SEMIANNUAL
REPORT
April
30,
2023
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Janus
Detroit
Street
Trust
Table
of
Contents
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Fund
At
A
Glance
...............................
3
Disclosure
of
Fund
Expenses
.......................
5
Schedule
of
Investments
..........................
6
Statement
of
Assets
and
Liabilities
...................
9
Statement
of
Operations
..........................
10
Statements
of
Changes
in
Net
Assets
.................
11
Financial
Highlights
..............................
12
Notes
to
Financial
Statements
......................
13
Additional
Information
............................
20
Board
Considerations
Regarding
Approval
of
Investment
Advisory
Agreements
...................................
21
Liquidity
Risk
Management
Program
..................
25
Hamish
Chamberlayne
Aaron
Scully
co-portfolio
manager
co-portfolio
manager
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
Fund
At
A
Glance
April
30,
2023
Janus
Detroit
Street
Trust
3
Holdings
are
subject
to
change
without
notice.
5
Largest
Equity
Holdings
–
(%
of
Net
Assets)
Microsoft
Corp.
Software
7.8%
Humana,
Inc.
Health
Care
Providers
&
Services
4.8%
Progressive
Corp.
(The)
Insurance
4.4%
NVIDIA
Corp.
Semiconductors
&
Semiconductor
Equipment
4.0%
Xylem,
Inc.
Machinery
3.9%
24.9%
Sector
Allocation
–
(%
of
Net
Assets)
Technology
28.2%
Financial
20.8%
Consumer,
Non-cyclical
19.8%
Industrial
17.2%
Consumer,
Cyclical
7.7%
Communications
3.9%
Investment
Company
2.4%
100.0%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
Performance
4
April
30,
2023
Total
annual
expense
ratio
as
stated
in
the
prospectus:
0.55%.
See
Financial
Highlights
for
actual
expense
ratios
during
the
reporting
period.
Returns
quoted
are
past
performance
and
do
not
guarantee
future
results;
current
performance
may
be
lower
or
higher.
Investment
returns
and
principal
value
will
vary;
there
may
be
a
gain
or
loss
when
shares
are
sold.
For
the
most
recent
month-end
performance
call
800.668.0434
or
visit
janushenderson.com/performance.
Shares
of
ETFs
are
bought
and
sold
at
market
price
(not
NAV)
and
are
not
individually
redeemed
from
the
Fund.
Market
returns
are
based
upon
the
midpoint
of
the
bid/ask
spread
at
4:00
p.m.
Eastern
time
(when
NAV
is
normally
determined
for
most
ETFs),
and
do
not
represent
the
returns
you
would
receive
if
you
traded
shares
at
other
times.
Ordinary
brokerage
commissions
apply
and
will
reduce
returns.
Investing
involves
risk,
including
the
possible
loss
of
principal
and
fluctuation
of
value.
There
is
no
assurance
the
stated
objective(s)
will
be
met.
Returns
include
reinvestment
of
dividends
and
capital
gains.
Returns
greater
than
one
year
are
annualized.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
redemptions
of
Fund
shares.
The
returns
do
not
include
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
the
period
end
for
financial
reporting
purposes.
See
Notes
to
Schedule
of
Investments
and
Other
Information
for
index
definitions.
Index
performance
does
not
reflect
the
expenses
of
managing
a
portfolio
as
an
index
is
unmanaged
and
not
available
for
direct
investment.
Average
Annual
Total
Return
for
the
periods
ended
April
30,
2023
Fiscal
Year-to-
Date
One
Year
Since
Inception
*
Janus
Henderson
U.S.
Sustainable
Equity
ETF
-
NAV
10.01%
2.22%
-10.10%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
-
Market
Price
10.01%
2.17%
-10.10%
S&P
500
®
Index
8.63%
2.66%
-3.20%
*
The
Fund
commenced
operations
on
September
8,
2021.
