Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
1
Shares/
Principal
Amounts
Value
Asset-Backed
Securities
-
10
.9
%
ACHM
Mortgage
Trust,
7.2600%,
5/25/39
(144A)
$
617,877
$
634,670
ACHV
ABS
TRUST,
8.4700%,
3/18/30
(144A)
221,548
224,484
Affirm
Asset
Securitization
Trust,
6.1600%,
2/15/29
(144A)
565,000
567,288
Ally
Bank
Auto
Credit-Linked
Notes,
8.0360%,
9/15/32
(144A)
357,826
361,063
Amur
Equipment
Finance
Receivables
XV
LLC,
5.6800%,
8/20/32
(144A)
275,000
276,719
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
7.3100%,
6/20/29
(144A)
836,000
844,866
Bayview
Opportunity
Master
Fund
VII
LLC,
SOFR30A
+
3.6000%,
7.9500%,
12/26/31
(144A)
‡
514,536
522,496
Bayview
Opportunity
Master
Fund
VII
LLC,
SOFR30A
+
2.7500%,
7.1000%,
6/25/47
(144A)
‡
79,063
80,964
Business
Jet
Securities
LLC,
9.1320%,
5/15/39
(144A)
227,416
231,545
Carvana
Auto
Receivables
Trust,
3.1600%,
6/12/28
(144A)
404,357
395,327
Coinstar
Funding
LLC,
5.2160%,
4/25/47
(144A)
467,925
431,535
Compass
Datacenters
Issuer
II
LLC,
5.7560%,
5/25/50
(144A)
443,000
443,584
Exeter
Automobile
Receivables
Trust,
7.8400%,
10/15/31
(144A)
95,000
99,091
Exeter
Select
Automobile
Receivables
Trust,
5.3400%,
1/15/32
150,000
149,472
FHF
Issuer
Trust,
5.6900%,
8/15/31
(144A)
305,000
306,992
FHF
Issuer
Trust,
5.9500%,
6/15/32
(144A)
193,000
193,027
FIGRE
Trust,
5.9740%,
12/25/54
(144A)
‡
438,650
438,086
Fora
Financial
Asset
Securitization
LLC,
6.3300%,
8/15/29
(144A)
330,000
330,974
Foundation
Finance
Trust,
9.1000%,
6/15/49
(144A)
226,019
239,994
Hilton
Grand
Vacations
Trust,
5.5200%,
5/27/42
(144A)
322,689
321,221
Huntington
Bank
Auto
Credit-Linked
Notes,
6.1530%,
5/20/32
(144A)
400,989
405,675
Huntington
Bank
Auto
Credit-Linked
Notes,
SOFR30A
+
5.2500%,
9.5980%,
5/20/32
(144A)
‡
196,289
200,911
Jersey
Mike's
Funding,
5.6100%,
8/16/55
(144A)
350,000
352,273
Marlette
Funding
Trust,
6.0200%,
7/16/35
(144A)
348,000
347,950
MVW
LLC,
5.7500%,
9/22/42
(144A)
289,701
289,749
PRET
LLC,
5.4871%,
10/25/51
(144A)
‡
286,751
286,518
QTS
Issuer
ABS
I
LLC,
5.9280%,
5/25/55
(144A)
248,000
248,911
RCKT
Mortgage
Trust,
5.6830%,
12/25/44
(144A)
Ç
324,767
324,557
RCKT
Mortgage
Trust,
5.6870%,
5/25/55
(144A)
Ç
254,354
255,880
Reach
ABS
Trust,
6.9000%,
2/18/31
(144A)
198,000
204,433
Reach
ABS
Trust,
5.6900%,
8/18/32
(144A)
250,000
250,398
Santander
Bank
Auto
Credit-Linked
Notes,
7.7620%,
6/15/32
(144A)
507,511
513,773
Santander
Bank
Auto
Credit-Linked
Notes,
8.8810%,
1/18/33
(144A)
900,000
905,260
Santander
Bank
Auto
Credit-Linked
Notes,
6.6630%,
12/15/33
(144A)
251,937
254,615
Sierra
Timeshare
Receivables
Funding
LLC,
6.8600%,
1/21/42
(144A)
399,559
398,114
Sotheby's
Artfi
Master
Trust,
7.9100%,
12/22/31
(144A)
668,000
679,412
Tricolor
Auto
Securitization
Trust,
5.7200%,
10/15/29
(144A)
802,000
802,534
US
Bank
NA,
6.7890%,
8/25/32
(144A)
82,693
83,500
Western
Funding
Auto
Loan
Trust,
5.3400%,
11/15/35
(144A)
208,000
207,969
Westlake
Automobile
Receivables
Trust,
3.4200%,
4/15/27
(144A)
1,000,000
995,259
Westlake
Automobile
Receivables
Trust,
5.0800%,
5/15/31
(144A)
118,000
117,955
Westlake
Automobile
Receivables
Trust,
5.5900%,
7/15/32
(144A)
275,000
278,546
Total
Asset-Backed
Securities
(cost
$15,442,653)
15,497,590
Bank
Loans
-
12
.1
%
Communication
Services
-
1
.1
%
CE
Intermediate
I
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
3.0000%,
7.4503%, 3/25/32
‡,ƒ
138,653
138,913
DIRECTV
Financing
LLC,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
5.2500%,
9.8195%, 8/2/29
‡,ƒ
256,949
254,529
Summer
BC
Bidco
B
LLC,
First
Lien
Term
Loan
B1,
CME
Term
SOFR
12
Month
+
5.0000%,
9.2070%, 2/15/29
‡,ƒ
121,000
121,000
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
2
Shares/
Principal
Amounts
Value
Bank
Loans
-
(continued)
Communication
Services
-
(continued)
Summer
BC
Holdco
B
SARL,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
5.0000%,
9.5556%, 2/15/29
‡,ƒ
$
419,940
$
419,939
Ziggo
BV,
First
Lien
Term
Loan
H,
EURIBOR
1
Month
+
3.0000%,
4.9130%, 1/31/29
‡,ƒ
EUR
500,000
554,500
1,488,881
Communications
-
0
.1
%
Cengage
Learning,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
3.5000%,
7.8530%, 3/24/31
‡,ƒ
$
149,407
149,255
Consumer
Discretionary
-
2
.5
%
Clarios
Global
LP,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
2.7500%,
7.1062%, 1/28/32
‡,ƒ
340,000
339,857
Flutter
Entertainment
PLC,
First
Lien
Term
Loan
B,
CME
Term
SOFR
12
Month
+
2.0000%,
5.8836%, 6/4/32
‡,ƒ
93,000
92,768
Flutter
Financing
BV,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
2.0000%,
6.2956%, 6/4/32
‡,ƒ
72,800
72,709
Gloves
Buyer,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
4.0000%,
8.3562%, 5/21/32
‡,ƒ
362,000
354,127
Lernen
Bidco
Ltd.,
First
Lien
Term
Loan
B3,
7.8400%, 10/27/31
ƒ
33,000
33,192
Lernen
US
Finco
LLC,
First
Lien
Term
Loan
B2,
TSFR1D
+
4.0000%,
8.2900%, 10/27/31
‡,ƒ
299,250
300,995
Motel
One
GmbH,
First
Lien
Term
Loan
B,
EURIBOR
3
Month
+
4.2500%,
6.1940%, 5/28/32
‡,ƒ
EUR
500,000
575,852
PAX
HoldCo
Spain
SL,
First
Lien
Term
Loan,
EUR0012M
+
4.0000%,
6.0730%, 12/31/29
‡,ƒ
EUR
500,000
571,920
River
Rock
Entertainment,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
9.0000%,
10.0000%, 6/25/31
‡,ƒ
$
280,000
271,600
Six
Flags
Entertainment
Corp.,
First
Lien
Term
Loan
B,
CME
Term
SOFR
1
Month
+
2.0000%,
6.3562%, 5/1/31
‡,ƒ
120,529
120,378
Varsity
Brands,
Inc.,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
3.2500%,
7.5798%, 8/26/31
‡,ƒ
271,843
272,454
Winterfell
Financing
SARL,
First
Lien
Term
Loan
B3,
EURIBOR
3
Month
+
5.0000%,
7.1240%, 5/4/28
‡,ƒ
EUR
500,000
564,463
3,570,315
Consumer
Staples
-
0
.5
%
Froneri
International
Ltd.,
First
Lien
Term
Loan,
EURIBOR
3
Month
+
3.0000%,
3.0000%, 7/19/32
‡,ƒ
EUR
500,000
570,667
Journey
Personal
Care
Corp.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
3.7500%,
8.0456%, 3/1/28
‡,ƒ
$
114,128
111,845
682,512
Financials
-
1
.5
%
Acropole
Holding
SAS,
First
Lien
Term
Loan,
EUR0012M
+
3.5000%,
5.5620%, 7/16/32
‡,ƒ
EUR
500,000
570,369
Aretec
Group,
Inc.,
First
Lien
Term
Loan
B3,
CME
Term
SOFR
1
Month
+
3.5000%,
7.8562%, 8/9/30
‡,ƒ
$
299,248
299,766
Asurion
LLC,
First
Lien
Term
Loan
B13,
CME
Term
SOFR
1
Month
+
4.2500%,
8.5770%, 9/19/30
