Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
1
Shares/
Principal
Amounts
Value
Asset-Backed
Securities
-
13.9%
ACM
Auto
Trust,
3.2300%,
4/20/29
(144A)
$
20,230
$
20,196
Affirm
Asset
Securitization
Trust,
3.4600%,
10/15/24
(144A)
89,108
88,349
Aligned
Data
Centers
Issuer
LLC,
1.9370%,
8/15/46
(144A)
500,000
442,522
Aqua
Finance
Trust,
1.5400%,
7/17/46
(144A)
219,041
201,545
Carvana
Auto
Receivables
Trust,
0.8200%,
4/10/25
19,240
19,016
CF
Hippolyta
Issuer
LLC,
1.9800%,
3/15/61
(144A)
549,422
455,038
FREED
ABS
Trust,
1.0100%,
11/20/28
(144A)
103,261
102,424
FREED
ABS
Trust,
3.0300%,
5/18/29
(144A)
51,388
51,130
GoodLeap
Sustainable
Home
Solutions
Trust,
2.1000%,
5/20/48
(144A)
833,912
666,164
GoodLeap
Sustainable
Home
Solutions
Trust,
2.3100%,
10/20/48
(144A)
214,686
175,063
Jersey
Mike's
Funding,
4.4330%,
2/15/50
(144A)
124,063
118,507
JPMorgan
Chase
Bank
NA-CACLN,
0.8600%,
2/26/29
(144A)
237,260
224,871
Lendbuzz
Securitization
Trust,
4.2200%,
5/17/27
(144A)
71,558
69,046
Lendingpoint
Asset
Securitization
Trust,
1.1100%,
2/15/29
(144A)
13,762
13,695
Lendingpoint
Asset
Securitization
Trust,
1.6800%,
6/15/29
(144A)
56,394
55,917
LL
ABS
Trust,
3.7600%,
11/15/29
(144A)
109,640
107,286
Mosaic
Solar
Loan
Trust,
1.4400%,
6/20/52
(144A)
400,665
330,674
Mosaic
Solar
Loan
Trust,
1.9200%,
6/20/52
(144A)
400,665
317,411
Oasis
Securitization
Funding
LLC,
2.1430%,
10/15/33
(144A)
103,388
101,077
PACEWell
5
Trust,
2.6280%,
10/10/59
(144A)
246,429
204,143
Pagaya
AI
Debt
Trust,
2.0300%,
10/15/29
(144A)
66,940
64,719
Sunrun
Demeter
Issuer
LLC,
2.2700%,
1/30/57
(144A)
234,732
192,989
Tesla
Auto
Lease
Trust,
0.3600%,
9/22/25
(144A)
828,958
813,254
Tricolor
Auto
Securitization
Trust,
3.3000%,
2/18/25
(144A)
93,983
93,210
Upstart
Securitization
Trust,
0.8400%,
9/20/31
(144A)
149,760
146,258
Total
Asset-Backed
Securities
(cost
$5,636,683)
5,074,504
Corporate
Bonds
-
17.1%
Basic
Materials
-
0.7%
RPM
International,
Inc.,
2.9500%, 1/15/32
314,000
258,646
Communications
-
0.2%
FactSet
Research
Systems,
Inc.,
2.9000%, 3/1/27
60,000
56,031
Consumer,
Cyclical
-
1.1%
Hasbro,
Inc.,
3.9000%, 11/19/29
178,000
162,707
Hasbro,
Inc.,
5.1000%, 5/15/44
128,000
114,188
Marriott
International,
Inc.,
4.0000%, 4/15/28
50,000
48,023
Marriott
International,
Inc.,
3.5000%, 10/15/32
85,000
75,102
400,020
Consumer,
Non-cyclical
-
2.9%
