Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
1
Shares/
Principal
Amounts
Value
Asset-Backed
Securities
-
8
.6
%
Ally
Bank
Auto
Credit-Linked
Notes,
5.6810%,
5/17/32
(144A)
$
2,953,396
$
2,993,294
Ally
Bank
Auto
Credit-Linked
Notes,
5.8270%,
5/17/32
(144A)
2,953,396
2,982,921
Ally
Bank
Auto
Credit-Linked
Notes,
4.9700%,
9/15/32
(144A)
2,415,323
2,428,295
Bayview
Opportunity
Master
Fund
VII
LLC,
SOFR30A
+
1.1000%,
5.4500%,
12/26/31
(144A)
‡
3,859,019
3,864,804
Bayview
Opportunity
Master
Fund
VII
Trust,
5.6700%,
4/15/27
(144A)
184,552
184,637
Credabl
ABS
Trust,
30
Day
Australian
Bank
Bill
Rate
+
1.4500%,
5.2425%,
5/11/45
‡
AUD
13,821,206
8,941,482
Credabl
ABS
Trust,
30
Day
Australian
Bank
Bill
Rate
+
2.2000%,
5.9925%,
5/11/45
‡
AUD
2,060,000
1,334,465
DB
Master
Finance
LLC,
4.0300%,
11/20/47
(144A)
$
3,515,225
3,429,102
DB
Master
Finance
LLC,
2.0450%,
11/20/51
(144A)
5,143,450
4,930,465
DB
Master
Finance
LLC,
2.4930%,
11/20/51
(144A)
1,573,915
1,454,506
Domino's
Pizza
Master
Issuer
LLC,
2.6620%,
4/25/51
(144A)
6,900,860
6,398,438
Huntington
Bank
Auto
Credit-Linked
Notes,
6.1530%,
5/20/32
(144A)
9,393,808
9,503,581
Huntington
Bank
Auto
Credit-Linked
Notes,
5.4420%,
10/20/32
(144A)
10,925,388
10,979,994
Huntington
Bank
Auto
Credit-Linked
Notes,
4.9570%,
3/21/33
(144A)
9,106,025
9,095,403
Jersey
Mike's
Funding
LLC,
4.4330%,
2/15/50
(144A)
4,696,550
4,648,179
Liberty,
30
Day
Australian
Bank
Bill
Rate
+
1.2000%,
4.8975%,
5/25/32
‡
AUD
6,978,272
4,512,788
Metro
Finance
Trust,
30
Day
Australian
Bank
Bill
Rate
+
1.2500%,
5.0200%,
9/17/30
‡
AUD
11,581,474
7,492,468
NOW
Trust,
30
Day
Australian
Bank
Bill
Rate
+
1.4000%,
5.1850%,
6/14/32
‡
AUD
30,322,501
19,629,354
NOW
Trust,
30
Day
Australian
Bank
Bill
Rate
+
1.1500%,
4.9350%,
2/14/34
‡
AUD
25,226,466
16,275,139
Plenti
Auto
ABS,
30
Day
Australian
Bank
Bill
Rate
+
1.1000%,
4.8850%,
8/12/33
‡
AUD
3,673,696
2,370,472
Plenti
PL-Green
ABS
Trust,
30
Day
Australian
Bank
Bill
Rate
+
1.1800%,
4.9725%,
4/11/36
‡
AUD
17,905,092
11,545,758
Plenti
PL-Green
ABS
Trust,
30
Day
Australian
Bank
Bill
Rate
+
1.2000%,
4.9925%,
11/11/36
‡
AUD
10,595,345
6,836,610
Plenti
PL-Green
ABS
Trust,
30
Day
Australian
Bank
Bill
Rate
+
1.2000%,
4.9925%,
11/11/36
‡
AUD
9,055,850
5,843,257
RCKT
Trust,
4.9000%,
7/25/34
(144A)
$
11,423,000
11,422,735
RCKT
Trust,
4.9900%,
7/25/34
(144A)
5,000,000
4,995,779
Santander
Bank
Auto
Credit-Linked
Notes,
4.9110%,
1/18/33
(144A)
3,224,756
3,242,171
Santander
Bank
Auto
Credit-Linked
Notes,
4.9650%,
1/18/33
(144A)
6,500,000
6,497,581
Subway
Funding
LLC,
5.2460%,
7/30/54
(144A)
9,790,020
9,643,493
Subway
Funding
LLC,
6.0280%,
7/30/54
(144A)
11,542,775
11,668,128
Taco
Bell
Funding
LLC,
4.9700%,
5/25/46
(144A)
7,261,763
7,251,097
Taco
Bell
Funding
LLC,
4.9400%,
11/25/48
(144A)
23,251,403
23,167,111
Taco
Bell
Funding
LLC,
2.2940%,
8/25/51
(144A)
2,916,060
2,643,970
United
Airlines
Pass-Through
Trust,
5.8750%,
10/15/27
2,201,599
2,241,426
Total
Asset-Backed
Securities
(cost
$230,819,789)
230,448,903
Corporate
Bonds
-
74
.6
%
Basic
Materials
-
0
.7
%
Glencore
Funding
LLC,
4.9070%, 4/1/28
(144A)
18,904,000
19,077,241
Communications
-
1
.0
%
NTT
Finance
Corp.,
4.5670%, 7/16/27
(144A)
5,692,000
5,697,038
NTT
Finance
Corp.,
4.6200%, 7/16/28
(144A)
4,347,000
4,356,178
Walt
Disney
Co.