‡,ƒ
356,250
348,501
Boots
Group
Bidco
Ltd.,
First
Lien
Term
Loan,
CME
Term
SOFR
12
Month
+
3.5000%,
7.3836%, 7/16/32
‡,ƒ
268,000
267,499
Mermaid
Bidco,
Inc.,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
3.2500%,
7.5097%, 7/3/31
‡,ƒ
409,271
409,386
Osaic
Holdings,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
12
Month
+
3.5000%,
7.3836%, 7/19/32
‡,ƒ
123,000
123,000
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
3
Shares/
Principal
Amounts
Value
Bank
Loans
-
(continued)
Financials
-
(continued)
OVG
Business
Services
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
3.0000%,
7.3562%, 6/25/31
‡,ƒ
$
97,265
$
96,779
2,115,300
Health
Care
-
1
.1
%
Dermatology
Intermediate
Holdings
III,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
4.2500%,
8.5579%, 3/26/29
‡,ƒ
277,852
244,045
Heartland
Dental
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
4.5000%,
8.8581%, 4/28/28
‡,ƒ
299,242
299,467
LifePoint
Health,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
3.5000%,
7.8195%, 5/19/31
‡,ƒ
80,594
80,104
Loire
Finco
Luxembourg
SARL,
First
Lien
Term
Loan
B,
EURIBOR
3
Month
+
4.0000%,
6.0260%, 1/21/30
‡,ƒ
EUR
500,000
574,896
Star
Parent,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
4.0000%,
8.2956%, 9/27/30
‡,ƒ
$
419,571
414,503
1,613,015
Industrials
-
1
.9
%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
3.2500%,
7.5755%, 5/28/32
‡,ƒ
72,818
73,273
Ammega
Group
BV,
First
Lien
Term
Loan,
EURIBOR
3
Month
+
5.0000%,
6.9800%, 12/30/28
‡,ƒ
EUR
500,000
536,222
Beacon
Mobility
Corp.,
First
Lien
Term
Loan,
CME
Term
SOFR
12
Month
+
3.2500%,
7.3156%, 6/17/30
‡,ƒ
$
284,644
284,467
CP
Atlas
Buyer,
Inc.,
First
Lien
Term
Loan
B,
CME
Term
SOFR
1
Month
+
5.2500%,
9.6062%, 7/8/30
‡,ƒ
329,000
313,537
Emrld
Borrower
LP,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
2.5000%,
6.8562%, 8/4/31
‡,ƒ
328,222
328,245
Emrld
Borrower
LP,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
2.2500%,
6.5827%, 5/31/30
‡,ƒ
238,903
238,915
Foundation
Building
Materials,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
4.0000%,
8.2797%, 1/29/31
‡,ƒ
272,927
262,613
Foundation
Building
Materials,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
5.2500%,
9.5456%, 1/29/31
‡,ƒ
98,000
95,686
gategroup
Finance
Luxembourg
SA,
First
Lien
Term
Loan
B,
CME
Term
SOFR
12
Month
+
4.2500%,
8.0348%, 5/28/32
‡,ƒ
111,000
111,416
Inizio
Group
Ltd.,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
4.2500%,
8.6456%, 8/21/28
‡,ƒ
278,000
269,660
Stonepeak
Nile
Parent
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
2.7500%,
7.0794%, 4/9/32
‡,ƒ
176,000
176,308
2,690,342
Information
Technology
-
1
.2
%
Leia
Finco
US
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
3.2500%,
7.5696%, 10/9/31
‡,ƒ
139,650
139,766
Modena
Buyer
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
4.5000%,
8.8079%, 7/1/31
‡,ƒ
472,928
463,214
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
5.0000%,
9.2956%, 5/9/33
‡,ƒ
32,000
31,940
Proofpoint,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
12
Month
+
3.0000%,
6.7848%, 8/31/28
‡,ƒ
200,000
200,228
Proofpoint,
Inc.,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
3.0000%,
7.3270%, 8/31/28
‡,ƒ
223,866
224,122
X
Corp.,
First
Lien
Term
Loan
B1,
CME
Term
SOFR
3
Month
+
6.5000%,
10.9579%, 10/26/29
‡,ƒ
174,000
169,405
X
Corp.,
First
Lien
Term
Loan
B3,
9.5000%, 10/26/29
ƒ
352,000
341,049
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
4
Shares/
Principal
Amounts
Value
Bank
Loans
-
(continued)
Information
Technology
-
(continued)
Zodiac
Purchaser
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
1
Month
+
3.5000%,
7.8562%, 2/16/32
‡,ƒ
$
176,000
$
175,285
1,745,009
Materials
-
2
.0
%
Ahlstrom
Holding
3
Oy,
First
Lien
Term
Loan
B1,
CME
Term
SOFR
3
Month
+
4.0000%,
8.4802%, 5/23/30
‡,ƒ
291,120
292,453
Barentz
International
BV,
First
Lien
Term
Loan
B3,
CME
Term
SOFR
3
Month
+
3.2500%,
7.6456%, 3/3/31
‡,ƒ
249,375
247,894
INEOS
US
Petrochem
LLC,
First
Lien
Term
Loan
B,
CME
Term
SOFR
1
Month
+
4.2500%,
8.6062%, 10/7/31
‡,ƒ
130,673
118,259
INEOS
US
Petrochem
LLC,
First
Lien
Term
Loan
B1,
CME
Term
SOFR
1
Month
+
4.2500%,
8.7062%, 4/2/29
‡,ƒ
292,260
271,436
Lonza
Group
AG,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
3.9250%,
8.3206%, 7/3/28
‡,ƒ
457,454
406,480
Olympus
Water
US
Holding
Corp.,
First
Lien
Term
Loan
B,
CME
Term
SOFR
12
Month
+
3.2500%,
7.1348%, 7/23/32
‡,ƒ
172,000
171,441
ProAmpac
PG
Borrower
LLC,
First
Lien
Term
Loan,
CME
Term
SOFR
3
Month
+
4.0000%,
8.3202%, 9/15/28
‡,ƒ
418,939
419,463
SCIH
Salt
Holdings,
Inc.,
First
Lien
Term
Loan
B1,
CME
Term
SOFR
3
Month
+
3.0000%,
7.2797%, 1/31/29
‡,ƒ
245,385
245,665
Spa
Holdings
3
Oy,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
3.7500%,
8.3072%, 2/4/28
‡,ƒ
300,000
300,375
White
Cap
Supply
Holdings
LLC,
First
Lien
Term
Loan
C,
CME
Term
SOFR
1
Month
+
3.2500%,
7.5770%, 10/19/29
‡,ƒ
425,239
424,359
2,897,825
Utilities
-
0
.2
%
Long
Ridge
Energy
LLC,
First
Lien
Term
Loan
B,
CME
Term
SOFR
3
Month
+
4.5000%,
8.7956%, 2/19/32
‡,ƒ
223,440
220,368
Total
Bank
Loans
(cost
$17,220,492)
17,172,822
Collateralized
Loan
Obligations
-
8
.7
%
Ares
LIII
CLO
Ltd.
2019-53A
A1R,
CME
Term
SOFR
3
Month
+
1.2800%,
5.5987%,
10/24/36
(144A)
‡
1,072,000
1,076,135
ARES
Loan
Funding
III
Ltd.
2022-ALF3A
A1R,
CME
Term
SOFR
3
Month
+
1.2700%,
5.5885%,
7/25/36
(144A)
‡
1,300,000
1,304,554
Ares
LXV
CLO
Ltd.
2022-65A
D,
CME
Term
SOFR
3
Month
+
3.6500%,
7.9685%,
7/25/34
(144A)
‡
250,000
251,427
Ballyrock
CLO
22
Ltd.
2024-22A
A1A,
CME
Term
SOFR
3
Month
+
1.5400%,
5.8575%,
4/15/37
(144A)
‡
250,000
251,254
BlueMountain
CLO
XXXI
Ltd.
2021-31A
A1,
CME
Term
SOFR
3
Month
+
1.4116%,
5.7371%,
4/19/34
(144A)
‡
350,000
350,505
Cedar
Funding
IX
CLO
Ltd.
2018-9A
AR,
CME
Term
SOFR
3
Month
+
1.4200%,
5.7455%,
7/20/37
(144A)
‡
500,000
501,591
CIFC
Funding
Ltd.
2021-3A
D,
CME
Term
SOFR
3
Month
+
3.2616%,
7.5792%,
7/15/36
(144A)
‡
250,000
251,468
CIFC
Funding
Ltd.
2023-3A
D,
CME
Term
SOFR
3
Month
+
4.2500%,
8.5755%,
1/20/37
(144A)
‡
250,000
252,344
CIFC
Funding
Ltd.
2021-1A
A1R,
CME
Term
SOFR
3
Month
+
1.4200%,
5.7385%,
7/25/37
(144A)
‡
400,000
401,355
CIFC
Funding
Ltd.