AbbVie,
Inc.,
3.2000%, 11/21/29
59,000
54,860
Coca-Cola
Femsa
SAB
de
CV,
1.8500%, 9/1/32
150,000
119,051
CSL
Finance
plc,
4.2500%, 4/27/32
(144A)
89,000
86,858
HCA,
Inc.,
4.1250%, 6/15/29
80,000
76,042
HCA,
Inc.,
3.5000%, 9/1/30
264,000
236,631
Humana,
Inc.,
3.1250%, 8/15/29
51,000
46,008
Illumina,
Inc.,
2.5500%, 3/23/31
87,000
72,113
JBS
USA
LUX
SA,
3.0000%, 5/15/32
(144A)
113,000
89,589
S&P
Global,
Inc.,
2.7000%, 3/1/29
(144A)
82,000
74,322
S&P
Global,
Inc.,
3.7000%, 3/1/52
(144A)
60,000
50,622
UnitedHealth
Group,
Inc.,
3.7000%, 5/15/27
88,000
86,533
UnitedHealth
Group,
Inc.,
4.2000%, 5/15/32
88,000
86,746
1,079,375
Financial
-
9.5%
Alexandria
Real
Estate
Equities,
Inc.,
2.0000%, 5/18/32
146,000
116,408
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
2
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
American
Express
Co.,
5.8500%, 11/5/27
$
259,000
$
273,942
American
Express
Co.,
4.0500%, 5/3/29
225,000
219,758
Bank
of
America
Corp.,
5.2000%, 6/1/23
μ
185,000
183,182
Bank
of
America
Corp.,
SOFR
+
1.2200%,
2.2990%, 7/21/32
‡
164,000
133,499
Bank
of
America
Corp.,
SOFR
+
1.2100%,
2.5720%, 10/20/32
‡
80,000
66,148
Bank
of
America
Corp.,
SOFR
+
1.3300%,
2.9720%, 2/4/33
‡
250,000
213,195
Boston
Properties
LP,
4.5000%, 12/1/28
168,000
161,395
Boston
Properties
LP,
2.5500%, 4/1/32
163,000
128,662
Citigroup,
Inc.,
SOFR
+
1.3510%,
3.0570%, 1/25/33
‡
139,000
119,072
Equinix,
Inc.,
1.5500%, 3/15/28
122,000
103,924
Equinix,
Inc.,
2.5000%, 5/15/31
108,000
90,251
JPMorgan
Chase
&
Co.,
SOFR
+
3.1250%,
4.6000%, 2/1/25
‡,μ
114,000
107,160
JPMorgan
Chase
&
Co.,
SOFR
+
2.5150%,
2.9560%, 5/13/31
‡
171,000
148,351
JPMorgan
Chase
&
Co.,
SOFR
+
1.2600%,
2.9630%, 1/25/33
‡
192,000
164,586
Lloyds
Banking
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.8500%,
1.6270%, 5/11/27
‡
201,000
178,623
Morgan
Stanley,
3.9500%, 4/23/27
145,000
140,164
Morgan
Stanley,
SOFR
+
1.7300%,
5.1230%, 2/1/29
‡
45,000
45,501
Morgan
Stanley,
SOFR
+
1.2900%,
2.9430%, 1/21/33
‡
214,000
182,761
Morgan
Stanley,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.4300%,
5.9480%, 1/19/38
‡
26,000
26,570
NatWest
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.3500%,
3.0320%, 11/28/35
‡
239,000
190,048
PNC
Financial
Services
Group,
Inc.
(The),
SOFRINDX
+
2.1400%,
6.0370%, 10/28/33
‡
127,000
137,260
PNC
Financial
Services
Group,
Inc.