(The),
3.0570%, 3/30/27
CAD
22,920,000
16,542,088
26,595,304
Consumer,
Cyclical
-
8
.5
%
BMW
US
Capital
LLC,
5.3000%, 8/11/25
(144A)
$
6,250,000
6,251,369
Daimler
Truck
Finance
Canada,
Inc.,
2.4600%, 12/15/26
CAD
8,960,000
6,411,110
Daimler
Truck
Finance
North
America
LLC,
5.0000%, 1/15/27
(144A)
$
3,240,000
3,262,906
Daimler
Truck
Finance
North
America
LLC,
5.1250%, 9/25/27
(144A)
6,810,000
6,879,279
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
2
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Consumer,
Cyclical
-
(continued)
Delta
Air
Lines,
Inc.,
4.9500%, 7/10/28
$
7,346,000
$
7,378,587
Delta
Air
Lines,
Inc.,
4.7500%, 10/20/28
(144A)
16,327,000
16,337,030
General
Motors
Co.,
5.3500%, 4/15/28
6,498,000
6,603,492
General
Motors
Financial
Co.,
Inc.,
1.5500%, 9/2/25
AUD
1,590,000
1,021,623
General
Motors
Financial
Co.,
Inc.,
6.0500%, 10/10/25
$
1,250,000
1,252,810
General
Motors
Financial
Co.,
Inc.,
5.4000%, 4/6/26
3,230,000
3,245,102
General
Motors
Financial
Co.,
Inc.,
5.1500%, 8/15/26
GBP
4,690,000
6,217,327
General
Motors
Financial
Co.,
Inc.,
5.4000%, 5/8/27
$
7,000,000
7,091,284
General
Motors
Financial
Co.,
Inc.,
5.0000%, 7/15/27
2,866,000
2,881,177
General
Motors
Financial
Co.,
Inc.,
5.3500%, 7/15/27
9,000,000
9,110,826
Hasbro,
Inc.,
3.5500%, 11/19/26
5,972,000
5,891,154
Hyundai
Capital
America,
5.5000%, 3/30/26
(144A)
10,125,000
10,181,523
Hyundai
Capital
America,
5.6500%, 6/26/26
(144A)
7,645,000
7,712,761
Hyundai
Capital
America,
5.9500%, 9/21/26
(144A)
12,525,000
12,696,903
Hyundai
Capital
America,
4.8500%, 3/25/27
(144A)
5,000,000
5,015,654
Hyundai
Capital
America,
5.0000%, 1/7/28
(144A)
4,501,000
4,529,686
Marriott
International,
Inc.,
5.4500%, 9/15/26
16,885,000
17,039,604
McDonald's
Corp.,
3.4500%, 9/8/26
AUD
1,000,000
640,354
Mercedes-Benz
Finance
North
America
LLC,
5.2000%, 8/3/26
(144A)
$
12,100,000
12,173,068
Royal
Caribbean
Cruises
Ltd.,
5.5000%, 4/1/28
(144A)
13,050,000
13,196,656
Starbucks
Corp.,
4.5000%, 5/15/28
7,000,000
7,025,453
Volkswagen
Financial
Services
Australia
Pty.
Ltd.,
1.4000%, 8/25/25
AUD
13,370,000
8,594,071
Volkswagen
Financial
Services
Australia
Pty.
Ltd.,
4.9500%, 4/13/26
AUD
3,110,000
2,005,938
Volkswagen
Financial
Services
Australia
Pty.
Ltd.,
5.3000%, 2/9/27
AUD
1,670,000
1,083,530
Volkswagen
Group
of
America
Finance
LLC,
4.9000%, 8/14/26
(144A)
$
4,075,000
4,076,068
Volkswagen
Group
of
America
Finance
LLC,
5.7000%, 9/12/26
(144A)
14,575,000
14,707,123
Volkswagen
Group
of
America
Finance
LLC,
6.0000%, 11/16/26
(144A)
13,200,000
13,384,583
Volkswagen
Group
of
America
Finance
LLC,
5.0500%, 3/27/28
(144A)
3,580,000
3,597,971
227,496,022
Consumer,
Non-cyclical
-
6
.0
%
Amgen,
Inc.,
5.5070%, 3/2/26
20,025,000
20,025,065
Cargill,
Inc.,
4.8750%, 10/10/25
(144A)
7,375,000
7,376,381
CVS
Health
Corp.,
4.3000%, 3/25/28
8,975,000
8,915,005
Icon
Investments
Six
DAC,
5.8090%, 5/8/27
11,520,000
11,710,599
Illumina,
Inc.,
5.8000%, 12/12/25
22,875,000
22,915,987
Illumina,
Inc.,
4.6500%, 9/9/26
1,705,000
1,704,134
Illumina,
Inc.,
5.7500%, 12/13/27
5,630,000
5,754,589
Lonsdale
Finance
Pty.
Ltd.,
2.4500%, 11/20/26
AUD
29,300,000
18,457,325
Lonsdale
Finance
Pty.
Ltd.,
2.1000%, 10/15/27
AUD
3,800,000
2,334,550
Penske
Truck
Leasing
Canada,
Inc.,
5.4400%, 12/8/25
CAD
6,153,000
4,483,851
Smith
&
Nephew
plc,
5.1500%, 3/20/27
$
6,270,000
6,333,375
Solventum
Corp.,
5.4500%, 2/25/27
22,400,000
22,747,394
Solventum
Corp.,
5.4000%, 3/1/29
5,790,000
5,956,985
Universal
Health
Services,
Inc.,
1.6500%, 9/1/26
23,425,000
22,609,288
161,324,528
Energy
-
3
.5
%
Cheniere
Energy,
Inc.,
4.6250%, 10/15/28
8,814,000
8,766,871
Columbia
Pipelines
Holding
Co.