2019-7A
A1R,
CME
Term
SOFR
3
Month
+
1.2800%,
0.0000%,
10/19/38
(144A)
‡
1,227,000
1,227,000
KKR
CLO
36
Ltd.
36A
A,
CME
Term
SOFR
3
Month
+
1.4416%,
5.7592%,
10/15/34
(144A)
‡
1,000,000
1,001,950
Madison
Park
Funding
LXVI
Ltd.
2024-66A
A2,
CME
Term
SOFR
3
Month
+
1.5800%,
5.9055%,
10/21/37
(144A)
‡
1,000,000
1,001,867
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
5
Shares/
Principal
Amounts
Value
Collateralized
Loan
Obligations
-
(continued)
Neuberger
Berman
Loan
Advisers
CLO
42
Ltd.
2021-42A
AR,
CME
Term
SOFR
3
Month
+
0.9500%,
5.2678%,
7/16/36
(144A)
‡
$
1,000,000
$
1,000,234
Oaktree
CLO
Ltd.
2024-26A
D1,
CME
Term
SOFR
3
Month
+
3.4500%,
7.7755%,
4/20/37
(144A)
‡
500,000
501,493
Octagon
75
Ltd.
2025-1A
D2,
CME
Term
SOFR
3
Month
+
3.6500%,
7.9820%,
1/22/38
(144A)
‡
700,000
701,827
Palmer
Square
CLO
Ltd.
2022-3A
D1R,
CME
Term
SOFR
3
Month
+
2.9500%,
7.2755%,
7/20/37
(144A)
‡
640,000
641,809
Rad
CLO
10
Ltd.
2021-10A
A,
CME
Term
SOFR
3
Month
+
1.4316%,
5.7506%,
4/23/34
(144A)
‡
1,050,000
1,051,572
Wind
River
CLO
Ltd.
2021-4A
D,
CME
Term
SOFR
3
Month
+
3.4616%,
7.7871%,
1/20/35
(144A)
‡
500,000
485,005
Total
Collateralized
Loan
Obligations
(cost
$12,206,662)
12,253,390
Convertible
Bond
-
0
.1
%
Consumer
Staples
-
0
.1
%
Herbalife
Ltd.,
4.2500%, 6/15/28
(cost
$147,867)
184,000
171,120
Corporate
Bonds
-
34
.0
%
Basic
Materials
-
1
.7
%
Celanese
US
Holdings
LLC,
7.2000%, 11/15/33Ç
168,000
175,393
Compass
Minerals
International,
Inc.,
8.0000%, 7/1/30
(144A)
358,000
370,900
Fedrigoni
SpA,
EURIBOR
3
Month
+
4.0000%,
5.9800%, 1/15/30‡
EUR
320,000
363,297
First
Quantum
Minerals
Ltd.,
8.0000%, 3/1/33
(144A)
$
400,000
412,169
Fortescue
Treasury
Pty.
Ltd.,
4.3750%, 4/1/31
(144A)
314,000
294,187
Olympus
Water
US
Holding
Corp.,
5.3750%, 10/1/29
EUR
320,000
339,944
Taseko
Mines
Ltd.,
8.2500%, 5/1/30
(144A)
$
465,000
485,522
2,441,412
Communications
-
2
.8
%
AMC
Networks,
Inc.,
10.5000%, 7/15/32
(144A)
277,000
281,848
Charter
Communications
Operating
LLC,
6.5500%, 6/1/34
141,000
148,676
CSC
Holdings
LLC,
11.2500%, 5/15/28
(144A)
400,000
402,082
Fibercop
SpA,
7.8750%, 7/31/28
EUR
220,000
280,114
Getty
Images,
Inc.,
11.2500%, 2/21/30
(144A)
$
100,000
95,750
Gray
Media,
Inc.,
7.2500%, 8/15/33
(144A)
346,000
344,180
Level
3
Financing,
Inc.,
3.7500%, 7/15/29
(144A)
406,000
340,354
Level
3
Financing,
Inc.,
6.8750%, 6/30/33
(144A)
182,937
185,380
Lumen
Technologies,
Inc.,
4.1250%, 4/15/29
(144A)
195,411
190,313
Lumen
Technologies,
Inc.,
10.0000%, 10/15/32
(144A)
184,918
186,998
McGraw-Hill
Education,
Inc.,
8.0000%, 8/1/29
(144A)#
102,000
103,681
McGraw-Hill
Education,
Inc.,
7.3750%, 9/1/31
(144A)
270,000
280,647
Midcontinent
Communications,
8.0000%, 8/15/32
(144A)
270,000
284,891
Univision
Communications,
Inc.,
8.5000%, 7/31/31
(144A)
299,000
303,655
Univision
Communications,
Inc.,
9.3750%, 8/1/32
(144A)
319,000
330,995
Vmed
O2
UK
Financing
I
plc,
4.7500%, 7/15/31
(144A)
299,000
276,626
4,036,190
Consumer,
Cyclical
-
8
.9
%
Allwyn
Entertainment
Financing
UK
plc,
7.2500%, 4/30/30
EUR
320,000
387,908
American
Airlines,
Inc.,
8.5000%, 5/15/29
(144A)
$
358,000
374,155
Aston
Martin
Capital
Holdings
Ltd.,
10.3750%, 3/31/29
GBP
320,000
396,582
Beazer
Homes
USA,
Inc.,
7.5000%, 3/15/31
(144A)
$
302,000
305,429
Bertrand
Franchise
Finance
SAS,
EURIBOR
3
Month
+
3.7500%,
5.7710%, 7/18/30‡
EUR
320,000
356,663
Boots
Group
Finco
LP,
7.3750%, 8/31/32
(144A)
GBP
150,000
202,224
Caesars
Entertainment,
Inc.,
6.0000%, 10/15/32
(144A)
$
331,000
319,476
Carnival
Corp.,
5.7500%, 8/1/32
(144A)
408,000
410,762
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
6
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Consumer,
Cyclical
-
(continued)
Carvana
Co.,
4.8750%, 9/1/29
(144A)
$
564,000
$
513,240
Carvana
Co.,
11.0000%
(11.00%
Cash,
13.00%
PIK), 6/1/30
(144A)Ø
558,227
583,888
CD&R
Firefly
Bidco
plc,
8.6250%, 4/30/29
GBP
320,000
439,578
eG
Global
Finance
plc,
11.0000%, 11/30/28
EUR
320,000
405,510
Flutter
Treasury
DAC,
6.1250%, 6/4/31
(144A)
GBP
170,000
225,804
Ford
Motor
Credit
Co.
LLC,
6.5000%, 2/7/35
$
483,000
481,680
Forvia
SE,
8.0000%, 6/15/30
(144A)
533,000
555,158
Foundation
Building
Materials,
Inc.,
6.0000%, 3/1/29
(144A)
156,000
146,310
Full
House
Resorts,
Inc.,
8.2500%, 2/15/28
(144A)
227,000
219,745
General
Motors
Co.,
6.2500%, 4/15/35
62,000
64,100
General
Motors
Financial
Co.,
Inc.,
ICE
LIBOR
USD
3
Month
+
3.5980%,
5.7500%, 9/30/27‡,μ
293,000
286,126
Grupo
Antolin-Irausa
SA,
10.3750%, 1/30/30
EUR
200,000
147,006
Hilton
Grand
Vacations
Borrower
LLC,
4.8750%, 7/1/31
(144A)
$
338,000
310,775
JB
Poindexter
&
Co.,
Inc.,
8.7500%, 12/15/31
(144A)
84,000
85,910
Latam
Airlines
Group
SA,
7.6250%, 1/7/31
(144A)
415,000
428,072
LGI
Homes,
Inc.,
4.0000%, 7/15/29
(144A)
652,000
594,390
Mohegan
Tribal
Gaming
Authority,
8.2500%, 4/15/30
(144A)
327,000
339,013
New
Home
Co.,
Inc.