(The),
SOFR
+
1.9330%,
5.0680%, 1/24/34
‡
103,000
103,896
Sun
Communities
Operating
LP,
2.7000%, 7/15/31
94,000
77,388
Sun
Communities
Operating
LP,
5.7000%, 1/15/33
107,000
108,887
Truist
Financial
Corp.,
SOFR
+
1.4350%,
4.8730%, 1/26/29
‡
36,000
36,203
Truist
Financial
Corp.,
SOFR
+
1.8520%,
5.1220%, 1/26/34
‡
34,000
34,456
3,491,290
Industrial
-
0.6%
Regal
Rexnord
Corp.,
6.3000%, 2/15/30
(144A)
33,000
33,649
Regal
Rexnord
Corp.,
6.4000%, 4/15/33
(144A)
22,000
22,557
Trimble,
Inc.,
4.9000%, 6/15/28
117,000
115,434
Xylem,
Inc.,
4.3750%, 11/1/46
50,000
43,634
215,274
Technology
-
1.2%
Broadcom
Corp.,
3.8750%, 1/15/27
86,000
82,865
Micron
Technology,
Inc.,
5.3270%, 2/6/29
70,000
70,370
Oracle
Corp.,
3.9500%, 3/25/51
64,000
49,744
SK
Hynix,
Inc.,
6.3750%, 1/17/28
(144A)
200,000
203,039
VMware,
Inc.,
4.7000%, 5/15/30
46,000
44,598
450,616
Utilities
-
0.9%
AES
Corp.
(The),
2.4500%, 1/15/31
80,000
66,141
Southern
California
Edison
Co.,
5.8500%, 11/1/27
52,000
54,736
Southern
California
Edison
Co.,
5.9500%, 11/1/32
120,000
130,621
Xcel
Energy,
Inc.,
4.6000%, 6/1/32
74,000
73,269
324,767
Total
Corporate
Bonds
(cost
$7,042,531)
6,276,019
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
3
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
58.0%
Ajax
Mortgage
Loan
Trust
2.2500%, 6/25/60
(144A)
Ç
$
75,979
$
72,765
2.2500%, 9/27/60
(144A)
Ç
18,036
17,485
Angel
Oak
Mortgage
Trust
,
3.8600
%
,
1/26/65
(144A)
‡
24,479
23,105
Angel
Oak
Mortgage
Trust
I
LLC
,
3.6490
%
,
9/25/48
(144A)
‡
304
304
BX
Commercial
Mortgage
Trust
ICE
LIBOR
USD
1
Month
+
0.7000%,
5.1590%, 9/15/36
(144A)
‡
1,000,000
975,447
ICE
LIBOR
USD
1
Month
+
1.6500%,
6.1090%, 9/15/36
(144A)
‡
250,000
239,668
CALI
Mortgage
Trust
,
3.9570
%
,
3/10/39
(144A)
250,000
222,393
COLT
Mortgage
Loan
Trust
,
1.8530
%
,
3/25/65
(144A)
‡
3,561
3,503
Connecticut
Avenue
Securities
Trust
ICE
LIBOR
USD
1
Month
+
4.1500%,
8.6559%, 8/25/31
(144A)
‡
500,000
501,265
SOFR30A
+
1.0000%,
5.3101%, 12/25/41
(144A)
‡
412,825
408,026
SOFR30A
+
1.2000%,
5.5101%, 1/25/42
(144A)
‡
464,244
459,249
SOFR30A
+
2.0000%,
6.3101%, 3/25/42
(144A)
‡
121,475
121,720
SOFR30A
+
2.1000%,
6.4101%, 3/25/42
(144A)
‡
145,124
145,591
FHLMC
Gold
Pools,
Other
3.5000%, 7/1/42
55,385
53,432
3.0000%, 2/1/43
1,044
977
3.5000%, 2/1/44
503,967
486,085
3.5000%, 1/1/47
318,592
307,651
FHLMC
STACR
REMIC
Trust
SOFR30A
+
1.3000%,
5.6101%, 2/25/42
(144A)
‡
201,169
199,494
SOFR30A
+
2.1000%,
6.4101%, 3/25/42
(144A)
‡
167,498
167,337
ICE
LIBOR
USD
1
Month
+
2.9500%,
7.4559%, 11/25/49
(144A)
‡
250,000
246,547
FHLMC
UMBS
3.5000%, 3/1/43
218
210
3.5000%, 6/1/43
