Janus
Henderson
International
Sustainable
Equity
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
1
Shares
Value
Common
Stocks
-
98.1%
Chemicals
-
0.9%
Calix
Ltd.*
50,886
$
199,005
Containers
&
Packaging
-
2.5%
DS
Smith
plc
128,646
559,859
Electric
Utilities
-
4.0%
SSE
plc
43,164
915,854
Electrical
Equipment
-
10.8%
Legrand
SA
6,146
545,470
Nidec
Corp.
8,300
457,618
Schneider
Electric
SE
6,347
1,022,393
Vestas
Wind
Systems
A/S
15,166
440,115
2,465,596
Electronic
Equipment,
Instruments
&
Components
-
8.7%
Keyence
Corp.
1,000
455,842
Murata
Manufacturing
Co.
Ltd.
13,400
761,887
Shimadzu
Corp.
25,400
775,409
1,993,138
Entertainment
-
3.6%
Nintendo
Co.
Ltd.
19,000
821,831
Health
Care
Equipment
&
Supplies
-
8.1%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
28,586
466,646
Nanosonics
Ltd.*
64,393
219,159
Olympus
Corp.
48,600
907,571
Siemens
Healthineers
AG
(144A)
4,564
243,227
1,836,603
Health
Care
Providers
&
Services
-
1.0%
New
Horizon
Health
Ltd.
(144A)*
55,742
216,182
Independent
Power
and
Renewable
Electricity
Producers
-
7.4%
Boralex,
Inc.
-
Class
A
34,332
957,905
Innergex
Renewable
Energy,
Inc.
61,221
725,834
1,683,739
Insurance
-
13.5%
AIA
Group
Ltd.
103,346
1,167,472
Allianz
SE
(Registered)
3,392
807,507
Intact
Financial
Corp.
7,603
1,099,867
3,074,846
IT
Services
-
0.6%
Adyen
NV
(144A)*
87
130,164
Leisure
Products
-
4.1%
Shimano,
Inc.
3,000
530,355
Yamaha
Corp.
10,700
413,042
943,397
Machinery
-
3.7%
Alstom
SA
9,940
293,633
Knorr-Bremse
AG
8,457
552,553
846,186
Professional
Services
-
7.8%
SMS
Co.
Ltd.
13,700
356,077
TechnoPro
Holdings,
Inc.
26,400
815,072
Wolters
Kluwer
NV
5,526
601,051
1,772,200
Semiconductors
&
Semiconductor
Equipment
-
10.9%
ASML
Holding
NV
1,618
1,058,906
Infineon
Technologies
AG
27,997
1,000,818
Janus
Henderson
International
Sustainable
Equity
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
2
Shares
Value
Common
Stocks
-
(continued)
Semiconductors
&
Semiconductor
Equipment
-
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(ADR)
4,695
$
435,368
2,495,092
Software
-
8.2%
Constellation
Software,
Inc.
393
692,362
Kinaxis,
Inc.*
3,596
416,773
Linklogis,
Inc.
-
Class
B
(144A)*
690,870
421,297
Rakus
Co.
Ltd.
24,700
333,145
1,863,577
Textiles,
Apparel
&
Luxury
Goods
-
2.3%
adidas
AG
3,341
534,767
Total
Common
Stocks
(cost
$29,191,290)
22,352,036
Investment
Companies
-
1.8%
Money
Market
Funds
-
1.8%
Federated
Hermes
Government
Obligations
Tax-Managed
Fund,
4.1900%
∞
(cost
$412,780)
412,780
412,780
Total
Investments
(total
cost
$29,604,070
)
-
99.9%
22,764,816
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
0.1%
31,537
Net
Assets
-
100.0%
$22,796,353
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
Japan
$
6,627,849
29.1%
Canada
3,892,741
17.1
Germany
3,138,872
13.8
France
1,861,496
8.2
Netherlands
1,790,121
7.9
United
Kingdom
1,475,713
6.5
Hong
Kong
1,167,472
5.1
China
637,479
2.8
New
Zealand
466,646
2.1
Denmark
440,115
1.9
Taiwan
435,368
1.9
Australia
418,164
1.8
United
States
412,780
1.8
Total
$
22,764,816
100.0
%
Janus
Henderson
International
Sustainable
Equity
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2023
3
ADR
American
Depositary
Receipt
plc
Public
Limited
Company
*
Non-income
producing
security.
∞
Rate
shown
is
the
7-day
yield
as
of
January
31,
2023.
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
$1,010,870
which
represents
4.4%
of
net
assets.
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:
Common
Stocks
$
22,352,036
$
—
$
—
Investment
Companies
412,780
—
—
Total
Assets
$
22,764,816
$
—
$
—
4
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.
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
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.
125-25-70436
03-23