(The),
8.5000%, 11/1/30
(144A)
467,000
476,793
Patrick
Industries,
Inc.,
6.3750%, 11/1/32
(144A)
292,000
292,195
Penn
Entertainment,
Inc.,
4.1250%, 7/1/29
(144A)
508,000
470,840
Pinewood
Finco
plc,
6.0000%, 3/27/30
GBP
120,000
159,592
Pinnacle
Bidco
plc,
8.2500%, 10/11/28
EUR
320,000
384,640
QXO
Building
Products,
Inc.,
6.7500%, 4/30/32
(144A)
$
191,000
196,687
SIG
plc,
9.7500%, 10/31/29
EUR
220,000
249,748
Starz
Capital
Holdings
1,
Inc.,
5.5000%, 4/15/29
(144A)
$
317,000
295,602
Victra
Holdings
LLC,
8.7500%, 9/15/29
(144A)
592,000
620,436
Voyager
Parent
LLC,
9.2500%, 7/1/32
(144A)
275,000
290,907
Warnermedia
Holdings,
Inc.,
4.0540%, 3/15/29
114,000
99,807
Wynn
Macau
Ltd.,
5.1250%, 12/15/29
(144A)
470,000
452,220
12,568,971
Consumer,
Non-cyclical
-
5
.2
%
Albion
Financing
1
SARL,
5.3750%, 5/21/30
EUR
140,000
165,873
Albion
Financing
1
SARL,
7.0000%, 5/21/30
(144A)
$
200,000
205,857
Allied
Universal
Holdco
LLC,
4.8750%, 6/1/28
GBP
246,000
316,639
Allied
Universal
Holdco
LLC,
6.8750%, 6/15/30
(144A)
$
331,000
338,867
Currenta
Group
Holdings
Sarl,
EURIBOR
3
Month
+
4.0000%,
6.1430%, 5/15/32
(144A)‡
EUR
230,000
265,286
CVS
Health
Corp.,
4.7800%, 3/25/38
$
58,000
52,999
CVS
Health
Corp.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.8860%,
7.0000%, 3/10/55‡
169,000
173,874
Garda
World
Security
Corp.,
6.0000%, 6/1/29
(144A)
504,000
494,355
Heartland
Dental
LLC,
10.5000%, 4/30/28
(144A)
259,000
273,020
Herc
Holdings,
Inc.,
7.0000%, 6/15/30
(144A)
180,000
186,036
Herc
Holdings,
Inc.,
7.2500%, 6/15/33
(144A)
130,000
134,617
HLF
Financing
Sarl
LLC,
12.2500%, 4/15/29
(144A)
175,000
189,648
HLF
Financing
Sarl
LLC,
4.8750%, 6/1/29
(144A)
103,000
85,837
House
of
HR
Group
BV,
9.0000%, 11/3/29
EUR
400,000
455,531
Humana,
Inc.,
5.8750%, 3/1/33
$
98,000
101,338
Iceland
Bondco
plc,
4.3750%, 5/15/28
GBP
320,000
403,384
JBS
USA
Holding
Lux
SARL,
6.7500%, 3/15/34
$
49,000
53,337
JBS
USA
Holding
Lux
SARL,
5.5000%, 1/15/36
(144A)
122,000
121,503
LifePoint
Health,
Inc.,
11.0000%, 10/15/30
(144A)
27,000
29,676
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
7
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Consumer,
Non-cyclical
-
(continued)
LifePoint
Health,
Inc.,
10.0000%, 6/1/32
(144A)
$
271,000
$
281,334
Organon
&
Co.,
5.1250%, 4/30/31
(144A)
646,000
558,865
Pilgrim's
Pride
Corp.,
6.2500%, 7/1/33
279,000
293,248
Raven
Acquisition
Holdings
LLC,
6.8750%, 11/15/31
(144A)
588,000
593,896
Solventum
Corp.,
5.6000%, 3/23/34
48,000
49,232
Star
Parent,
Inc.,
9.0000%, 10/1/30
(144A)
167,000
175,617
Surgery
Center
Holdings,
Inc.,
7.2500%, 4/15/32
(144A)
67,000
68,890
Teva
Pharmaceutical
Finance
Co.
LLC,
6.1500%, 2/1/36
689,000
699,953
UnitedHealth
Group,
Inc.,
5.3000%, 6/15/35
24,000
24,253
Universal
Health
Services,
Inc.,
2.6500%, 10/15/30
115,000
101,757
Veritiv
Operating
Co.,
10.5000%, 11/30/30
(144A)
420,000
455,228
7,349,950
Diversified
-
0
.4
%
Benteler
International
AG,
7.2500%, 6/15/31
(144A)
EUR
150,000
182,114
ProGroup
AG,
5.3750%, 4/15/31
EUR
320,000
360,762
542,876
Energy
-
2
.5
%
Civitas
Resources,
Inc.,
8.7500%, 7/1/31
(144A)
$
331,000
335,084
Civitas
Resources,
Inc.,
9.6250%, 6/15/33
(144A)
296,000
304,459
Columbia
Pipelines
Holding
Co.
LLC,
5.0970%, 10/1/31
(144A)
49,000
49,209
DT
Midstream,
Inc.,
5.8000%, 12/15/34
(144A)
101,000
102,736
FTAI
Infra
Escrow
Holdings
LLC,
10.5000%, 6/1/27
(144A)
393,000
403,859
Hess
Midstream
Operations
LP,
4.2500%, 2/15/30
(144A)
439,000
424,771
ITT
Holdings
LLC,
6.5000%, 8/1/29
(144A)
359,000
341,951
Occidental
Petroleum
Corp.,
5.5500%, 10/1/34
95,000
93,168
OEG
Finance
plc,
7.2500%, 9/27/29
EUR
320,000
382,453
Sunoco
LP,
6.2500%, 7/1/33
(144A)
$
239,000
242,060
Tallgrass
Energy
Partners
LP,
6.0000%, 9/1/31
(144A)
457,000
447,822
TerraForm
Power
Operating
LLC,
4.7500%, 1/15/30
(144A)
334,000
320,170
Viper
Energy
Partners
LLC,
5.7000%, 8/1/35
87,000
86,469
3,534,211
Financial
-
5
.2
%
American
Express
Co.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.8540%,
3.5500%, 9/15/26‡,μ
452,000
441,777
Aretec
Group,
Inc.,
10.0000%, 8/15/30
(144A)
253,000
275,876
Bank
of
America
Corp.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.3510%,
6.2500%, 7/26/30‡,μ
420,000
418,555
Bank
of
America
Corp.,
SOFR
+
1.6970%,
5.7440%, 2/12/36‡
102,000
103,766
Blue
Owl
Credit
Income
Corp.,
5.8000%, 3/15/30
133,000
133,247
Blue
Owl
Finance
LLC,
6.2500%, 4/18/34
48,000
49,446
BroadStreet
Partners,
Inc.,
5.8750%, 4/15/29
(144A)
290,000
288,048
Burford
Capital
Global
Finance
LLC,
6.8750%, 4/15/30
(144A)
428,000
426,972
Burford
Capital
Global
Finance
LLC,
7.5000%, 7/15/33
(144A)
200,000
201,300
Capital
One
Financial
Corp.,
SOFRINDX
+
3.3700%,
7.9640%, 11/2/34‡
42,000
48,931
Capital
One
Financial
Corp.,
SOFR
+
2.0360%,
6.1830%, 1/30/36‡
125,000
128,326
Citigroup,
Inc.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.4170%,
3.8750%, 2/18/26‡,μ
441,000
435,816
GGAM
Finance
Ltd.,
8.0000%, 6/15/28
(144A)
393,000
415,714
GLP
Capital
LP,
4.0000%, 1/15/31
66,000
62,196
Jane
Street
Group,
6.7500%, 5/1/33
(144A)
267,000
273,243
JPMorgan
Chase
&
Co.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.8500%,
3.6500%, 6/1/26‡,μ
441,000
433,677
LPL
Holdings,
Inc.,
6.0000%, 5/20/34
48,000
49,600
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
8
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
LPL
Holdings,
Inc.,
5.7500%, 6/15/35
$
63,000
$
63,701
Morgan
Stanley,
CME
Term
SOFR
3
Month
+
1.8896%,
4.4310%, 1/23/30‡
50,000
49,844
Navient
Corp.,
5.5000%, 3/15/29
106,000
103,694
Oaktree
Strategic
Credit
Fund,
6.1900%, 7/15/30
(144A)
59,000
59,334
OneMain
Finance
Corp.,
6.7500%, 3/15/32
470,000
476,905
Osaic
Holdings,
Inc.,
6.7500%, 8/1/32
(144A)
70,000
70,844
Osaic
Holdings,
Inc.,
8.0000%, 8/1/33
(144A)
68,000
69,102
PNC
Financial
Services
Group,
Inc.