22,020
21,238
4.0000%, 11/1/48
1,945
1,908
4.0000%, 12/1/48
23,499
23,052
4.5000%, 6/1/49
1,444
1,447
4.5000%, 7/1/49
2,203
2,208
4.5000%, 7/1/49
12,840
12,868
4.5000%, 8/1/49
11,038
11,061
4.5000%, 1/1/50
7,461
7,476
4.5000%, 1/1/50
2,166
2,171
4.0000%, 3/1/50
22,744
22,310
4.0000%, 6/1/50
37,211
36,783
4.5000%, 9/1/50
68,911
69,087
4.0000%, 10/1/50
6,771
6,623
3.0000%, 2/1/52
9,068
8,338
3.0000%, 2/1/52
11,985
10,981
3.0000%, 3/1/52
17,161
15,775
4.5000%, 3/1/52
1,012
1,001
3.5000%, 4/1/52
3,946
3,727
3.5000%, 4/1/52
4,422
4,177
3.5000%, 6/1/52
17,493
16,606
3.5000%, 7/1/52
220,061
208,761
4.0000%, 7/1/52
20,709
20,012
4.0000%, 8/1/52
23,573
22,794
4.5000%, 8/1/52
229,916
227,549
4.5000%, 8/1/52
98,333
97,421
4.5000%, 8/1/52
50,234
49,717
5.5000%, 9/1/52
35,377
36,351
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
4
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
FHLMC
UMBS
-
(continued)
5.5000%, 11/1/52
$
778,273
$
804,000
FNMA
UMBS
4.0000%, 10/1/47
15,068
14,786
4.5000%, 6/1/48
15,396
15,436
4.0000%, 7/1/48
18,542
18,188
4.0000%, 10/1/48
6,914
6,824
4.0000%, 11/1/48
21,551
21,141
4.0000%, 12/1/48
3,435
3,370
3.5000%, 5/1/49
37,840
35,961
4.0000%, 6/1/49
2,816
2,754
4.5000%, 6/1/49
1,362
1,365
4.5000%, 8/1/49
1,987
1,991
4.0000%, 11/1/49
45,453
44,587
4.0000%, 11/1/49
4,080
4,020
3.5000%, 12/1/49
116,189
110,965
4.5000%, 1/1/50
36,940
37,035
4.5000%, 1/1/50
2,721
2,727
4.0000%, 3/1/50
13,730
13,468
4.0000%, 3/1/50
66,385
65,518
4.0000%, 3/1/50
36,016
35,330
4.0000%, 9/1/50
77,813
76,115
4.0000%, 10/1/50
72,848
71,778
4.5000%, 10/1/50
45,299
45,415
3.5000%, 2/1/51
14,691
13,962
4.0000%, 3/1/51
187,029
182,947
4.0000%, 3/1/51
1,765
1,731
4.0000%, 3/1/51
3,630
3,551
4.0000%, 10/1/51
26,397
25,821
3.0000%, 12/1/51
490,091
450,248
2.5000%, 3/1/52
594,864
526,333
2.5000%, 3/1/52
219,237
194,072
2.5000%, 3/1/52
128,397
113,524
3.0000%, 3/1/52
45,459
41,637
3.5000%, 3/1/52
65,729
62,414
3.0000%, 4/1/52
32,741
29,979
3.0000%, 4/1/52
38,330
35,219
3.5000%, 4/1/52
11,312
10,687
3.5000%, 4/1/52
5,409
5,108
3.5000%, 4/1/52
33,232
31,395
3.5000%, 4/1/52
18,830
17,783
3.5000%, 4/1/52
6,836
6,457
3.5000%, 4/1/52
23,573
22,437
4.0000%, 4/1/52
27,268
26,667
4.5000%, 4/1/52
1,865
1,845
4.5000%, 4/1/52
2,133
2,111
4.5000%, 4/1/52
2,350
2,325
4.5000%, 4/1/52
1,201
1,186
4.5000%, 4/1/52
4,098
4,054
4.5000%, 4/1/52
5,324
5,266
3.5000%, 5/1/52
30,162
28,622
3.5000%, 5/1/52
18,304
17,290
4.5000%, 5/1/52
6,501
6,431
3.5000%, 6/1/52
57,273
54,604
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
5
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