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
Disclosure
of
Fund
Expenses
Janus
Detroit
Street
Trust
5
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
which
may
include
creation
and
redemption
fees
or
brokerage
charges
and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
Funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
example
is
based
upon
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
six-months
indicated,
unless
noted
otherwise
in
the
table
and
footnotes
below. 
Actual
Expenses 
The
information
in
the
table
under
the
heading
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes 
The
information
in
the
table
under
the
heading
“Hypothetical
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
upon
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
determine
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Additionally,
for
an
analysis
of
the
fees
associated
with
an
investment
or
other
similar
funds,
please
visit 
www.finra.org/
fundanalyzer.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs,
such
as
creation
and
redemption
fees,
or
brokerage
charges.
These
fees
are
fully
described
in
the
Fund’s
prospectus.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
(5%
return
before
expenses)
Beginning
Account
Value
(11/1/22)
Ending
Account
Value
(4/30/23)
Expenses
Paid
During
Period
(11/1/22
-
4/30/23)
†
Beginning
Account
Value
(11/1/22)
Ending
Account
Value
(4/30/23)
Expenses
Paid
During
Period
(11/1/22
-
4/30/23)
†
Net
Annualized
Expense
Ratio
(11/1/22
-
4/30/23)
$1,000.00
$1,100.10
$2.86
$1,000.00
$1,022.07
$2.76
0.55%
†
Expenses
Paid
During
Period
is
equal
to
the
Net
Annualized
Expense
Ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
6
April
30,
2023
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares
Value
Common
Stocks
-
97.6%
Automobile
Components
-
2.3%
Aptiv
plc*
2,753
$
283,174
Biotechnology
-
0.2%
Moderna,
Inc.*
176
23,389
Building
Products
-
3.8%
Advanced
Drainage
Systems,
Inc.
2,452
210,185
Carrier
Global
Corp.
6,486
271,245
481,430
Electronic
Equipment,
Instruments
&
Components
-
8.2%
IPG
Photonics
Corp.*
2,841
326,658
Keysight
Technologies,
Inc.*
2,553
369,266
TE
Connectivity
Ltd.
2,748
336,273
1,032,197
Financial
Services
-
4.7%
Mastercard,
Inc.
-
Class
A
1,030
391,431
Walker
&
Dunlop,
Inc.
2,996
201,661
593,092
Food
Products
-
1.2%
McCormick
&
Co.,
Inc.
(Non-Voting)
1,763
154,879
Health
Care
Equipment
&
Supplies
-
2.3%
Edwards
Lifesciences
Corp.*
2,047
180,095
STAAR
Surgical
Co.*
1,457
102,675
282,770
Health
Care
Providers
&
Services
-
7.3%
Encompass
Health
Corp.
4,859
311,705
Humana,
Inc.
1,123
595,740
907,445
Health
Care
Technology
-
1.6%
Certara,
Inc.*
8,106
195,922
Industrial
REITs
-
2.3%
Prologis,
Inc.
2,276
285,069
Insurance
-
11.2%
Aon
plc
-
Class
A
1,321
429,563
Marsh
&
McLennan
Cos.,
Inc.
2,318
417,681
Progressive
Corp.
(The)
4,056
553,238
1,400,482
IT
Services
-
0.2%
Twilio,
Inc.
-
Class
A*
449
23,622
Life
Sciences
Tools
&
Services
-
7.3%
Bruker
Corp.
3,229
255,511
ICON
plc*
1,764
339,905
Illumina,
Inc.*
515
105,863
PerkinElmer,
Inc.
1,635
213,351
914,630
Machinery
-
7.7%
Westinghouse
Air
Brake
Technologies
Corp.
4,925
481,025
Xylem,
Inc.
4,672
485,140
966,165
Semiconductors
&
Semiconductor
Equipment
-
11.8%
Lam
Research
Corp.
552
289,292
Microchip
Technology,
Inc.
4,621
337,287
NVIDIA
Corp.
1,803
500,314
Texas
Instruments,
Inc.