(The),
5-year
CMT
T-Note
+
3.2380%,
6.2000%, 9/15/27‡,μ
314,000
317,394
Rithm
Capital
Corp.,
8.0000%, 4/1/29
(144A)
280,000
286,024
Rithm
Capital
Corp.,
8.0000%, 7/15/30
(144A)
133,000
135,398
Rocket
Cos.,
Inc.,
6.1250%, 8/1/30
(144A)
121,000
122,688
Rocket
Cos.,
Inc.,
6.3750%, 8/1/33
(144A)
155,000
158,097
Sixth
Street
Lending
Partners,
6.5000%, 3/11/29
33,000
34,011
Starwood
Property
Trust,
Inc.,
6.5000%, 10/15/30
(144A)
249,000
256,299
Stonex
Escrow
Issuer
LLC,
6.8750%, 7/15/32
(144A)
315,000
320,658
StoneX
Group,
Inc.,
7.8750%, 3/1/31
(144A)
377,000
396,056
Uniti
Group
LP,
6.0000%, 1/15/30
(144A)
147,000
139,106
VICI
Properties
LP,
5.6250%, 4/1/35
83,000
83,530
7,329,175
Industrial
-
3
.3
%
Ardagh
Metal
Packaging
Finance
USA
LLC,
3.0000%, 9/1/29
EUR
540,000
559,173
Assemblin
Caverion
Group
AB,
EURIBOR
3
Month
+
3.5000%,
5.4370%, 7/1/31‡
EUR
320,000
367,651
Beacon
Mobility
Corp.,
7.2500%, 8/1/30
(144A)
$
238,000
242,502
Bombardier,
Inc.,
7.4500%, 5/1/34
(144A)
667,000
720,782
CP
Atlas
Buyer,
Inc.,
9.7500%, 7/15/30
(144A)
92,000
92,826
JH
North
America
Holdings,
Inc.,
6.1250%, 7/31/32
(144A)
61,000
61,632
Maxam
Prill
Sarl,
7.7500%, 7/15/30
(144A)
461,000
450,733
Molex
Electronic
Technologies
LLC,
5.2500%, 4/30/32
(144A)
42,000
42,134
Quikrete
Holdings,
Inc.,
6.7500%, 3/1/33
(144A)
410,000
420,506
Rand
Parent
LLC,
8.5000%, 2/15/30
(144A)
380,000
382,100
Regal
Rexnord
Corp.,
6.4000%, 4/15/33
97,000
102,535
Reno
de
Medici
SpA,
EURIBOR
3
Month
+
5.0000%,
6.9750%, 4/15/29‡
EUR
320,000
292,675
Trivium
Packaging
Finance
BV,
8.2500%, 7/15/30
(144A)
$
200,000
210,608
Trivium
Packaging
Finance
BV,
12.2500%, 1/15/31
(144A)
200,000
209,999
Wilsonart
LLC,
11.0000%, 8/15/32
(144A)
603,000
554,904
4,710,760
Technology
-
1
.8
%
Booz
Allen
Hamilton,
Inc.,
5.9500%, 4/15/35
85,000
86,781
Capstone
Borrower,
Inc.,
8.0000%, 6/15/30
(144A)
221,000
229,668
Cloud
Software
Group,
Inc.,
6.5000%, 3/31/29
(144A)
319,000
322,153
Cloud
Software
Group,
Inc.,
9.0000%, 9/30/29
(144A)
323,000
334,260
CoreWeave,
Inc.,
9.2500%, 6/1/30
(144A)
408,000
410,061
Fiserv,
Inc.,
5.1500%, 8/12/34
50,000
49,671
Kioxia
Holdings
Corp.,
6.2500%, 7/24/30
(144A)
300,000
298,889
Marvell
Technology,
Inc.,
4.7500%, 7/15/30
37,000
37,022
Marvell
Technology,
Inc.,
5.4500%, 7/15/35
37,000
37,321
Rocket
Software,
Inc.,
6.5000%, 2/15/29
(144A)
334,000
324,752
TeamSystem
SpA,
EURIBOR
3
Month
+
3.5000%,
5.5260%, 7/31/31‡
EUR
320,000
367,289
Western
Digital
Corp.,
2.8500%, 2/1/29
$
78,000
72,482
2,570,349
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
9
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Utilities
-
2
.2
%
Algonquin
Power
&
Utilities
Corp.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.2490%,
4.7500%, 1/18/82‡
$
452,000
$
438,775
Ameren
Corp.,
5.3750%, 3/15/35
177,000
178,231
American
Electric
Power
Co.,
Inc.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.6750%,
3.8750%, 2/15/62‡
298,000
287,362
Calpine
Corp.,
5.0000%, 2/1/31
(144A)
273,000
269,838
Calpine
Corp.,
3.7500%, 3/1/31
(144A)
288,000
270,765
CMS
Energy
Corp.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.9610%,
6.5000%, 6/1/55‡
411,000
414,417
Duke
Energy
Corp.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.5880%,
6.4500%, 9/1/54‡
127,000
130,762
Long
Ridge
Energy
LLC,
8.7500%, 2/15/32
(144A)
628,000
651,248
NiSource,
Inc.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.5270%,
6.3750%, 3/31/55‡
425,000
430,431
NRG
Energy,
Inc.,
7.0000%, 3/15/33
(144A)
80,000
87,759
3,159,588
Total
Corporate
Bonds
(cost
46,970,579)
48,243,482
Mortgage-Backed
Securities
-
47
.1
%
ALA
Trust
,
CME
Term
SOFR
1
Month
+
3.0907%
,
7.4327
%
,
6/15/40
(144A)
‡
176,000
176,798
BAMLL
Re-REMIC
Trust
0.0099%, 2/27/51
(144A)
‡
243,129
176,769
0.0000%, 11/27/51
(144A)
§
257,817
189,676
0.8637%, 9/27/52
(144A)
‡
327,626
281,340
BX
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
2.1145%,
6.4564%, 9/15/36
(144A)
‡
314,869
314,037
CME
Term
SOFR
1
Month
+
2.4645%,
6.8065%, 6/15/38
(144A)
‡
284,940
284,939
CME
Term
SOFR
1
Month
+
1.9409%,
6.2828%, 2/15/39
(144A)
‡
148,756
148,950
CME
Term
SOFR
1
Month
+
1.2928%,
5.6348%, 12/15/39
(144A)
‡
193,169
193,633
CME
Term
SOFR
1
Month
+
1.6423%,
5.9843%, 12/15/39
(144A)
‡
75,955
76,074
CME
Term
SOFR
1
Month
+
1.8920%,
6.2339%, 12/15/39
(144A)
‡
468,857
470,072
7.7127%, 8/13/41
(144A)
‡
888,000
877,773
CME
Term
SOFR
1
Month
+
2.7905%,
7.1324%, 10/15/41
(144A)
‡
216,775
216,883
BX
Trust
CME
Term
SOFR
1
Month
+
2.8894%,
7.2313%, 7/15/29
(144A)
‡
250,000
248,907
CME
Term
SOFR
1
Month
+
2.9413%,
7.2832%, 3/15/30
(144A)
‡
299,831
294,220
CME
Term
SOFR
1
Month
+
2.3590%,
6.7010%, 10/15/36
(144A)
‡
325,000
324,536
CME
Term
SOFR
1
Month
+
2.7080%,
7.0500%, 10/15/36
(144A)
‡
600,000
599,079
CME
Term
SOFR
1
Month
+
0.7492%,
5.0911%, 4/15/39
(144A)
‡
380,762
380,051
CME
Term
SOFR
1
Month
+
2.1110%,
6.4529%, 4/15/39
(144A)
‡
227,500
226,507
CME
Term
SOFR
1
Month
+
2.6901%,
7.0320%, 4/15/41
(144A)
‡
196,548
196,702
CME
Term
SOFR
1
Month
+
3.7500%,
8.0500%, 7/15/44
(144A)
‡
417,000
417,314
BXHPP
Trust
CME
Term
SOFR
1
Month
+
0.7645%,
5.1065%, 8/15/36
(144A)
‡
220,000
212,076
CME
Term
SOFR
1
Month
+
1.0145%,
5.3565%, 8/15/36
(144A)
‡
375,000
350,063
BXP
Trust
,
3.4248
%
,
6/13/39
(144A)
‡
240,000
225,701
Citigroup
Commercial
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
4.6145%
,
8.9565
%
,
10/15/38
(144A)
‡
1,000,000
996,423
COMM
Mortgage
Trust
,
3.4001
%
,
8/15/57
(144A)
‡
500,000
445,713
Connecticut
Avenue
Securities
Trust
SOFR30A
+
6.0000%,
10.3500%, 12/25/41
(144A)
‡
614,000
644,151
SOFR30A
+
4.5000%,
8.8500%, 1/25/42
(144A)
‡
500,000
521,406
SOFR30A
+
5.9000%,
10.2500%, 7/25/43
(144A)
‡
1,000,000
1,074,877
SOFR30A
+
2.8000%,
7.1497%, 3/25/44
(144A)
‡
1,425,000
1,470,332
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
10
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
Connecticut
Avenue
Securities
Trust
-
(continued)
SOFR30A
+
1.7000%,
6.0500%, 7/25/44
(144A)
‡
$
190,000
$
190,757
SOFR30A
+
1.6000%,
5.9500%, 9/25/44
(144A)
‡
61,632
61,886
SOFR30A
+
1.5000%,
5.8497%, 1/25/45
(144A)
‡
112,000
112,077
SOFR30A
+
1.7000%,
6.0497%, 1/25/45
(144A)
‡
1,390,536
1,382,872
SOFR30A
+
1.9500%,
6.2997%, 2/25/45
(144A)
‡
830,000
831,546
COOPR
Residential
Mortgage
Trust
,
5.6540
%
,
5/25/60
(144A)
Ç
798,482
799,858
DROP
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
1.2645%
,
5.6065
%
,
10/15/43
(144A)
‡
325,000
314,504
Extended
Stay
America
Trust
,
CME
Term
SOFR
1
Month
+
3.8145%
,
8.1565
%
,
7/15/38
(144A)
‡
471,750
471,753
Fashion
Show
Mall
LLC
,
5.6380
%
,
10/10/41
(144A)
‡
1,000,000
1,008,482
FHLMC
STACR
REMIC
Trust
SOFR30A
+
6.2500%,
10.6000%, 10/25/33
(144A)
‡
250,000
308,164
SOFR30A
+
2.1000%,
6.4500%, 9/25/41
(144A)
‡
440,000
443,850
SOFR30A
+
6.2500%,
10.6000%, 9/25/41
(144A)
‡
912,000
950,796
SOFR30A
+
7.5000%,
11.8500%, 10/25/41
(144A)
‡
243,000
258,052
SOFR30A
+
7.0000%,
11.3500%, 12/25/41
(144A)
‡
1,236,000
1,308,058
SOFR30A
+
3.7500%,
8.1000%, 2/25/42
(144A)
‡
985,000
1,022,792
SOFR30A
+
1.8000%,
6.1500%, 8/25/44
(144A)
‡
325,000
327,336
SOFR30A
+
1.4500%,
5.8000%, 10/25/44
(144A)
‡
325,000
325,622
SOFR30A
+
1.3500%,
5.7000%, 1/25/45
(144A)
‡
380,000
379,555
SOFR30A
+
1.6500%,
6.0000%, 2/25/45
(144A)
‡
350,000
351,381
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
2.5000%,
TBA, 30
Year
Maturity
^
105,000
86,029
3.0000%,
TBA, 30
Year
Maturity
^
4,468,000
3,824,201
3.5000%,
TBA, 30
Year
Maturity
^
5,733,000
5,122,556
4.0000%,
TBA, 30
Year
Maturity
^
1,559,000
1,437,755
4.5000%,
TBA, 30
Year
Maturity
^
3,298,000
3,128,440
5.0000%,
TBA, 30
Year
Maturity
^
1,963,000
1,910,615
5.5000%,
TBA, 30
Year
Maturity
^
6,438,000
6,403,930
6.0000%,
TBA, 30
Year
Maturity
^
3,207,000
3,251,321
6.5000%,
TBA, 30
Year
Maturity
^
153,000
157,783
FREMF
Mortgage
Trust
,
5.6346
%
,
11/25/28
(144A)
‡
162,000
149,539
Galaxy
Senior
Participation
Interest
Trust
1
,
0.0000
%
,
7/31/26
¢
,‡
414,293
416,508
GNMA
II,
30
Year,
Single
Family
3.5000%,
TBA, 30
Year
Maturity
^
2,092,000
1,879,490
4.0000%,
TBA, 30
Year
Maturity
^
204,000
187,804
5.0000%,
TBA, 30
Year
Maturity
^
96,000
93,704
5.5000%,
TBA, 30
Year
Maturity
^
68,000
67,825
Great
Wolf
Trust
,
CME
Term
SOFR
1
Month
+
2.8900%
,
7.2319
%
,
3/15/39
(144A)
‡
325,000
325,839
GS
Mortgage
Securities
Corp.