LLC,
6.0550%, 8/15/26
(144A)
11,486,000
11,607,936
Columbia
Pipelines
Holding
Co.
LLC,
6.0420%, 8/15/28
(144A)
7,050,000
7,327,351
DT
Midstream,
Inc.,
4.1250%, 6/15/29
(144A)
5,840,000
5,624,268
Enbridge,
Inc.,
5.9000%, 11/15/26
5,000,000
5,076,724
Enbridge,
Inc.,
3.2000%, 6/8/27
CAD
14,500,000
10,466,157
Energy
Transfer
LP,
6.0500%, 12/1/26
$
13,440,000
13,672,978
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
3
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Energy
-
(continued)
Energy
Transfer
LP,
4.9500%, 6/15/28
$
5,000,000
$
5,051,998
Energy
Transfer
LP,
6.0000%, 2/1/29
(144A)
5,000,000
5,067,318
ONEOK,
Inc.,
5.5500%, 11/1/26
6,600,000
6,669,261
Williams
Cos.,
Inc.
(The),
5.4000%, 3/2/26
15,050,000
15,119,143
94,450,005
Financial
-
42
.6
%
AerCap
Ireland
Capital
DAC,
6.1000%, 1/15/27
8,375,000
8,533,985
AerCap
Ireland
Capital
DAC,
6.4500%, 4/15/27
19,617,000
20,178,355
AerCap
Ireland
Capital
DAC,
3.6500%, 7/21/27
3,095,000
3,042,619
Air
Lease
Corp.,
5.3000%, 6/25/26
10,020,000
10,067,256
Air
Lease
Corp.,
5.4000%, 6/1/28
CAD
14,985,000
11,305,056
American
Express
Co.,
SOFR
+
1.3300%,
6.3380%, 10/30/26‡
$
4,000,000
4,015,793
American
Express
Co.,
SOFRINDX
+
0.7500%,
5.6450%, 4/23/27‡
5,375,000
5,414,401
American
Express
Co.,
SOFR
+
1.0000%,
5.0980%, 2/16/28‡
1,950,000
1,967,850
American
Express
Co.,
SOFR
+
1.2600%,
4.7310%, 4/25/29‡
12,750,000
12,861,671
American
Tower
Corp.,
3.5500%, 7/15/27
12,000,000
11,796,124
Aon
North
America,
Inc.,
5.1250%, 3/1/27
12,795,000
12,917,511
Arthur
J
Gallagher
&
Co.,
4.6000%, 12/15/27
14,940,000
14,991,221
Athene
Global
Funding,
5.6840%, 2/23/26
(144A)
9,660,000
9,717,163
Athene
Global
Funding,
5.6200%, 5/8/26
(144A)
11,500,000
11,595,122
Athene
Global
Funding,
4.9500%, 1/7/27
(144A)
11,000,000
11,050,737
Athene
Global
Funding,
4.7600%, 4/21/27
AUD
1,000,000
641,667
Athene
Global
Funding,
4.8300%, 5/9/28
(144A)
$
20,000,000
20,083,648
Atlas
Warehouse
Lending
Co.
LP,
6.0500%, 1/15/28
(144A)
25,655,000
25,945,936
Atlas
Warehouse
Lending
Co.
LP,
6.2500%, 1/15/30
(144A)
5,700,000
5,750,253
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.8300%,
4.4337%, 3/31/26‡
AUD
1,000,000
645,717
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.8500%,
5.5595%, 2/26/31‡
AUD
150,000
97,046
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.7000%,
5.9060%, 8/12/32‡
AUD
10,000,000
6,607,124
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.5200%,
5.5450%, 1/15/35‡
AUD
34,400,000
22,649,881
Aviation
Capital
Group
LLC,
1.9500%, 1/30/26
(144A)
$
13,168,000
12,983,592
Aviation
Capital
Group
LLC,
1.9500%, 9/20/26
(144A)
15,250,000
14,777,784
Banco
Santander
SA,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.6500%,
6.5270%, 11/7/27‡
9,600,000
9,816,086
Bank
Australia
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.6000%,
5.3095%, 11/24/25‡
AUD
8,150,000
5,258,345
Bank
Australia
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.7000%,
5.4325%, 2/21/28‡
AUD
38,220,000
24,848,613
Bank
of
America
Corp.,
SOFR
+
1.5800%,
4.3760%, 4/27/28‡
$
3,644,000
3,636,329
Bank
of
America
Corp.,
SOFR
+
1.9900%,
6.2040%, 11/10/28‡
12,356,000
12,823,287
Bank
of
America
Corp.,
SOFR
+
0.8300%,
4.9790%, 1/24/29‡
24,707,000
25,013,730
Bank
of
America
Corp.,
SOFR
+
1.1100%,
4.6230%, 5/9/29‡
9,500,000
9,539,989
Bank
of
New
York
Mellon
(The),
SOFR
+
1.1350%,
4.7290%, 4/20/29‡
14,180,000
14,329,618
Bank
of
New
Zealand,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.3000%,
5.6980%, 1/28/35
(144A)‡
6,035,000
6,155,433
Barclays
plc,
SOFR
+
0.9600%,
5.0860%, 2/25/29‡
8,066,000
8,156,910
Barclays
plc,
90
Day
Australian
Bank
Bill
Rate
+
2.0000%,
6.1580%, 5/28/35‡
AUD
2,230,000
1,484,631
Bendigo
&
Adelaide
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.2500%,
5.0490%, 5/15/26‡
AUD
13,600,000
8,803,294
Bendigo
&
Adelaide
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.4800%,
5.1968%, 10/14/31‡
AUD
800,000
515,847
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
4
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
Blackstone
Holdings
Finance
Co.