2,084
348,445
1,475,338
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
Janus
Detroit
Street
Trust
7
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares
Value
Common
Stocks
-
(continued)
Software
-
13.6%
Atlassian
Corp.
-
Class
A*
439
$
64,823
Autodesk,
Inc.*
1,343
261,603
Cadence
Design
Systems,
Inc.*
787
164,837
Microsoft
Corp.
3,190
980,159
Workday,
Inc.
-
Class
A*
1,206
224,485
1,695,907
Specialized
REITs
-
2.6%
Crown
Castle,
Inc.
1,137
139,953
Equinix,
Inc.
258
186,813
326,766
Specialty
Retail
-
2.2%
Home
Depot,
Inc.
(The)
937
281,606
Textiles,
Apparel
&
Luxury
Goods
-
2.2%
NIKE,
Inc.
-
Class
B
2,133
270,294
Trading
Companies
&
Distributors
-
1.0%
Core
&
Main,
Inc.
-
Class
A*
4,935
128,606
Wireless
Telecommunication
Services
-
3.9%
T-Mobile
US,
Inc.*
3,365
484,223
Total
Common
Stocks
(cost
$14,002,451)
12,207,006
Investment
Companies
-
2.4%
Money
Market
Funds
-
2.4%
Federated
Hermes
Government
Obligations
Tax-Managed
Fund,
Institutional
Class,
4.5900%
∞
(cost
$304,399)
304,399
304,399
Total
Investments
(total
cost
$14,306,850
)
-
100.0%
12,511,405
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
0.0%
(2,468)
Net
Assets
-
100.0%
$12,508,937
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
11,823,503
94.5
%
Ireland
623,079
5.0
Australia
64,823
0.5
Total
$
12,511,405
100.0
%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
April
30,
2023
8
April
30,
2023
S&P
500
®
Index
S&P
500
®
Index
reflects
U.S.
large-cap
equity
performance
and
represents
broad
U.S.
equity
market
performance.
plc
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
*
Non-income
producing
security.
∞
Rate
shown
is
the
7-day
yield
as
of
April
30,
2023.
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
April
30,
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
$
12,207,006
$
—
$
—
Investment
Companies
304,399
—
—
Total
Assets
$
12,511,405
$
—
$
—
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Statement
of
Assets
and
Liabilities
(unaudited)
April
30,
2023
Janus
Detroit
Street
Trust
9
See
Notes
to
Financial
Statements.
Assets:
Investments,
at
value
(cost
$14,306,850)
$
12,511,405
Receivables:
Dividends
6,038
Total
Assets
12,517,443
Liabilities:
Payables:
Management
fees
8,506
Total
Liabilities
8,506
Net
Assets
$
12,508,937
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
17,101,574
Total
distributable
earnings
(loss)
(
4,592,637
)
Total
Net
Assets
$
12,508,937
Net
Assets
$
12,508,937
Shares
outstanding,
$0.001
Par
Value
(unlimited
shares
authorized)
600,001
Net
Asset
Value
Per
Share
$
20
.85
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Statement
of
Operations
(unaudited)
For
the
period
ended
April
30,
2023
10
April
30,
2023
See
Notes
to
Financial
Statements.
Investment
Income:
Dividends
$
95,521
Total
Investment
Income
95,521
Expenses:
Management
Fees
57,366
Total
Expenses
57,366
Net
Investment
Income/(Loss)
38,155
Net
Realized
Gain/(Loss)
on
Investments:
Investments
$
(
1,093,669
)
Total
Net
Realized
Gain/(Loss)
on
Investments
$
(
1,093,669
)
Change
in
Unrealized
Net
Appreciation/Depreciation:
Investments
$
3,190,761
Total
Change
in
Unrealized
Net
Appreciation/Depreciation
$
3,190,761
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
$
2,135,247
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Statements
of
Changes
in
Net
Assets
Janus
Detroit
Street
Trust
11
See
Notes
to
Financial
Statements.
