
8
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Sri
Lanka
-
(continued)
Democratic
Socialist
Republic
of
Sri
Lanka,
3.6000%, 6/15/35
Ç
$
411,600
$
291,854
Democratic
Socialist
Republic
of
Sri
Lanka,
3.6000%, 5/15/36
Ç
285,660
239,869
Democratic
Socialist
Republic
of
Sri
Lanka,
3.6000%, 2/15/38
Ç
871,560
730,557
3,461,934
Tajikistan
-
0
.1
%
Republic
of
Tajikistan,
7.1250%, 9/14/27
416,667
410,975
Trinidad
and
Tobago
-
0
.2
%
Republic
of
Trinidad
and
Tobago,
4.5000%, 6/26/30
950,000
890,530
Tunisia
-
0
.8
%
Tunisian
Republic,
6.3750%, 7/15/26
EUR
2,600,000
2,945,051
Turkey
-
4
.9
%
Hazine
Mustesarligi
Varlik
Kiralama
A/S,
5.1250%, 6/22/26
$
1,350,000
1,345,996
Istanbul
Metropolitan
Municipality,
10.7500%, 4/12/27
1,000,000
1,054,846
Istanbul
Metropolitan
Municipality,
10.5000%, 12/6/28
1,900,000
2,055,584
Republic
of
Turkiye
(The),
8.6000%, 9/24/27
2,000,000
2,119,168
Republic
of
Turkiye
(The),
9.3750%, 3/14/29
3,000,000
3,301,351
Republic
of
Turkiye
(The),
7.2500%, 5/29/32
1,600,000
1,626,602
Republic
of
Turkiye
(The),
4.8750%, 4/16/43
1,200,000
857,319
Republic
of
Turkiye
(The),
6.6250%, 2/17/45
2,200,000
1,901,650
Republic
of
Turkiye
(The),
5.7500%, 5/11/47
2,100,000
1,603,856
Turkiye
Ihracat
Kredi
Bankasi
A/S,
7.5000%, 2/6/28
2,000,000
2,051,387
Turkiye
Ihracat
Kredi
Bankasi
A/S,
6.8750%, 7/3/28
(144A)
827,000
833,198
18,750,957
Ukraine
-
1
.0
%
NPC
Ukrenergo,
6.8750%, 11/9/28
700,000
563,688
Ukraine
Government
Bond,
1.7500%, 2/1/29
Ç
228,844
138,106
Ukraine
Government
Bond,
1.7500%, 2/1/29
(144A)
Ç
200,000
120,699
Ukraine
Government
Bond,
0.0000%, 2/1/30
Ç
10,667
4,967
Ukraine
Government
Bond,
0.0000%, 2/1/34
(144A)
Ç
400,000
149,228
Ukraine
Government
Bond,
0.0000%, 2/1/34
Ç
39,862
14,871
Ukraine
Government
Bond,
1.7500%, 2/1/34
(144A)
Ç
600,000
303,191
Ukraine
Government
Bond,
1.7500%, 2/1/34
Ç
678,412
342,814
Ukraine
Government
Bond,
0.0000%, 2/1/35
(144A)
Ç
200,000
92,543
Ukraine
Government
Bond,
0.0000%, 2/1/35
Ç
986,686
456,554
Ukraine
Government
Bond,
1.7500%, 2/1/35
(144A)
Ç
700,000
356,304
Ukraine
Government
Bond,
1.7500%, 2/1/35
Ç
258,435
131,545
Ukraine
Government
Bond,
0.0000%, 2/1/36
(144A)
Ç
200,000
92,472
Ukraine
Government
Bond,
1.7500%, 2/1/36
(144A)
Ç
200,000
98,600
Ukraine
Government
Bond,
1.7500%, 2/1/36
Ç
729,591
359,687
Ukraine
Government
Bond,
7.7500%, 8/1/41
‡
1,900,000
1,407,425
4,632,694
United
Arab
Emirates
-
0
.5
%
Sharjah
Sukuk
Program
Ltd.,
3.6250%, 3/10/33
400,000
348,973
Sharjah
Sukuk
Program
Ltd.,
6.1250%, 3/6/36
1,000,000
1,014,402
Sharjah
Sukuk
Program
Ltd.,
4.0000%, 7/28/50
700,000
454,192
1,817,567
Uruguay
-
2
.4
%
Oriental
Republic
of
Uruguay,
5.7500%, 10/28/34
4,500,000
4,707,000
Oriental
Republic
of
Uruguay,
4.9750%, 4/20/55
2,400,000
2,108,088
Oriental
Republic
of
Uruguay,
5.2500%, 9/10/60
2,550,000
2,289,900
9,104,988
Uzbekistan
-
1
.3
%
Navoiyuran
State
Enterprise,
6.7000%, 7/2/30
(144A)
2,196,000
2,178,253