LLC,
5.9000%, 11/3/27
(144A)
$
12,525,000
$
12,879,380
Brown
&
Brown,
Inc.,
4.7000%, 6/23/28
3,036,000
3,045,232
Canadian
Imperial
Bank
of
Commerce,
CAONINDX
+
0.7800%,
4.9000%, 4/2/27‡
CAD
12,300,000
8,995,979
Capital
One
Financial
Corp.,
3.7500%, 7/28/26
$
17,744,000
17,578,863
Capital
One
Financial
Corp.,
SOFR
+
2.4400%,
7.1490%, 10/29/27‡
7,823,000
8,057,579
Capital
One
Financial
Corp.,
SOFR
+
2.6000%,
5.2470%, 7/26/30‡
5,353,000
5,456,827
Charter
Hall
LWR
Pty.
Ltd.,
2.0860%, 3/3/28
AUD
3,270,000
1,958,139
Citadel
Securities
Global
Holdings
LLC,
5.5000%, 6/18/30
(144A)
$
2,839,000
2,863,790
Citigroup,
Inc.,
SOFR
+
1.5460%,
5.6100%, 9/29/26‡
35,000,000
35,042,662
Commonwealth
Bank
of
Australia,
4.2000%, 8/18/25
AUD
600,000
386,318
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.8000%,
5.5152%, 9/10/30‡
AUD
12,500,000
8,055,771
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.3200%,
5.1143%, 8/20/31‡
AUD
16,600,000
10,722,966
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
2.7000%,
6.5096%, 11/9/32‡
AUD
10,000,000
6,650,777
Commonwealth
Bank
of
Australia,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.0500%,
3.6100%, 9/12/34‡
$
6,000,000
5,687,105
Computershare
US,
Inc.,
3.1470%, 11/30/27
AUD
1,070,000
665,290
Corebridge
Financial,
Inc.,
3.6500%, 4/5/27
$
9,833,000
9,687,188
Credit
Union
Australia
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.5800%,
5.2850%, 12/1/25‡
AUD
2,350,000
1,517,874
Danske
Bank
A/S,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.9500%,
5.4270%, 3/1/28
(144A)‡
$
13,400,000
13,583,724
DBS
Group
Holdings
Ltd.,
5.4790%, 9/12/25
(144A)
15,800,000
15,813,829
Goldman
Sachs
Bank
USA,
SOFR
+
0.7770%,
5.2830%, 3/18/27‡
33,575,000
33,697,161
Goldman
Sachs
Group,
Inc.
(The),
SOFR
+
1.3190%,
4.9370%, 4/23/28‡
17,010,000
17,112,406
Heritage
and
People's
Choice
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4000%,
6.1138%, 9/16/31‡
AUD
1,000,000
640,051
Insurance
Australia
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4500%,
6.1638%, 12/15/36‡
AUD
8,550,000
5,568,059
JPMorgan
Chase
&
Co.,
SOFR
+
0.9300%,
5.5710%, 4/22/28‡
$
15,500,000
15,774,339
JPMorgan
Chase
&
Co.,
SOFR
+
0.9300%,
4.9790%, 7/22/28‡
13,500,000
13,629,962
JPMorgan
Chase
&
Co.,
SOFR
+
0.8000%,
4.9150%, 1/24/29‡
7,459,000
7,540,132
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.5500%,
6.2595%, 5/25/26‡
AUD
19,100,000
12,403,048
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
3.8000%,
7.5138%, 3/16/28‡
AUD
5,010,000
3,395,069
Lloyds
Banking
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.4800%,
5.9850%, 8/7/27‡
$
3,600,000
3,646,124
Lloyds
Banking
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.8500%,
5.0870%, 11/26/28‡
1,260,000
1,273,687
Lloyds
Banking
Group
plc,
90
Day
Australian
Bank
Bill
Rate
+
1.6800%,
5.3875%, 3/6/30‡
AUD
5,240,000
3,402,417
Logicor
UK
plc,
1.8750%, 11/17/26
GBP
656,000
841,979
LPL
Holdings,
Inc.,
5.7000%, 5/20/27
$
16,965,000
17,242,962
LPL
Holdings,
Inc.,
4.6250%, 11/15/27
(144A)
23,156,000
23,017,704
LPL
Holdings,
Inc.,
4.9000%, 4/3/28
6,548,000
6,584,414
Lseg
US
Fin
Corp.,
4.8750%, 3/28/27
(144A)
7,725,000
7,773,859
Macquarie
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.5500%,
5.2619%, 6/17/31‡
AUD
6,980,000
4,506,117
Macquarie
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.9500%,
5.6550%, 3/1/34‡
AUD
12,190,000
7,959,902
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
5
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
Macquarie
Group
Ltd.,
SOFR
+
0.9100%,
1.6290%, 9/23/27
(144A)‡
$
2,100,000
$
2,028,623
Marex
Group
plc,
5.8290%, 5/8/28
10,031,000
10,135,892
Marsh
&
McLennan
Cos.,
Inc.,
4.5500%, 11/8/27
15,100,000
15,188,441
Morgan
Stanley,
SOFR
+
1.7700%,
6.1380%, 10/16/26‡
16,250,000
16,292,718
Morgan
Stanley
Bank
NA,
SOFR