Period
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Operations:
Net
investment
income/(loss)
$
38,155
$
66,186
Net
realized
gain/(loss)
on
investments
(1,093,669)
(5,799,653)
Change
in
unrealized
net
appreciation/depreciation
3,190,761
(6,157,764)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
2,135,247
(11,891,231)
Dividends
and
Distributions
to
Shareholders:
—
—
Dividends
and
Distributions
(42,388)
(207,757)
Net
Decrease
from
Dividends
and
Distributions
to
Shareholders
(42,388)
(207,757)
Capital
Share
Transactions
(9,519,283)
(19,360,054)
Net
Increase/(Decrease)
in
Net
Assets
(7,426,424)
(31,459,042)
Net
Assets:
—
—
Beginning
of
Period  
19,935,361
51,394,403
End
of
Period
$
12,508,937
$
19,935,361
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Financial
Highlights
12
April
30,
2023
See
Notes
to
Financial
Statements.
For
a
share
outstanding
during
the
period
ended
April
30,
2023
(unaudited)
and
each
year
or
period
ended
October
31
2023
2022
2021
(1)
Net
Asset
Value,
Beginning
of
Period
$18.99
$25.38
$25.00
Income/(Loss)
from
Investment
Operations:
—
—
—
Net
investment
income/(loss)
(2)
0.04
0.04
—
(3)
Net
realized
and
unrealized
gain/(loss)
1.86
(6.32)
0.38
Total
from
Investment
Operations
1.90
(6.28)
0.38
Less
Dividends
and
Distributions:
—
—
—
Dividends
(from
net
investment
income)
(0.04)
(0.11)
—
Total
Dividends
and
Distributions
(0.04)
(0.11)
—
Net
Asset
Value,
End
of
Period
$20.85
$18.99
$25.38
Total
Return
*
10.01%
(24.82)%
1.52%
Net
assets,
End
of
Period
(in
thousands)
$12,509
$19,935
$51,394
Average
Net
Assets
for
the
Period
(in
thousands)
$20,993
$35,742
$44,389
Ratios
to
Average
Net
Assets
**
Ratio
of
Gross
Expenses
0.55%
0.55%
0.55%
Ratio
of
Net
Investment
Income/(Loss)
0.37%
0.19%
(0.01)%
Portfolio
Turnover
Rate
(4)
10%
9%
1%
*
Total
return
not
annualized
for
periods
of
less
than
one
full
year.
**
Annualized
for
periods
of
less
than
one
full
year.
(1)
Period
from
September
8,
2021
(commencement
of
operations)
through
October
31,
2021.
(2)
Per
share
amounts
are
calculated
based
on
average
shares
outstanding
during
the
year
or
period.
(3)
Amount
is
less
than
$0.005
(4)
Portfolio
turnover
rate
excludes
securities
received
or
delivered
from
in-kind
processing
of
creation
or
redemptions.
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
13
1.
Organization
and
Significant
Accounting
Policies
Janus
Henderson
U.S.
Sustainable Equity
ETF (the
“Fund”)
is
a
series
fund.
The
Fund
is
part
of
Janus
Detroit
Street
Trust
(the
“Trust”),
which
is
organized
as
a
Delaware
statutory
trust
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company,
and
therefore
has
applied
the
specialized
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946.
As
of
the
date
of
this
report,
the
Trust
offers twelve
Funds
each
of
which
represent
shares
of
beneficial
interest
in
a
separate
portfolio
of
securities
and
other
assets
with
its
own
objective
and
policies.
The
Fund
seeks
long-term
growth
of
capital.
The
Fund
is
classified
as
diversified,
as
defined
in
the
1940
Act.
Janus
Henderson
Investors
US
LLC
is
the
investment
adviser
(the
“Adviser”)
to
the
Fund.
The
Fund
is
an
actively-managed
exchange-traded
fund.