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
9
Shares/
Principal
Amounts
Value
Foreign
Government
Bonds
-
(continued)
Uzbekistan
-
(continued)
Republic
of
Uzbekistan,
5.3750%, 5/29/27
EUR
1,000,000
$
1,173,874
Republic
of
Uzbekistan,
3.9000%, 10/19/31
$
250,000
221,647
Uzbekneftegaz
JSC,
8.7500%, 5/7/30
(144A)
1,059,000
1,112,196
4,685,970
Zambia
-
0
.9
%
Republic
of
Zambia,
5.7500%, 6/30/33
Ç
2,121,180
1,974,215
Republic
of
Zambia,
0.5000%, 12/31/53
1,950,000
1,424,632
3,398,847
Total
Foreign
Government
Bonds
(cost
304,136,668
)
312,052,429
Investment
Companies
-
4
.6
%
Money
Market
Funds
-
4
.6
%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
4.3597%
£,∞
(cost
$17,411,786)
17,410,385
17,413,867
Total
Investments
(total
cost
$
364,417,802
)
-
98
.4
%
372,803,658
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
1.6%
5,931,281
Net
Assets
-
100.0%
$378,734,939
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
Turkey
$
23,652,059
6
.3
%
Mexico
19,579,916
5
.3
Saudi
Arabia
18,239,874
4
.9
United
States
17,413,867
4
.7
Dominican
Republic
15,035,200
4
.0
Argentina
13,977,857
3
.7
United
Arab
Emirates
12,726,553
3
.4
Romania
12,458,481
3
.3
Colombia
11,996,313
3
.2
South
Africa
11,325,753
3
.0
Uzbekistan
10,342,337
2
.8
Nigeria
10,275,612
2
.8
Ghana
9,638,909
2
.6
Mongolia
9,404,521
2
.6
Egypt
9,203,923
2
.5
Uruguay
9,104,988
2
.4
Hungary
7,848,311
2
.1
Panama
7,351,404
2
.0
Brazil
7,122,629
1
.9
Costa
Rica
6,867,836
1
.8
Chile
6,581,067
1
.8
Bulgaria
6,525,493
1
.8
Oman
6,464,948
1
.7
Macedonia,
the
Former
Yugoslav
Republic
of
6,214,918
1
.7
Qatar
6,152,540
1
.7
Cayman
Islands
5,788,490
1
.6
Ecuador
5,476,246
1
.5
Indonesia
5,403,439
1
.5
Poland
4,756,220
1
.3
Pakistan
4,667,822
1
.3
Ukraine
4,632,694
1
.2
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
10
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
(continued)
Country
Value
%
of
Investment
Securities
Peru
$
4,595,895
1
.2
%
Montenegro
4,378,004
1
.2
Bahamas
4,365,200
1
.2
Ivory
Coast
4,049,883
1
.1
Paraguay
3,775,750
1
.0
Sri
Lanka
3,461,934
0
.9
Zambia
3,398,847
0
.9
Guatemala
3,042,188
0
.8
Tunisia
2,945,051
0
.8
Philippines
2,868,976
0
.8
Angola
2,814,419
0
.8
Azerbaijan
2,728,397
0
.7
Iraq
2,129,203
0
.6
Cameroon
2,000,497
0
.5
Luxembourg
1,792,028
0
.5
United
Kingdom
1,769,984
0
.5
Kazakhstan
1,731,849
0
.5
Gabon
1,641,764
0
.4
Georgia
1,628,233
0
.4
Senegal
1,485,378
0
.4
Malaysia
1,395,577
0
.4
El
Salvador
1,301,850
0
.3
Jamaica
1,282,050
0
.3
Bahrain
1,207,702
0
.3
Albania
1,042,739
0
.3
Benin
904,162
0
.2
Trinidad
and
Tobago
890,530
0
.2
Netherlands
558,582
0
.1
Barbados
520,502
0
.1
Togo
455,289
0
.1
Tajikistan
410,975
0
.1
Total
$372,803,658
100
.0
%
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
11
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Affiliated
Investments,
at
Value
at
10/31/24
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Affiliated
Investments,
at
Value
at
7/31/25
.............