FNMA
UMBS
-
(continued)
4.0000%, 6/1/52
$
5,777
$
5,582
4.0000%, 6/1/52
21,556
20,831
3.5000%, 7/1/52
137,145
130,101
3.5000%, 7/1/52
5,505
5,247
4.0000%, 7/1/52
9,216
8,905
4.5000%, 7/1/52
27,307
27,026
3.5000%, 8/1/52
26,881
25,492
3.5000%, 8/1/52
9,950
9,458
4.5000%, 8/1/52
103,524
102,458
5.0000%, 9/1/52
727,929
734,133
5.5000%, 9/1/52
131,876
134,630
5.5000%, 10/1/52
291,690
301,334
4.5000%, 11/1/52
70,051
70,263
5.0000%, 11/1/52
51,949
52,862
5.5000%, 11/1/52
247,920
256,118
4.5000%, 12/1/52
32,012
31,855
FNMA,
Other
3.0000%, 2/1/43
8,818
8,257
3.0000%, 2/1/43
481,435
450,985
3.0000%, 3/1/43
122,157
114,389
4.0000%, 6/1/43
48,157
47,634
4.5000%, 6/1/45
5,485
5,568
3.0000%, 7/1/45
551,480
516,414
3.0000%, 9/1/46
246,719
231,115
3.0000%, 1/1/47
13,380
12,433
3.5000%, 8/1/56
43,174
41,487
3.0000%, 6/1/57
99,542
91,740
3.0000%, 9/1/57
174,933
161,223
3.0000%, 5/1/58
560,387
516,466
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
2.0000%,
TBA, 15
Year
Maturity
(b)
356,690
324,500
2.5000%,
TBA, 15
Year
Maturity
(b)
420,646
393,678
3.0000%,
TBA, 15
Year
Maturity
(b)
547,502
524,942
3.5000%,
TBA, 15
Year
Maturity
(b)
455,414
444,354
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
3.5000%,
TBA, 30
Year
Maturity
(b)
464,717
436,135
4.0000%,
TBA, 30
Year
Maturity
(b)
575,863
555,820
GNMA
II,
30
Year
3.0000%, 7/20/51
81,222
75,021
3.0000%, 8/20/51
346,154
319,633
GNMA
II,
30
Year,
Single
Family
2.5000%,
TBA, 30
Year
Maturity
(b)
183,400
163,652
3.0000%,
TBA, 30
Year
Maturity
(b)
32,516
29,886
3.5000%,
TBA, 30
Year
Maturity
(b)
230,577
218,208
4.0000%,
TBA, 30
Year
Maturity
(b)
193,300
187,833
4.5000%,
TBA, 30
Year
Maturity
(b)
1,500,000
1,489,266
5.0000%,
TBA, 30
Year
Maturity
(b)
1,810,094
1,822,022
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
6
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
GS
Mortgage-Backed
Securities
Trust
,
2.3520
%
,
9/27/60
(144A)
‡
$
31,279
$
28,836
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
,
ICE
LIBOR
USD
1
Month
+
0.7600%
,
5.2190
%
,
6/15/38
(144A)
‡
500,000
489,171
JPMorgan
Mortgage
Trust
,
SOFR30A
+
0.9000%
,
4.8277
%
,
3/25/51
(144A)
‡
212,906
198,606
MKT
Mortgage
Trust
,
2.6940
%
,
2/12/40
(144A)
100,000
80,569
New
Residential
Mortgage
Loan
Trust
,
ICE
LIBOR
USD
1
Month
+
0.9000%
,
5.4059
%
,
1/25/48
(144A)
‡
116,521
113,897
SREIT
Trust
,
ICE
LIBOR
USD
1
Month
+
0.7308%
,
5.1898
%
,
11/15/38
(144A)
‡
179,000
174,522
TPI
RE-REMIC
Trust
0.0000%, 7/25/46
(144A)
¤
66,000
63,863
0.0000%, 8/25/46
(144A)
¤
41,000
39,434
Total
Mortgage-Backed
Securities
(cost
$21,866,647)
21,240,030
U.S.