+
1.0800%,
4.9520%, 1/14/28‡
43,610,000
43,863,637
Morgan
Stanley
Private
Bank
NA,
SOFR
+
0.7700%,
4.4660%, 7/6/28‡
12,047,000
12,034,160
MSD
Investment
Corp.,
6.2500%, 5/31/30
(144A)
5,250,000
5,247,373
National
Australia
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.7000%,
5.5076%, 11/18/30‡
AUD
24,275,000
15,669,470
Nationwide
Building
Society,
4.0000%, 9/14/26
(144A)
$
19,530,000
19,351,338
Nationwide
Building
Society,
SOFR
+
1.0600%,
4.6490%, 7/14/29
(144A)‡
12,049,000
12,052,721
NatWest
Group
plc,
BPSW1
+
1.4900%,
2.8750%, 9/19/26‡
GBP
3,690,000
4,870,164
NatWest
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.8500%,
7.4720%, 11/10/26‡
$
13,942,000
14,041,239
Newcastle
Greater
Mutual
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.8500%,
5.6438%, 2/14/29‡
AUD
20,400,000
13,415,488
Permanent
TSB
Group
Holdings
plc,
EURIBOR
ICE
Swap
Rate
1
Year
+
3.5000%,
6.6250%, 6/30/29‡
EUR
10,100,000
12,749,313
PNC
Bank
NA,
5.9000%, 4/1/26
$
2,750,000
2,763,567
Santander
UK
Group
Holdings
plc,
SOFR
+
2.7490%,
6.8330%, 11/21/26‡
14,190,000
14,272,645
Societe
Generale
SA,
5.2500%, 2/19/27
(144A)
17,440,000
17,570,528
Suncorp
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.3000%,
6.0050%, 6/1/37‡
AUD
17,200,000
11,225,937
Suncorp
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.6500%,
6.3550%, 12/1/38‡
AUD
4,500,000
2,978,479
Teachers
Mutual
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.3000%,
4.9639%, 6/21/27‡
AUD
16,140,000
10,478,614
Trinity
Acquisition
plc,
4.4000%, 3/15/26
$
17,097,000
17,069,855
UBS
Group
AG,
4.2530%, 3/23/28
(144A)
15,000,000
14,881,472
VER
Finco
Pty.
Ltd.,
2.4000%, 9/21/28
AUD
2,230,000
1,339,416
VICI
Properties
LP,
5.7500%, 2/1/27
(144A)
$
12,699,000
12,834,186
VICI
Properties
LP,
3.7500%, 2/15/27
(144A)
8,000,000
7,862,112
VICI
Properties
LP,
4.7500%, 4/1/28
4,638,000
4,664,231
Vicinity
Centres
Trust,
4.0000%, 4/26/27
AUD
150,000
96,422
Wells
Fargo
&
Co.,
SOFR
+
0.7800%,
4.9000%, 1/24/28‡
$
14,586,000
14,662,058
Wells
Fargo
&
Co.,
SOFR
+
1.0700%,
5.7070%, 4/22/28‡
7,870,000
8,023,480
Wells
Fargo
&
Co.,
SOFR
+
1.3700%,
4.9700%, 4/23/29‡
12,639,000
12,787,301
Westpac
Banking
Corp.,
4.6000%, 2/16/26
AUD
3,100,000
2,003,100
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
0.7500%,
4.5503%, 8/10/26‡
AUD
1,400,000
904,365
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.2300%,
5.0303%, 11/11/27‡
AUD
3,300,000
2,153,771
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.5500%,
5.2559%, 1/29/31‡
AUD
11,800,000
7,618,855
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.8800%,
5.4630%, 4/3/34‡
AUD
9,500,000
6,232,178
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.6700%,
5.4108%, 7/10/34‡
AUD
14,300,000
9,321,959
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.6700%,
5.9720%, 7/10/34‡
AUD
6,500,000
4,357,239
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.5200%,
5.3510%, 2/12/35‡
AUD
12,300,000
8,044,877
Willis
North
America,
Inc.,
4.6500%, 6/15/27
$
4,599,000
4,621,109
1,140,386,642
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
6
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Industrial
-
5
.2
%
Amrize
Finance
US
LLC,
4.6000%, 4/7/27
(144A)
$
10,232,000
$
10,234,746
Amrize
Finance
US
LLC,
4.7000%, 4/7/28
(144A)
14,284,000
14,353,286
BAE
Systems
plc,
5.0000%, 3/26/27
(144A)
13,915,000
14,031,911
Boeing
Co.
(The),
2.1960%, 2/4/26
11,600,000
11,446,113
Boeing
Co.
(The),
6.2590%, 5/1/27
16,850,000
17,280,250
CNH
Industrial
Capital
Australia
Pty.
Ltd.,
5.8000%, 7/13/26
AUD
29,790,000
19,443,829
CNH
Industrial
Capital
Australia
Pty.
Ltd.,
5.4000%, 5/17/27
AUD
17,600,000
11,522,247
Fortive
Corp.,
3.1500%, 6/15/26
$
6,500,000
6,410,282
Molex
Electronic
Technologies
LLC,
4.7500%, 4/30/28
(144A)
25,440,000
25,463,265
Penske
Truck
Leasing
Co.