Trust
,
CME
Term
SOFR
1
Month
+
2.6500%
,
6.9998
%
,
11/25/41
(144A)
‡
330,000
330,127
GWT
,
CME
Term
SOFR
1
Month
+
2.9395%
,
7.2814
%
,
5/15/41
(144A)
‡
1,330,000
1,335,125
Hudsons
Bay
Simon
JV
Trust
3.9141%, 8/5/34
(144A)
29,755
29,538
4.1545%, 8/5/34
(144A)
238,000
232,165
5.1590%, 8/5/34
(144A)
‡
100,000
98,553
JPMorgan
Chase
Bank
NA
CME
Term
SOFR
1
Month
+
2.3645%,
6.7167%, 10/25/57
(144A)
‡
919,868
943,276
CME
Term
SOFR
1
Month
+
2.6145%,
6.9667%, 10/25/57
(144A)
‡
699,114
716,768
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
11
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
LHOME
Mortgage
Trust
,
7.1280
%
,
3/25/29
(144A)
Ç
$
325,000
$
327,581
Life
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
2.5419%
,
6.8839
%
,
5/15/39
(144A)
‡
165,000
151,206
MHC
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
2.7154%,
7.0574%, 4/15/38
(144A)
‡
320,000
320,352
CME
Term
SOFR
1
Month
+
3.3154%,
7.6574%, 4/15/38
(144A)
‡
680,000
680,976
MHP
CME
Term
SOFR
1
Month
+
3.9575%,
8.2994%, 1/15/27
(144A)
‡
800,000
790,876
CME
Term
SOFR
1
Month
+
2.3145%,
6.6565%, 7/15/38
(144A)
‡
325,000
324,999
MTN
Commercial
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
5.2852%
,
9.6352
%
,
3/15/39
(144A)
‡
650,000
649,680
New
Residential
Mortgage
Loan
Trust
,
7.1010
%
,
3/25/39
(144A)
Ç
323,000
325,412
NRM
FHT1
Excess
Owner
LLC
,
6.5450
%
,
3/25/32
(144A)
Ç
620,782
621,973
NYC
Commercial
Mortgage
Trust
,
5.8329
%
,
6/10/42
(144A)
1,342,000
1,297,350
PRET
LLC
,
6.3677
%
,
4/25/55
(144A)
Ç
1,044,204
1,046,565
Prima
Capital
CRE
Securitization
Ltd.
,
5.5000
%
,
10/1/33
(144A)
175,000
139,385
PRPM
LLC
,
6.4690
%
,
5/25/30
(144A)
Ç
652,976
652,479
Saluda
Grade
Alternative
Mortgage
Trust
7.0000%, 4/25/29
(144A)
Ç
506,226
502,607
7.5000%, 2/25/30
(144A)
Ç
170,000
170,653
SCG
Commercial
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
2.7500%
,
7.1000
%
,
8/15/30
(144A)
‡
100,000
100,000
SREIT
Trust
,
CME
Term
SOFR
1
Month
+
2.7327%
,
7.0747
%
,
11/15/36
(144A)
‡
165,000
164,771
STWD
Trust
,
CME
Term
SOFR
1
Month
+
2.7870%
,
7.1290
%
,
7/15/36
(144A)
‡
262,400
262,004
SWCH
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
3.3402%,
7.6822%, 2/15/42
(144A)
‡
170,000
169,102
CME
Term
SOFR
1
Month
+
4.2389%,
8.5809%, 2/15/42
(144A)
‡
530,000
527,019
Taurus
UK
Designated
Activity
Co.
SONIO/N
+
2.0000%,
6.2265%, 7/20/35
(144A)
‡
GBP
120,000
158,945
SONIO/N
+
2.8000%,
7.0265%, 7/20/35
(144A)
‡
GBP
170,000
225,384
TEXAS
Commercial
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
3.0906%
,
7.4325
%
,
4/15/42
(144A)
‡
$
271,000
270,548
TYSN
Mortgage
Trust
,
6.5797
%
,
12/10/33
(144A)
‡
713,000
749,475
Vontive
Mortgage
Trust
,
6.5070
%
,
3/25/30
(144A)
Ç
496,000
497,158
Wells
Fargo
Commercial
Mortgage
Trust
6.1762%, 3/15/38
(144A)
‡
302,000
301,699
6.9072%, 3/15/38
(144A)
‡
189,000
188,632
Worldwide
Plaza
Trust
,
3.5263
%
,
11/10/36
(144A)
160,000
114,648
Total
Mortgage-Backed
Securities
(cost
$66,617,427)
66,744,713
Common
Stocks
-
0
.2
%
Diversified
Telecommunication
Services
-
0
.2
%
GCI
Liberty,
Inc.*
,¢
250
250,000
Hotels,
Restaurants
&
Leisure
-
0.0
%
Churchill
Downs,
Inc.
1,142
122,240
Total
Common
Stocks
(cost
376,621)
372,240
Exchange
Traded
Fund
-
5
.0
%
Janus
Henderson
Emerging
Markets
Debt
Hard
Currency
ETF
£
(cost
$6,896,206)
136,912
7,108,156
Investment
Companies
-
5
.8
%
Money
Market
Funds
-
5
.8
%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
4.3597%
£,∞
(cost
$8,242,404)
8,242,020
8,243,668
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0
.1
%
Investment
Companies
-
0
.1
%
Janus
Henderson
Cash
Collateral
Fund
LLC,
4.2961%
£,∞
65,512
65,512
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
12
Shares/
Principal
Amounts
Value
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
(continued)
Time
Deposits
-
0.0
%
Royal
Bank
of
Canada,
4.3100%,
8/1/25
$
16,378
$
16,378
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$81,890)
81,890
Total
Investments
(total
cost
$
174,202,801
)
-
124
.0
%
175,889,071
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(24.0%)
(34,079,637)
Net
Assets
-
100.0%
$141,809,434
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
154,189,667
87
.7
%
United
Kingdom
4,719,807
2
.7
Luxembourg
2,811,800
1
.6
Canada
2,551,603
1
.5
Netherlands
2,287,463
1
.3
France
1,482,190
0
.8
Italy
1,303,375
0
.7
Ireland
1,025,847
0
.6
Germany
936,614
0
.5
Spain
718,926
0
.4
Israel
699,953
0
.4
Finland
592,828
0
.3
Macau
452,220
0
.3
Chile
428,072
0
.2
Switzerland
406,480
0
.2
Sweden
367,651
0
.2
Japan
298,889
0
.2
Australia
294,187
0
.2
Austria
182,114
0
.1
Cayman
Islands
139,385
0
.1
Total
$175,889,071
100
.0
%
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
13
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Affiliated
Investments,
at
Value
at
11/12/2024
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Affiliated
Investments,
at
Value
at
7/31/25
.............