Treasury
Notes/Bonds
-
27.6%
3.0000%,
7/31/24
1,697,000
1,660,541
0.3750%,
9/15/24
2,129,000
1,996,603
4.2500%,
12/31/24
520,000
520,000
4.0000%,
12/15/25
114,000
114,347
3.8750%,
12/31/27
1,715,100
1,734,529
3.5000%,
1/31/28
709,000
705,843
3.8750%,
11/30/29
460,100
468,368
4.1250%,
11/15/32
1,496,700
1,574,575
2.0000%,
11/15/41
25,000
18,998
2.3750%,
2/15/42
135,000
109,213
4.0000%,
11/15/42
714,000
737,874
3.0000%,
8/15/52
523,000
462,773
Total
U.S.
Treasury
Notes/Bonds
(cost
$10,226,591)
10,103,664
Preferred
Stock
-
0.2%
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.2%
Rithm
Capital
Corp.,
7.0000%, 11/15/26
(cost
$75,000)
3,000
63,480
Investment
Companies
-
2.5%
Money
Market
Funds
-
2.5%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
4.3380%
£,∞
(cost
$915,678)
915,661
915,844
Total
Investments
(total
cost
$45,763,130
)
-
119.3%
43,673,541
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(19.3%)
(7,053,625)
Net
Assets
-
100.0%
$36,619,916
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
42,895,922
98.2%
United
Kingdom
455,529
1.0
South
Korea
203,039
0.5
Mexico
119,051
0.3
Total
$
43,673,541
100.0
%
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
7
Schedule
of
TBA
sales
commitments
-
(%
of
Net
Assets)
Principal
Amounts
Value
Securities
Sold
Short
-
(14.1)%
Mortgage-Backed
Securities
-
(14.1)%
FNMA/FHLMC
UMBS,
30
Year,
Single
Family,
3.0000%,
TBA,
30
Year
Maturity
(b)
$
(1,971,468)
$
(1,789,973)
FNMA/FHLMC
UMBS,
30
Year,
Single
Family,
4.5000%,
TBA,
30
Year
Maturity
(b)
(2,082,156)
(2,056,200)
FNMA/FHLMC
UMBS,
30
Year,
Single
Family,
5.5000%,
TBA,
30
Year
Maturity
(b)
(1,305,338)
(1,326,002)
Total
Securities
Sold
Short
(proceeds
$5,091,186)
$
(5,172,175)
Summary
of
Investments
by
Country
-
(Short
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
(5,172,175)
100.0%
$–
–
%
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
1/31/23
Investment
Company
-
2.5%
Money
Market
Funds
-
2.5%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
4.3380%
∞
$
24,523
$
331
$
167
$
915,844
Market
Value
at
10/31/22
Purchases
Sales
Market
Value
at
1/31/23
Investment
Company
-
2.5%
Money
Market
Funds
-
2.5%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
4.3380%
∞
$
2,983,609
$
8,268,577
$
(10,336,598)
$
915,844
Schedule
of
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
Futures
Long:
U.S.
Treasury
2
Year
Notes
20
3/31/23
$
4,112,969
$
13,731
U.S.
Treasury
Long
Bonds
15
3/22/23
1,948,125
35,256
U.S.
Treasury
Ultra
Bonds
16
3/22/23
2,268,000
63,999
Total
-
Futures
Long
112,986
Futures
Short:
U.S.
Treasury
10
Year
Notes
10
3/22/23
(1,145,156)
2,783
U.S.