LP,
5.3500%, 1/12/27
(144A)
7,900,000
7,966,094
Rolls-Royce
plc,
5.7500%, 10/15/27
(144A)
958,000
979,616
139,131,639
Technology
-
2
.9
%
Booz
Allen
Hamilton,
Inc.,
3.8750%, 9/1/28
(144A)
19,647,000
19,042,489
Broadcom,
Inc.,
5.0500%, 7/12/27
21,525,000
21,781,117
Broadcom,
Inc.,
4.8000%, 4/15/28
8,040,000
8,131,561
Fiserv,
Inc.,
5.1500%, 3/15/27
11,838,000
11,952,472
Gartner,
Inc.,
3.6250%, 6/15/29
(144A)
5,844,000
5,542,493
SK
Hynix,
Inc.,
5.5000%, 1/16/27
(144A)
10,045,000
10,170,562
76,620,694
Utilities
-
4
.2
%
Algonquin
Power
&
Utilities
Corp.,
5.3650%, 6/15/26Ç
10,157,000
10,210,848
DTE
Energy
Co.,
4.9500%, 7/1/27
9,300,000
9,384,046
Duke
Energy
Corp.,
4.8500%, 1/5/27
12,800,000
12,881,972
Duke
Energy
Corp.,
3.1500%, 8/15/27
13,250,000
12,934,776
ElectraNet
Pty.
Ltd.,
2.4737%, 12/15/28
AUD
1,930,000
1,164,991
Georgia
Power
Co.,
5.0040%, 2/23/27
$
6,520,000
6,586,320
Georgia
Power
Co.,
3.2500%, 3/30/27
5,866,000
5,769,757
Network
Finance
Co.
Pty.
Ltd.,
2.2500%, 11/11/26
AUD
570,000
357,801
NRG
Energy,
Inc.,
2.0000%, 12/2/25
(144A)
$
5,600,000
5,536,649
NRG
Energy,
Inc.,
2.4500%, 12/2/27
(144A)
17,683,000
16,755,359
Vistra
Operations
Co.
LLC,
5.0500%, 12/30/26
(144A)
6,305,000
6,315,920
Vistra
Operations
Co.
LLC,
3.7000%, 1/30/27
(144A)
17,538,000
17,293,704
Xcel
Energy,
Inc.,
4.7500%, 3/21/28
6,808,000
6,848,862
112,041,005
Total
Corporate
Bonds
(cost
1,988,300,332)
1,997,123,080
Foreign
Government
Bonds
-
1
.8
%
Kiwibank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.7000%,
4.3639%, 9/23/25
‡
AUD
17,230,000
11,097,751
Korea
Electric
Power
Corp.,
4.8750%, 1/31/27
(144A)
$
23,450,000
23,568,972
Korea
National
Oil
Corp.,
4.6250%, 3/31/28
(144A)
15,000,000
15,026,700
Total
Foreign
Government
Bonds
(cost
50,699,054
)
49,693,423
Mortgage-Backed
Securities
-
7
.3
%
BPR
Trust
,
5.3580
%
,
11/5/41
(144A)
‡
6,795,181
6,853,826
BX
Commercial
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
1.6912%
,
6.0332
%
,
8/15/39
(144A)
‡
5,242,693
5,252,707
BX
Trust
,
CME
Term
SOFR
1
Month
+
1.1438%
,
5.4858
%
,
3/15/30
(144A)
‡
20,940,330
20,882,217
Connecticut
Avenue
Securities
Trust
SOFR30A
+
1.5500%,
5.9000%, 10/25/41
(144A)
‡
5,978,607
5,997,257
SOFR30A
+
1.7000%,
6.0500%, 7/25/43
(144A)
‡
1,791,229
1,801,169
SOFR30A
+
1.0500%,
5.4000%, 1/25/44
(144A)
‡
8,848,314
8,844,617
SOFR30A
+
1.1000%,
5.4500%, 2/25/44
(144A)
‡
2,371,409
2,371,757
SOFR30A
+
1.0000%,
5.3500%, 7/25/44
(144A)
‡
1,224,130
1,223,559
SOFR30A
+
1.6000%,
5.9500%, 9/25/44
(144A)
‡
10,673,000
10,716,996
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
7
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
Connecticut
Avenue
Securities
Trust
-
(continued)
SOFR30A
+
1.1000%,
5.4497%, 1/25/45
(144A)
‡
$
3,571,791
$
3,576,710
SOFR30A
+
1.5000%,
5.8497%, 1/25/45
(144A)
‡
6,205,000
6,209,254
SOFR30A
+
1.1500%,
5.4997%, 2/25/45
(144A)
‡
2,881,053
2,881,690
SOFR30A
+
1.6000%,
5.9500%, 3/25/45
(144A)
‡
7,825,395
7,862,077
SOFR30A
+
1.2000%,
5.5500%, 5/25/45
(144A)
‡
3,064,798
3,066,943
SOFR30A
+
1.2000%,
5.5193%, 7/25/45
(144A)
‡
7,641,000
7,643,340
FHLMC
STACR
REMIC
Trust
SOFR30A
+
1.5000%,
5.8500%, 10/25/41
(144A)
‡
15,171,691
15,240,242
SOFR30A
+
2.3000%,
6.6500%, 8/25/42
(144A)
‡
3,183,991
3,242,199
SOFR30A
+
2.0000%,
6.3500%, 5/25/43
(144A)
‡
1,317,386
1,330,809
SOFR30A
+
2.0000%,
6.3500%, 6/25/43
(144A)
‡
3,364,012
3,381,633
SOFR30A
+
1.8500%,
6.2000%, 11/25/43
(144A)
‡
1,625,993
1,638,374
SOFR30A
+
1.3500%,
5.7000%, 2/25/44
(144A)
‡
3,405,079
3,413,754
SOFR30A
+
1.2500%,
5.6000%, 3/25/44
(144A)
‡
9,780,485
9,801,535
30-day
SOFR
Average
+
1.2000%,
5.5500%, 5/25/44
(144A)
‡
