Janus
Henderson
Net
Zero
Transition
Resources
ETF
Schedule
of
Investments
(unaudited)
July
31,
2022
1
Shares
Value
Common
Stocks
-
97.7%
Building
Products
-
2.7%
Johnson
Controls
International
plc
23,551
$
1,269,634
Chemicals
-
12.8%
Air
Products
and
Chemicals,
Inc.
6,448
1,600,587
Koninklijke
DSM
NV
2,589
411,556
Linde
plc
3,310
999,620
Mosaic
Co.
(The)
17,714
932,819
Nutrien
Ltd.
25,099
2,147,230
6,091,812
Commercial
Services
&
Supplies
-
1.4%
Aker
Carbon
Capture
ASA*
302,814
671,876
Containers
&
Packaging
-
5.8%
Ball
Corp.
14,621
1,073,474
Smurfit
Kappa
Group
plc
47,189
1,697,542
2,771,016
Electric
Utilities
-
2.4%
NextEra
Energy,
Inc.
13,761
1,162,667
Electrical
Equipment
-
7.8%
Ballard
Power
Systems,
Inc.*
60,754
487,417
Bloom
Energy
Corp.
-
Class
A*
24,726
500,207
ITM
Power
plc*
85,898
222,647
Nexans
SA
14,114
1,347,029
Vestas
Wind
Systems
A/S
44,081
1,144,246
3,701,546
Equity
Real
Estate
Investment
Trusts
(REITs)
-
2.5%
Weyerhaeuser
Co.
33,420
1,213,814
Food
Products
-
11.1%
Archer-Daniels-Midland
Co.
22,296
1,845,440
Costa
Group
Holdings
Ltd.
448,414
804,162
Darling
Ingredients,
Inc.*
13,290
920,731
Salmar
ASA
12,839
915,696
Synlait
Milk
Ltd.*
392,580
787,735
5,273,764
Machinery
-
1.3%
Deere
&
Co.
1,775
609,144
Metals
&
Mining
-
37.7%
Alcoa
Corp.
18,979
965,841
Allkem
Ltd.*
255,087
2,007,837
Anglo
American
plc
19,322
693,632
AVZ
Minerals
Ltd.*
,¢
472,878
247,481
Champion
Iron
Ltd.
370,987
1,242,599
Filo
Mining
Corp.*
43,238
610,093
Foran
Mining
Corp.*
303,558
535,405
Freeport-McMoRan,
Inc.
50,565
1,595,326
IGO
Ltd.
157,823
1,215,823
Ivanhoe
Mines
Ltd.
-
Class
A*
184,789
1,147,946
Lynas
Rare
Earths
Ltd.*
178,522
1,085,028
NGEx
Minerals
Ltd.*
171,184
256,506
Norsk
Hydro
ASA
145,798
981,186
Nucor
Corp.
9,714
1,319,161
Solaris
Resources,
Inc.*
107,350
604,045
SolGold
plc*
1,671,042
516,507
SSAB
AB
-
Class
A
121,039
580,195
Talon
Metals
Corp.*
1,113,267
495,229
Janus
Henderson
Net
Zero
Transition
Resources
ETF
Schedule
of
Investments
(unaudited)
July
31,
2022
2
Shares
Value
Common
Stocks
-
(continued)
Metals
&
Mining
-
(continued)
Wheaton
Precious
Metals
Corp.
53,818
$
1,845,957
17,945,797
Oil,
Gas
&
Consumable
Fuels
-
5.8%
Cameco
Corp.
41,785
1,075,483
NexGen
Energy
Ltd.*
387,946
1,689,420
2,764,903
Paper
&
Forest
Products
-
4.9%
Stora
Enso
OYJ
-
Class
R
57,506
883,058
UPM-Kymmene
OYJ
21,299
670,854
West
Fraser
Timber
Co.
Ltd.
8,512
796,429
2,350,341
Professional
Services
-
1.5%
Jacobs
Engineering
Group,
Inc.
5,173
710,253
Total
Common
Stocks
(cost
$49,330,945)
46,536,567
Investment
Companies
-
2.1%
Money
Market
Funds
-
2.1%
JPMorgan
Prime
Money
Market
Fund,
1.8160%
∞
(cost
$1,023,241)
1,022,690
1,023,303
Total
Investments
(total
cost
$50,354,186
)
-
99.8%
47,559,870
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
0.2%
76,161
Net
Assets
-
100.0%
$47,636,031
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
16,742,401
35.1
%
Canada
11,691,160
24.6
Australia
6,034,409
12.7
Norway
2,568,758
5.4
United
Kingdom
1,915,899
4.0
Ireland
1,697,542
3.6
Finland
1,553,912
3.3
France
1,347,029
2.8
Denmark
1,144,246
2.4
Malaysia
1,085,028
2.3
New
Zealand
787,735
1.7
Sweden
580,195
1.2
Netherlands
411,556
0.9
Total
$
47,559,870
100.0
%
Janus
Henderson
Net
Zero
Transition
Resources
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2022
3
plc
Public
Limited
Company
*
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,
2022
is
$247,481,
which
represents
0.5%
of
net
assets.
∞
Rate
shown
is
the
7-day
yield
as
of
July
31,
2022.
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,
2022
.
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
Assets
Investments
in
Securities:
Common
Stocks
Metals
&
Mining
$
17,698,316
$
—
$
247,481
All
Other
28,590,770
—
—
Investment
Companies
1,023,303
—
—
Total
Assets
$
47,312,389
$
—
$
247,481
4
Investment
Valuation
Securities
held
by
the
Fund
are
valued
in
accordance
with
policies
and
procedures
established
by
and
under
the
supervision
of
the
Trustees
(the
“Valuation
Procedures”).
Equity
securities,
including
shares
of
exchange-traded
funds,
traded
on
a
domestic
securities
exchange
are
generally
valued
at
the
closing
prices
on
the
primary
market
or
exchange
on
which
they
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.
Securities
that
are
traded
on
the
over-the-counter
(“OTC”)
markets
are
generally
valued
at
their
closing
or
latest
bid
prices
as
available.
Foreign
securities
and
currencies
are
converted
to
U.S.
dollars
using
the
applicable
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
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
are
deemed
unreliable,
are
valued
at
fair
value
determined
in
good
faith
under
the
Valuation
Procedures.
Circumstances
in
which
fair
value
pricing
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
nonvalued
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.
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
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.
5
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,
2022 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
shareholder
report.
125-35-70439
09-22