Janus
Henderson
U.S.
Sustainable
Equity
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
1
Shares
Value
Common
Stocks
-
98
.7
%
Automobile
Components
-
1
.8
%
Aptiv
plc*
1,751
$
142,409
Biotechnology
-
1
.5
%
Vertex
Pharmaceuticals,
Inc.*
269
116,579
Building
Products
-
4
.7
%
Advanced
Drainage
Systems,
Inc.
1,330
173,459
Carrier
Global
Corp.
3,516
192,360
365,819
Capital
Markets
-
1
.2
%
S&P
Global,
Inc.
215
96,395
Electrical
Equipment
-
3
.6
%
NEXTracker,
Inc.
-
Class
A*
1,688
76,416
nVent
Electric
plc
3,309
198,672
275,088
Electronic
Equipment,
Instruments
&
Components
-
7
.1
%
IPG
Photonics
Corp.*
1,178
115,314
Keysight
Technologies,
Inc.*
1,450
222,227
TE
Connectivity
Ltd.
1,493
212,290
549,831
Financial
Services
-
5
.5
%
Mastercard,
Inc.
-
Class
A
602
270,437
Walker
&
Dunlop,
Inc.
1,621
156,572
427,009
Food
Products
-
0
.9
%
McCormick
&
Co.,
Inc.
(Non-Voting)
959
65,365
Health
Care
Equipment
&
Supplies
-
1
.4
%
Edwards
Lifesciences
Corp.*
1,112
87,258
STAAR
Surgical
Co.*
787
22,044
109,302
Health
Care
Providers
&
Services
-
5
.7
%
Encompass
Health
Corp.
3,003
213,333
Humana,
Inc.
606
229,104
442,437
Health
Care
Technology
-
0
.9
%
Certara,
Inc.*
4,388
70,910
Industrial
REITs
-
2
.0
%
Prologis,
Inc.
1,231
155,955
Insurance
-
10
.1
%
Aon
plc
-
Class
A
507
151,304
Marsh
&
McLennan
Cos.,
Inc.
1,252
242,688
Progressive
Corp.
(The)
2,197
391,615
785,607
Life
Sciences
Tools
&
Services
-
6
.1
%
Bruker
Corp.
1,745
124,785
ICON
plc*
960
250,435
Revvity,
Inc.
887
95,069
470,289
Machinery
-
8
.7
%
Westinghouse
Air
Brake
Technologies
Corp.
2,953
388,526
Xylem,
Inc.
2,528
284,249
672,775
Semiconductors
&
Semiconductor
Equipment
-
12
.8
%
Lam
Research
Corp.
299
246,726
NVIDIA
Corp.
780
479,911
ON
Semiconductor
Corp.*
1,247
88,699
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
2
Shares
Value
Common
Stocks
-
(continued)
Semiconductors
&
Semiconductor
Equipment
-
(continued)
Texas
Instruments,
Inc.
1,127
$
180,455
995,791
Software
-
13
.1
%
Autodesk,
Inc.*
727
184,520
Cadence
Design
Systems,
Inc.*
559
161,249
Microsoft
Corp.
1,689
671,513
1,017,282
Specialized
REITs
-
2
.3
%
Crown
Castle,
Inc.
336
36,372
Equinix,
Inc.
167
138,572
174,944
Specialty
Retail
-
2
.3
%
Home
Depot,
Inc.
(The)
508
179,304
Textiles,
Apparel
&
Luxury
Goods
-
1
.5
%
NIKE,
Inc.
-
Class
B
1,154
117,166
Trading
Companies
&
Distributors
-
1
.7
%
Core
&
Main,
Inc.
-
Class
A*
3,133
129,424
Wireless
Telecommunication
Services
-
3
.8
%
T-Mobile
US,
Inc.
1,825
294,245
Total
Common
Stocks
(cost
$7,635,461)
7,653,926
Investment
Companies
-
1
.3
%
Money
Market
Funds
-
1
.3
%
Federated
Hermes
Government
Obligations
Tax-Managed
Fund,
Institutional
Class,
5.1900%
∞
(cost
$104,193)
104,193
104,193
Total
Investments
(total
cost
$
7,739,654
)
-
100
.0
%
7,758,119
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
0.0%
1,528
Net
Assets
-
100.0%
$7,759,647
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
7,166,603
92
.4
%
Ireland
392,844
5
.0
United
Kingdom
198,672
2
.6
Total
$
7,758,119
100
.0
%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2024
3
plc
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
*
Non-income
producing
security.
∞
Rate
shown
is
the
7-day
yield
as
of
January
31,
2024.
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,
2024
.
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
$
7,653,926
$
—
$
—
Investment
Companies
104,193
—
—
Total
Assets
$
7,758,119
$
—
$
—
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
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
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,
2024 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.
125-25-70444
03-24