2,815,003
2,817,914
SOFR30A
+
1.2000%,
5.5500%, 8/25/44
(144A)
‡
7,383,880
7,387,148
SOFR30A
+
1.0000%,
5.3500%, 10/25/44
(144A)
‡
827,443
827,184
SOFR30A
+
1.4500%,
5.8000%, 10/25/44
(144A)
‡
4,050,000
4,057,752
SOFR30A
+
1.0500%,
5.4000%, 1/25/45
(144A)
‡
7,381,975
7,390,448
SOFR30A
+
1.1500%,
5.5000%, 2/25/45
(144A)
‡
9,415,657
9,418,958
SOFR30A
+
1.2000%,
5.5500%, 5/25/45
(144A)
‡
11,025,627
11,039,657
NRTH
Mortgage
Trust
,
CME
Term
SOFR
1
Month
+
1.6413%
,
5.9832
%
,
3/15/39
(144A)
‡
11,400,000
11,399,925
Resimac
Bastille
Trust
,
30
Day
Australian
Bank
Bill
Rate
+
1.3500%
,
5.1350
%
,
9/13/55
‡
AUD
11,700,584
7,573,757
Total
Mortgage-Backed
Securities
(cost
$194,783,819)
195,145,408
Investment
Companies
-
0
.1
%
Money
Market
Funds
-
0
.1
%
Federated
Hermes
Government
Obligations
Tax-Managed
Fund,
Institutional
Class,
4.1400%
∞
(cost
$2,441,437)
2,441,437
2,441,437
Commercial
Paper
-
9
.5
%
AutoNation,
Inc.,
4.7506%, 8/1/25
(Section
4(2))
$
60,950,000
60,941,534
AutoNation,
Inc.,
4.7519%, 8/4/25
(Section
4(2))
61,400,000
61,365,849
Global
Payments,
Inc.,
4.8807%, 8/1/25
(Section
4(2))
73,000,000
72,990,065
Jabil,
Inc.,
4.8006%, 8/1/25
(Section
4(2))
41,150,000
41,144,153
Targa
Resources
Corp.,
4.5106%, 8/1/25
(Section
4(2))
5,350,000
5,349,277
Targa
Resources
Corp.,
4.5117%, 8/4/25
(Section
4(2))
13,550,000
13,544,907
Total
Commercial
Paper
(cost
$255,370,604)
255,335,785
OTC
Purchased
Call
Credit
Default
Swaptions
-
Buy
Protection
-
0.0
%
Counterparty/Reference
Asset
Citigroup,
Inc
CDX.NA.IG.44-V1,
Credit
Default
Swap,
Maturing
6/20/2030,
Fixed
Rate
1.00%,  Payment
frequency:
Quarterly,
Notional
amount
$520,000,000,
Premiums
paid
$1,050,400,
Unrealized
depreciation
$(611,293),
Exercise
price
$0.65,
Expires
10/15/25*
520,000,000
439,106
Total
OTC
Purchased
Call
Credit
Default
Swaptions
-
Buy
Protection
(premiums
paid
$
1,050,400
,
unrealized
depreciation
$
(
611,293
)
)
439,106
Total
Investments
(total
cost
$
2,723,465,435
)
-
101
.9
%
2,730,627,142
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(1.9%)
(52,155,409)
Net
Assets
-
100.0%
$2,678,471,733
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
8
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
1,863,170,380
68
.2
%
Australia
413,808,219
15
.1
United
Kingdom
139,718,363
5
.1
Germany
64,332,367
2
.4
Ireland
56,214,871
2
.1
South
Korea
48,766,234
1
.8
Canada
45,644,669
1
.7
France
17,570,528
0
.6
New
Zealand
17,253,184
0
.6
Singapore
15,813,829
0
.6
Switzerland
14,881,472
0
.5
Denmark
13,583,724
0
.5
Japan
10,053,216
0
.4
Spain
9,816,086
0
.4
Total
$2,730,627,142
100
.0
%
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
Australian
Dollar
10/10/25
323,284,000
$
(
210,883,972
)
$
2,461,700
Canadian
Dollar
10/10/25
12,650,000
(
9,161,221
)
(
19,210
)
2,442,490
HSBC
Bank
USA,
N.A.
Australian
Dollar
10/10/25
323,064,500
(
210,783,433
)
2,502,673
New
Zealand
Dollar
10/10/25
2,180,000
(
1,308,286
)
18,106
2,520,779
J.P.
Morgan
Chase
Bank
Great
British
Pound
10/10/25
11,241,000
(
15,236,389
)
350,641
–
Morgan
Stanley
&
Co.
Euro
10/10/25
12,260,000
(
14,423,657
)
326,655
–
State
Street
Bank
and
Trust
Company
Canadian
Dollar
10/10/25
70,172,000
(
51,513,917
)
588,290
–
Total
$6,228,855
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
9
Schedule
of
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
Futures
Long:
Australia
3
Year
Bond
716
9/15/25
$
49,470,403
$
39,363
Euro-Schatz
940
9/8/25
115,172,633
(
399,392
)
Total
-
Futures
Long
(360,029)
Futures
Short:
Canada
2
Year
Bond
627
9/18/25
(47,768,189)
31,127
U.S.
Treasury
2
Year
Notes
2,689
9/30/25
(556,580,987)
1,002,841
U.S.