Shares
Held
at
7/31/25
Dividend
Income
Investment
Company
-
10.8%
Exchange
Traded
Fund
-
5.0%
Janus
Henderson
Emerging
Markets
Debt
Hard
Currency
ETF
$
–
$
8,930,570
$
(
1,965,342
)
$
(
69,022
)
$
211,950
$
7,108,156
136,912
$
169,227
Money
Market
Funds
-
5.8%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
4.3597%
∞
–
94,026,423
(
85,782,563
)
(
1,456
)
1,264
8,243,668
8,242,020
186,127
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.1%
Investment
Companies
-
0.1%
Janus
Henderson
Cash
Collateral
Fund
LLC,
4.2961%
∞
–
2,955,610
(
2,890,098
)
–
–
65,512
65,512
2,342
Δ
Total
Affiliated
Investments
-
10.9%
$–
$105,912,603
$(90,638,003)
$(70,478)
$213,214
$15,417,336
$357,696
Schedule
of
Unfunded
Loan
Commitments
Borrower
Unfunded
Loan
Commitments
Value
Unrealized
Appreciation/
(Depreciation)
Beacon
Mobility
Corp.,
Delayed
Draw
First
Lien
Term
Loan
$38,700
$38,968
$268
Schedule
of
Forward
Foreign
Currency
Exchange
Contracts
Counterparty/
Foreign
Currency
Settlement
Date
Foreign
Currency
Amount
Sold/
(Purchased)
USD
Currency
Amount
Sold/
(Purchased)
Market
Value
and
Unrealized
Appreciation
(Depreciation)
BNP
Paribas
SA
Euro
9/19/25
6,881,747
$
(
8,100,485
)
$
198,870
Euro
9/19/25
498,750
(
586,562
)
13,898
Euro
9/19/25
495,387
(
582,530
)
13,727
Euro
9/19/25
(23,575)
27,066
3
Euro
9/19/25
(4,732)
5,559
(
126
)
Euro
9/19/25
(4,842)
5,700
(
140
)
Euro
9/19/25
(5,072)
6,005
(
181
)
Euro
9/19/25
(16,211)
18,878
(
265
)
Euro
9/19/25
(133,207)
157,339
(
4,390
)
Euro
9/19/25
(220,767)
259,871
(
6,386
)
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
14
Schedule
of
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Counterparty/
Foreign
Currency
Settlement
Date
Foreign
Currency
Amount
Sold/
(Purchased)
USD
Currency
Amount
Sold/
(Purchased)
Market
Value
and
Unrealized
Appreciation
(Depreciation)
Great
British
Pound
9/19/25
1,344,386
(
1,847,384
)
$
67,459
Great
British
Pound
9/19/25
290,000
(
395,961
)
12,010
Great
British
Pound
9/19/25
150,000
(
200,022
)
1,427
Great
British
Pound
9/19/25
172,035
(
227,761
)
(
7
)
Great
British
Pound
9/19/25
(101,619)
137,319
(
2,778
)
293,121
Total
$293,121
Schedule
of
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
Futures
Long:
U.S.
Treasury
10
Year
Notes
11
9/19/25
$
1,221,688
$
9,078
U.S.
Treasury
2
Year
Notes
82
9/30/25
16,972,719
(
13,922
)
U.S.
Treasury
5
Year
Notes
249
9/30/25
26,934,797
70,852
Total
-
Futures
Long
66,008
Futures
Short:
U.S.
Treasury
10
Year
Ultra
Bonds
44
9/19/25
(4,975,438)
(47,422)
U.S.
Treasury
Long
Bonds
14
9/19/25
(1,598,625)
(31,649)
U.S.
Treasury
Ultra
Bonds
21
9/19/25
(2,463,563)
(30,136)
Total
-
Futures
Short
(109,207)
Total
$(43,199)
Schedule
of
Exchange-Traded
Written
Call
Options
Reference
Asset
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Premiums
Received
Unrealized
Appreciation/
(Depreciation)
Option
Written,
at
Value
100
oz
Gold
3
3,585.00
USD
08/26/2025
$
300
$
(
896
)
$
116
$
(
780
)
S&P
500
Emini
Index
10
6,650.00
USD
09/19/2025
500
(
13,615
)
4,240
(
9,375
)
U.S.
Treasury
10
Year
Notes
3
113.00
USD
08/22/2025
300,000
(
324
)
43
(
281
)
U.S.
Treasury
5
Year
Notes
29
109.50
USD
08/22/2025
2,900,000
(
2,224
)
411
(
1,813
)
$(17,059)
$4,810
$(12,249)
Schedule
of
Exchange-Traded
Written
Put
Options
Reference
Asset
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Premiums
Received
Unrealized
Appreciation/
(Depreciation)
Option
Written,
at
Value
100
oz
Gold
3
3,000.00
USD
08/26/2025
$
300
$
(
332
)
$
(
28
)
$
(
360
)
S&P
500
Emini
Index
10
6,050.00
USD
09/19/2025
500
(
21,865
)
(
3,261
)
(
25,126
)
U.S.
Treasury
10
Year
Notes
3
110.00
USD
08/22/2025
300,000
(
605
)
43
(
562
)
U.S.
Treasury
5
Year
Notes
29
107.50
USD
08/22/2025
2,900,000
(
3,130
)
(
722
)
(
3,852
)
$(25,932)
$(3,968)
$(29,900)
Janus
Henderson
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
15
Schedule
of
OTC
Total
Return
Swaps
Counterparty/Return
Paid
by
the
Fund
Return
Received
by
Fund
Payment
Frequency
Termination
Date
Notional
Amount
Swap
Contracts,
at
Value
and
Unrealized
Appreciation/
(Depreciation)
JPMorgan
Chase
Bank
NA:1
day
SOFR
+
0.19%
Janus
Henderson
AAA
CLO
ETF
Quarterly
01/26/2026
USD
134,758
$
4,715
Average
Ending
Monthly
Value
of
Derivative
Instruments
During
the
Period
Ended
July
31,
2025
Futures
contracts:
Average
notional
amount
of
contracts
-
long
$35,931,151
Average
notional
amount
of
contracts
-
short
5,361,462
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
-
in
USD
3,163,338
Average
amounts
sold
-
in
USD
11,331,732
Credit
default
swaps:
Average
notional
amount
-
buy
protection
246,046
Average
notional
amount
-
sell
protection
233,333
Total
return
swaps:
Average
notional
amount
14,973
Options:
Average
value
of
option
contracts
written
21,690
Janus
Henderson
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2025
16
CME
Chicago
Mercantile
Exchange
ETF
Exchange
Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GBP
British
Pound
GNMA
Government
National
Mortgage
Association
ICE
Intercontinental
Exchange
LIBOR
LIBOR
(London
Interbank
Offered
Rate)
is
a
short-term
interest
rate
that
banks
offer
one
another
and
generally
represents
current
cash
rates.
LLC
Limited
Liability
Company
LP
Limited
Partnership
PIK
Pay-in-kind
(PIK)
bonds
give
the
issuer
an
option
to
make
the
interest
payment
in
case
of
additional
securities.
plc
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
SOFR30A
Secured
Overnight
Financing
Rate
30
Day
Average
SOFR90A
Secured
Overnight
Financing
Rate
90
Day
Average
SOFRINDX
Secured
Overnight
Financing
Rate
Compounded
Index
TBA
(To
Be
Announced)
Securities
are
purchased/sold
on
a
forward
commitment
basis
with
an
approximate
principal
amount
and
no
defined
maturity
date.
The
actual
principal
and
maturity
date
will
be
determined
upon
settlement
when
specific
mortgage
pools
are
assigned.
UMBS
Uniform
Mortgage-Backed
Securities
*
Non-income
producing
security.
¢
Security
is
valued
using
significant
unobservable
inputs.
The
total
value
of
Level
3
securities
as
of
the
period
ended
July
31,
2025
is
$666,508,
which
represents
0.5%
of
net
assets.
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
July
31,
2025.
∞
Rate
shown
is
the
7-day
yield
as
of
July
31,
2025.
£
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
Janus
Henderson
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2025
17
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
Ç
Step
bond.
The
coupon
rate
will
increase
or
decrease
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
reflects
the
current
rate.
Ø
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
‡
Variable
or
floating
rate
security.
Rate
shown
is
the
current
rate
as
of
July
31,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread;
they
are
determined
by
the
issuer
or
agent
and
current
market
conditions.
Reference
rate
is
as
of
reset
date
and
may
vary
by
security,
which
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
μ
Perpetual
security.
Perpetual
securities
have
no
stated
maturity
date,
but
they
may
be
called/redeemed
by
the
issuer.