Treasury
10
Year
Ultra
Bonds
16
3/22/23
(1,939,250)
(14,340)
Total
-
Futures
Short
(11,557)
Total
$101,429
Schedule
of
Centrally
Cleared
Credit
Default
Swaps
-
Buy
Protection
Referenced
Asset
Maturity
Date
Notional
Amount
Value
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.39-V1,
Fixed
Rate
of
5.00%
Paid
Quarterly
12/20/27
$
2,000,000
$
(64,876)
$
(93,400)
$
(158,276)
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
8
Average
ending
Monthly
Value
of
Derivative
Instruments
During
the
Period
Ended
January
31,
2023
Futures
contracts:
Average
notional
amount
of
contracts
-
long
$9,621,638
Average
notional
amount
of
contracts
-
short
2,258,167
Credit
default
swaps:
Average
notional
amount
-
buy
protection
2,000,000
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2023
9
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
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
plc
Public
Limited
Company
SOFR
Secured
Overnight
Financing
Rate
SOFR30A
Secured
Overnight
Financing
Rate
30
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
∞
Rate
shown
is
the
7-day
yield
as
of
January
31,
2023.
£
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
Ç
Step
bond.
The
coupon
rate
will
increase
or
decrease
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
reflects
the
current
rate.
‡
The
interest
rate
on
floating
rate
notes
is
based
on
an
index
or
market
interest
rates
and
is
subject
to
change.
Rate
in
the
security
description
is
as
of
January
31,
2023.
¤
Zero
coupon
bond.
μ
Perpetual
security.
Perpetual
securities
have
no
stated
maturity
date,
but
they
may
be
called/redeemed
by
the
issuer.
The
date
indicated,
if
any,
represents
the
next
call
date.
144A
Securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended,
are
subject
to
legal
and/or
contractual
restrictions
on
resale
and
may
not
be
publicly
sold
without
registration
under
the
1993
Act.
Unless
otherwise
noted,
these
securities
have
been
determined
to
be
liquid
in
accordance
with
the
requirements
of
Rule
22e-4,
under
the
1940
Act.
The
total
value
of
144A
securities
as
of
the
period
ended
January
31,
2023
is
$10,608,921
which
represents
29.0%
of
net
assets.
(b)
Settlement
is
on
a
delayed
delivery
or
when-issued
basis
with
final
maturity
TBA
in
the
future.
Janus
Henderson
Sustainable
&
Impact
Core
Bond
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2023
10
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
January
31,
2023
.
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:
Asset-Backed
Securities
$
—
$
5,074,504
$
—
Corporate
Bonds
—
6,276,019
—
Mortgage-Backed
Securities
—
21,240,030
—
U.S.
Treasury
Notes/Bonds
—
10,103,664
—
Preferred
Stock
63,480
—
—
Investment
Companies
—
915,844
—
Total
Investments
in
Securities
$
63,480
$
43,610,061
$
—
Other
Financial
Instruments
(a)
:
Futures
Contracts
$
115,769
$
—
$
—
Total
Assets
$
179,249
$
43,610,061
$
—
Liabilities
TBA
sales
commitments:
Mortgage-Backed
Securities
$
—
$
5,172,175
$
—
Other
Financial
Instruments
(a)
:
Centrally
Cleared
Swaps
$
—
$
158,276
$
—
Futures
Contracts
14,340
—
—
Total
Liabilities
$
14,340
$
5,330,451
$
—
(a)
Other
financial
instruments
include
futures
and
swap
contracts.
Futures
contracts
and
swap
contracts
are
reported
at
their
unrealized
appreciation/
(depreciation)
at
measurement
date,
which
represents
the
change
in
the
contract’s
value
from
trade
date.
11
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
other
mutual
funds
held
by
a
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
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
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.
12
The
inputs
or
methodology
used
for
fair
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
summary
of
inputs
used
as
of
January
31,
2023 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.
125-25-70440
03-23