Treasury
5
Year
Notes
365
9/30/25
(39,482,734)
(137,331)
Total
-
Futures
Short
896,637
Total
$536,608
Schedule
of
Centrally
Cleared
Credit
Default
Swaps
-
Buy
Protection
Referenced
Asset
Maturity
Date
Notional
Amount
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Value
CDX.NA.IG.44-V1,
Fixed
Rate
of
1.00%
Paid
Quarterly
6/20/30
$
54,400,000
$
(
675,186
)
$
(
570,317
)
$
(
1,245,503
)
Schedule
of
Centrally
Cleared
Interest
Rate
Swaps
Payments
made
by
F
und
Payments
received
by
Fund
Payment
Frequency
Maturity
Date
Notional
Amount
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Value
3
Month
BBR
5.1200%
Fixed
Quarterly
4/22/26
82,265,000
NZD
$
–
$
1,338,527
$
1,338,527
3
Month
BBR
3.4500%
Fixed
Quarterly
2/17/27
106,550,000
NZD
–
868,227
868,227
3
Month
BBR
3.5600%
Fixed
Quarterly
10/21/26
75,370,000
NZD
–
649,258
649,258
3
Month
BBR
5.5100%
Fixed
Quarterly
8/16/25
31,965,000
NZD
–
356,192
356,192
Total
$–
$3,212,204
$3,212,204
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
July
31,
2025
10
Schedule
of
OTC
Written
Credit
Default
Swaptions
Counterparty/
Reference
Asset
Description
Exercise
Price
Expiration
Date
Notional
Amount
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Swaptions
Written,
at
Value
Written
Put
Swaptions
-
Sell
Protection:
Citigroup,
Inc
CDX.NA.IG.44-V1
Credit
Default
Swap,
S&P
Credit
Rating:
NR,
Maturing
6/20/2030,
Fixed
Rate
1.00%,
Payment
frequency:
Quarterly
0.75
USD
10/15/25
$260,000,000
$(478,400)
$344,316
$(134,084)
Average
Ending
Monthly
Value
of
Derivative
Instruments
During
the
Period
Ended
July
31,
2025
Futures
contracts:
Average
notional
amount
of
contracts
-
long
$494,462,520
Average
notional
amount
of
contracts
-
short
975,413,943
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
-
in
USD
13,657,843
Average
amounts
sold
-
in
USD
518,894,304
Credit
default
swaps:
Average
notional
amount
-
buy
protection
72,983,333
Interest
rate
swaps:
Average
notional
amount
-
pay
fixed
rate/receive
floating
rate
4,719,110
Average
notional
amount
-
pay
floating
rate/receive
fixed
rate
233,690,216
Swaptions:
Average
value
of
swaption
contracts
purchased
119,259
Average
value
of
swaption
contracts
written
38,092
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2025
11
AUD
Australian
Dollar
CAD
Canadian
Dollar
CME
Chicago
Mercantile
Exchange
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GBP
British
Pound
ICE
Intercontinental
Exchange
LLC
Limited
Liability
Company
LP
Limited
Partnership
NZD
New
Zealand
Dollar
plc
Public
Limited
Company
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
*
Non-income
producing
security.
∞
Rate
shown
is
the
7-day
yield
as
of
July
31,
2025.
Ç
Step
bond.
The
coupon
rate
will
increase
or
decrease
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
reflects
the
current
rate.
Section
4(2)
Securities
subject
to
legal
and/or
contractual
restrictions
on
resale
and
may
not
be
publicly
sold
without
registration
under
the
Securities
Act
of
1933,
as
amended.
The
total
value
of
Section
4(2)
securities
as
of
the
period
ended
July
31,
2025
is
$257,777,222
which
represents
9.6%
of
net
assets.
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
$1,009,235,699
which
represents
37.7%
of
net
assets.
‡
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.
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2025
12
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
$
—
$
230,448,903
$
—
$
230,448,903
Corporate
Bonds
—
1,997,123,080
—
1,997,123,080
Foreign
Government
Bonds
—
49,693,423
—
49,693,423
Mortgage-Backed
Securities
—
195,145,408
—
195,145,408
Investment
Companies
2,441,437
—
—
2,441,437
Commercial
Paper
—
255,335,785
—
255,335,785
OTC
Purchased
Call
Credit
Default
Swaptions
-
Buy
Protection
—
439,106
—
439,106
Total
Investments
in
Securities
$
2,441,437
$
2,728,185,705
$
—
$
2,730,627,142
Other
Financial
Instruments
(a)
:
Centrally
Cleared
Swaps
$
—
$
3,212,204
$
—
$
3,212,204
Forward
Foreign
Currency
Exchange
Contracts
—
6,248,065
—
6,248,065
Futures
Contracts
1,073,331
—
—
1,073,331
Total
Other
Financial
Instruments
$
1,073,331
$
9,460,269
$
—
$
10,533,600
Total
Assets
$
3,514,768
$
2,737,645,974
$
—
$
2,741,160,742
Liabilities
Other
Financial
Instruments
(a)
:
Centrally
Cleared
Swaps
$
—
$
570,317
$
—
$
570,317
Forward
Foreign
Currency
Exchange
Contracts
—
19,210
—
19,210
Futures
Contracts
536,723
—
—
536,723
Swaptions
Written,
at
Value
—
134,084
—
134,084
Total
Liabilities
$
536,723
$
723,611
$
—
$
1,260,334
(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
Short
Duration
Income
ETF
13
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
Short
Duration
Income
ETF
14
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.
125-35-70333
09-25