The
date
indicated,
if
any,
represents
the
next
call
date.
ƒ
All
or
a
portion
of
this
position
is
not
funded,
or
has
been
purchased
on
a
delayed
delivery
or
when-issued
basis.
If
applicable,
interest
rates
will
be
determined
and
interest
will
begin
to
accrue
at
a
future
date.
See
Notes
to
Financial
Statements.
144A
Securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended,
are
subject
to
legal
and/or
contractual
restrictions
on
resale
and
may
not
be
publicly
sold
without
registration
under
the
1933
Act.
Unless
otherwise
noted,
these
securities
have
been
determined
to
be
liquid
in
accordance
with
the
requirements
of
Rule
22e-4,
under
the
1940
Act.
The
total
value
of
144A
securities
as
of
the
period
ended
July
31,
2025
is
$98,354,114
which
represents
69.4%
of
net
assets.
§
PO
–
Principal
Only
^
Settlement
is
on
a
delayed
delivery
or
when-issued
basis
with
final
maturity
TBA
in
the
future.
Janus
Henderson
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2025
18
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
July
31,
2025
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
Investments
in
Securities:
Asset-Backed
Securities
$
—
$
15,497,590
$
—
$
15,497,590
Bank
Loans
—
17,172,822
—
17,172,822
Collateralized
Loan
Obligations
—
12,253,390
—
12,253,390
Convertible
Bond
—
171,120
—
171,120
Corporate
Bonds
—
48,243,482
—
48,243,482
Mortgage-Backed
Securities
—
66,328,205
416,508
66,744,713
Common
Stocks
Diversified
Telecommunication
Services
—
—
250,000
250,000
All
Other
122,240
—
—
122,240
Exchange
Traded
Fund
7,108,156
—
—
7,108,156
Investment
Companies
—
8,243,668
—
8,243,668
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
—
81,890
—
81,890
Total
Investments
in
Securities
$
7,230,396
$
167,992,167
$
666,508
$
175,889,071
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
307,394
$
—
$
307,394
Futures
Contracts
79,930
—
—
79,930
Total
Return
Swap
—
4,715
—
4,715
Total
Other
Financial
Instruments
$
79,930
$
312,109
$
—
$
392,039
Unfunded
Loan
Commitments
$
—
$
268
$
—
$
268
Total
Assets
$
7,310,326
$
168,304,544
$
666,508
$
176,281,378
Liabilities
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
14,273
$
—
$
14,273
Futures
Contracts
123,129
—
—
123,129
Options
Written,
at
Value
42,149
—
—
42,149
Total
Other
Financial
Instruments
$
165,278
$
14,273
$
—
$
179,551
Total
Liabilities
$
165,278
$
14,273
$
—
$
179,551
(a)
Other
financial
instruments
may
include
forward
foreign
currency
exchange
contracts,
futures,
written
options,
written
swaptions,
and
swap
contracts.
Forward
foreign
currency
exchange
contracts,
futures
contracts,
and
centrally
cleared
swap
contracts
are
reported
at
their
unrealized
appreciation/(depreciation)
at
measurement
date,
which
represents
the
change
in
the
contract's
value
from
trade
date.
Written
options,
written
swaptions,
and
OTC
swaps
are
reported
at
their
market
value
at
measurement
date.
Janus
Henderson
Income
ETF
19
Investment
Valuation 
Fund holdings
are
valued
in
accordance
with
policies
and
procedures
established
by
the
Adviser
pursuant
to
Rule
2a-5
under
the
1940
Act
and
approved
by
and
subject
to
the
oversight
of
the
Trustees
(the
“Valuation
Procedures”).
Equity
securities,
including
shares
of
exchange-traded
funds,
traded
on
a
domestic
securities
exchange
are
generally
valued
at
readily
available
market
quotations,
which
are
(i)
the
official
close
prices
or
(ii)
last
sale
prices
on
the
primary
market
or
exchange
in
which
the
securities
trade.
If
such
price
is
lacking
for
the
trading
period
immediately
preceding
the
time
of
determination,
such
securities
are
generally
valued
at
their
current
bid
price.
Equity
securities
that
are
traded
on
a
foreign
exchange
are
generally
valued
at
the
closing
prices
on
such
markets.
In
the
event
that
there
is
no
current
trading
volume
on
a
particular
security
in
such
foreign
exchange,
the
bid
price
from
the
primary
exchange
is
generally
used
to
value
the
security.
Foreign
securities
and
currencies
are
converted
to
U.S.
dollars
using
the
current
spot
USD
dollar
exchange
rate
in
effect
at
the
close
of
the
London
Stock
Exchange.
The Fund will
determine
the
market
value
of
individual
securities
held
by
it
by
using
prices
provided
by
one
or
more
approved
professional
pricing
services
or,
as
needed,
by
obtaining
market
quotations
from
independent
broker-dealers.
Most
debt
securities
are
valued
in
accordance
with
the
evaluated
bid
price
supplied
by
the
Adviser-approved
pricing
service
that
is
intended
to
reflect
market
value.
The
evaluated
bid
price
supplied
by
the
pricing
service
is
an
evaluation
that
may
consider
factors
such
as
security
prices,
yields,
maturities
and
ratings.
Certain
short-term
securities
maturing
within
60
days
or
less
may
be
evaluated
and
valued
on
an
amortized
cost
basis
provided
that
the
amortized
cost
determined
approximates
market
value.
Securities
for
which
market
quotations
or
evaluated
prices
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
determined
in
good
faith
by
the
Adviser
pursuant
to
the
Valuation
Procedures. Circumstances
in
which
fair
valuation
may
be
utilized
include,
but
are
not
limited
to:
(i)
a
significant
event
that
may
affect
the
securities
of
a
single
issuer,
such
as
a
merger,
bankruptcy,
or
significant
issuer-specific
development;
(ii)
an
event
that
may
affect
an
entire
market,
such
as
a
natural
disaster
or
significant
governmental
action;
(iii)
a
nonsignificant
event
such
as
a
market
closing
early
or
not
opening,
or
a
security
trading
halt;
and
(iv)
pricing
of
a
non-valued
security
and
a
restricted
or
nonpublic
security.
Special
valuation
considerations
may
apply
with
respect
to
“odd-lot”
fixed-income
transactions
which,
due
to
their
small
size,
may
receive
evaluated
prices
by
pricing
services
which
reflect
a
large
block
trade
and
not
what
actually
could
be
obtained
for
the
odd-
lot
position.
The
value
of
the
securities
of
mutual
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds,
and
the
prospectuses
for
such
mutual
funds
explain
the
circumstances
under
which
they
use
fair
valuation
and
the
effects
of
using
fair
valuation.
The
value
of
the
securities
of
any
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
funds.
Valuation
Inputs
Summary 
FASB
ASC
820,
Fair
Value
Measurements
and
Disclosures
(“ASC
820”),
defines
fair
value,
establishes
a
framework
for
measuring
fair
value,
and
expands
disclosure
requirements
regarding
fair
value
measurements.
This
standard
emphasizes
that
fair
value
is
a
market-based
measurement
that
should
be
determined
based
on
the
assumptions
that
market
participants
would
use
in
pricing
an
asset
or
liability
and
establishes
a
hierarchy
that
prioritizes
inputs
to
valuation
techniques
used
to
measure
fair
value.
These
inputs
are
summarized
into
three
broad
levels: 
Level
1
–
Unadjusted
quoted
prices
in
active
markets
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities.
Level
2
–
Observable
inputs
other
than
unadjusted
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Assets
or
liabilities
categorized
as
Level
2
in
the
hierarchy
generally
include:
debt
securities
fair
valued
in
accordance
with
the
evaluated
bid
or
ask
prices
supplied
by
a
pricing
service;
securities
traded
on
OTC
markets
and
listed
securities
for
which
no
sales
are
reported
that
are
fair
valued
at
the
latest
bid
price
(or
yield
equivalent
thereof)
obtained
from
one
or
more
dealers
transacting
in
a
market
for
such
securities
or
by
a
pricing
service
approved
by
the
Fund’s
Trustees;
and
certain
short-term
debt
securities
with
maturities
of
60
days
or
less
that
are
fair
valued
at
amortized
cost.
Other
securities
that
may
be
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
Janus
Henderson
Income
ETF
20
to,
preferred
stocks,
bank
loans,
swaps,
investments
in
unregistered
investment
companies,
options,
and
forward
contracts.
Level
3
–
Unobservable
inputs
for
the
asset
or
liability
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Fund’s
own
assumptions
about
the
assumptions
that
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
that
would
be
based
on
the
best
information
available.
The
inputs
or
methodology
used
for
fair
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
summary
of
inputs
used
as
of
July
31,
2025 to
fair
value
the
Fund’s
investments
in
securities
and
other
financial
instruments
is
included
in
the
“Valuation
Inputs
Summary”
in
the
Notes
to
Schedule
of
Investments
and
Other
Information.
For
additional
information
on
the
Fund,
please
refer
to
the
Fund's
most
recent
semiannual
or
annual
financial
statements.
125-35-71292
09-25