Shares
Held
at
7/31/25
Dividend
Income
Investment
Company
-
4.6%
Money
Market
Funds
-
4.6%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
4.3597%
∞
$
8,380,259
$
240,197,281
$
(
231,163,264
)
$
(
2,490
)
$
2,081
$
17,413,867
17,410,385
$
341,809
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
N/A
Investment
Companies
-
N/A
Janus
Henderson
Cash
Collateral
Fund
LLC,
4.2961%
∞
–
286,800
(
286,800
)
–
–
–
–
167
Δ
Total
Affiliated
Investments
-
4.6%
$8,380,259
$240,484,081
$(231,450,064)
$(2,490)
$2,081
$17,413,867
$341,976
Schedule
of
Forward
Foreign
Currency
Exchange
Contracts
Counterparty/
Foreign
Currency
Settlement
Date
Foreign
Currency
Amount
Sold/
(Purchased)
USD
Currency
Amount
Sold/
(Purchased)
Market
Value
and
Unrealized
Appreciation
(Depreciation)
BNP
Paribas
SA
Euro
9/19/25
24,764,108
$
(
29,149,761
)
$
715,642
Euro
9/19/25
1,608,990
(
1,887,771
)
40,331
Euro
9/19/25
268,013
(
314,543
)
6,811
Euro
9/19/25
(38,721)
45,723
(
1,263
)
Euro
9/19/25
(633,834)
730,031
(
2,264
)
Euro
9/19/25
(165,750)
193,026
(
2,712
)
Euro
9/19/25
(130,900)
154,081
(
3,782
)
752,763
Total
$752,763
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
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
Ultra
Bonds
97
9/19/25
$
10,968,578
$
7,737
U.S.
Treasury
2
Year
Notes
16
9/30/25
3,311,750
(
3,895
)
U.S.
Treasury
5
Year
Notes
160
9/30/25
17,307,500
36,768
U.S.
Treasury
Long
Bonds
217
9/19/25
24,778,688
(
121,319
)
U.S.
Treasury
Ultra
Bonds
72
9/19/25
8,446,500
123,024
Total
-
Futures
Long
42,315
Futures
Short:
Euro-Bobl
55
9/8/25
(7,382,176)
47,245
Euro-Bund
62
9/8/25
(9,203,784)
73,108
Euro-buxl
5
9/8/25
(671,736)
8,472
Euro-Schatz
50
9/8/25
(6,126,204)
17,435
U.S.
Treasury
10
Year
Notes
38
9/19/25
(4,220,375)
(26,770)
Total
-
Futures
Short
119,490
Total
$161,805
Average
Ending
Monthly
Value
of
Derivative
Instruments
During
the
Period
Ended
July
31,
2025
Futures
contracts:
Average
notional
amount
of
contracts
-
long
$51,042,727
Average
notional
amount
of
contracts
-
short
28,491,343
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
-
in
USD
4,554,280
Average
amounts
sold
-
in
USD
22,954,866
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2025
13
CJSC
Closed
Joint
Stock
Company
JSC
Joint
Stock
Company
LLC
Limited
Liability
Company
PIK
Pay-in-kind
(PIK)
bonds
give
the
issuer
an
option
to
make
the
interest
payment
in
case
of
additional
securities.
PJSC
Public
Joint
Stock
Company
SAOC
Societe
Anonyme
Omanaise
Close
SPC
Special
Purpose
Company
∞
Rate
shown
is
the
7-day
yield
as
of
July
31,
2025.
£
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
Ç
Step
bond.
The
coupon
rate
will
increase
or
decrease
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
reflects
the
current
rate.
Ø
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
‡
Variable
or
floating
rate
security.
Rate
shown
is
the
current
rate
as
of
July
31,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread;
they
are
determined
by
the
issuer
or
agent
and
current
market
conditions.
Reference
rate
is
as
of
reset
date
and
may
vary
by
security,
which
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
¤
Zero
coupon
bond.
144A
Securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended,
are
subject
to
legal
and/or
contractual
restrictions
on
resale
and
may
not
be
publicly
sold
without
registration
under
the
1933
Act.
Unless
otherwise
noted,
these
securities
have
been
determined
to
be
liquid
in
accordance
with
the
requirements
of
Rule
22e-4,
under
the
1940
Act.
The
total
value
of
144A
securities
as
of
the
period
ended
July
31,
2025
is
$44,414,618
which
represents
11.7%
of
net
assets.
Janus
Henderson
Emerging
Market
Debt
Hard
Currency
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2025
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
July
31,
2025
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
Investments
in
Securities:
Corporate
Bonds
$
—
$
43,337,362
$
—
$
43,337,362
Foreign
Government
Bonds
—
312,052,429
—
312,052,429
Investment
Companies
—
17,413,867
—
17,413,867
Total
Investments
in
Securities
$
—
$
372,803,658
$
—
$
372,803,658
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
762,784
$
—
$
762,784
Futures
Contracts
313,789
—
—
313,789
Total
Other
Financial
Instruments
$
313,789
$
762,784
$
—
$
1,076,573
Total
Assets
$
313,789
$
373,566,442
$
—
$
373,880,231
Liabilities
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
10,021
$
—
$
10,021
Futures
Contracts
151,984
—
—
151,984
Total
Liabilities
$
151,984
$
10,021
$
—
$
162,005
(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
July
31,
2025 to
fair
value
the
Fund’s
investments
in
securities
and
other
financial
instruments
is
included
in
the
“Valuation
Inputs
Summary”
in
the
Notes
to
Schedule
of
Investments
and
Other
Information.
For
additional
information
on
the
Fund,
please
refer
to
the
Fund's
most
recent
semiannual
or
annual
financial
statements.
125-35-71249
09-25