Unlike
shares
of
traditional
mutual
funds,
shares
of
the
Fund
are
not
individually
redeemable
and
may
only
be
purchased
or
redeemed
directly
from
the
Fund
at
net
asset
value
(“NAV”)
in
large
increments
called
“Creation
Units”
by
certain
participants,
known
as
“Authorized
Participants.”
The
size
of
a
Creation
Unit
to
purchase
shares
of
the
Fund
may
differ
from
the
size
of
a
Creation
Unit
to
redeem
shares
of
the
Fund.
The
Fund
will
issue
or
redeem
Creation
Units
in
exchange
for
portfolio
securities
and/or
cash.
Except
when
aggregated
in
Creation
Units,
Fund
shares
are
not
redeemable
securities
of
the
Fund.
Shares
of
the
Fund
are
listed
and
trade
on NYSE
Arca,
Inc.
(the
"Exchange"),
and
individual
investors
can
purchase
or
sell
shares
in
much
smaller
increments
for
cash
in
the
secondary
market
through
a
broker.
These
transactions,
which
do
not
involve
the
Fund,
are
made
at
market
prices
that
may
vary
throughout
the
day
and
differ
from
the
Fund’s
NAV.
As
a
result,
you
may
pay
more
than
NAV
(a
premium)
when
you
purchase
shares
and
receive
less
than
NAV
(a
discount)
when
you
sell
shares,
in
the
secondary
market.
An
Authorized
Participant
(or
other
broker-dealers
making
markets
in
shares
of
the
Fund)
may
hold
of
record
more
than
25%
of
the
outstanding
shares
of
the
Fund.
From
time
to
time,
Authorized
Participants
(or
other
broker-dealers
making
markets
in
shares
of
the
Fund)
may
be
a
beneficial
and/or
legal
owner
of
the
Fund,
may
be
affiliated
with
an
index
provider,
may
be
deemed
to
have
control
of
the
Fund
and/or
may
be
able
to
affect
the
outcome
of
matters
presented
for
a
vote
of
the
shareholders
of
the
Fund.
Authorized
Participants
(or
other
broker-dealers
making
markets
in
shares
of
the
Fund)
may
execute
an
irrevocable
proxy
granting
ALPS
Distributors,
Inc.
(the
"Distributor"),
the
Adviser
or
an
affiliate
of
the
Adviser
power
to
vote
or
abstain
from
voting
such
Authorized
Participant’s
beneficially
or
legally
owned
shares
of
the
Fund.
In
such
cases,
the
Agent
shall
mirror
vote
(or
abstain
from
voting)
such
shares
in
the
same
proportion
as
all
other
beneficial
owners
of
the
Fund.
The
following
accounting
policies
have
been
followed
by
the
Fund
and
are
in
conformity
with
United
States
of
America
generally
accepted
accounting
principles
(“US
GAAP”). 
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
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
(unaudited)
14
April
30,
2023
Adviser
pursuant
to
the
Valuation
Procedures.
Shares
of
an
investment
company
that
are
not
traded
on
an
exchange,
including
money
market
funds,
are
valued
at
that
company's
net
asset
value
per
share.
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.
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.
There
have
been
no
significant
changes
in
valuation
techniques
used
in
valuing
any
such
positions
held
by
the
Fund
since
the
beginning
of
the
fiscal
year. 
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
April
30,
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.
Investment
Transactions
and
Investment
Income
Investment
transactions
are
accounted
for
as
of
the
date
purchased
or
sold
(trade
date).
Dividend
income
is
recorded
on
the
ex-dividend
date.
Certain
dividends
from
foreign
securities
will
be
recorded
as
soon
as
the
Fund
is
informed
of
the
dividend,
if
such
information
is
obtained
subsequent
to
the
ex-dividend
date.
Dividends
from
foreign
securities
may
be
subject
to
withholding
taxes
in
foreign
jurisdictions.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Interest
income
is
recorded
daily
on
an
accrual
basis
and
includes
amortization
of
premiums
and
accretion
of
discounts.
The
Fund
classifies
gains
and
losses
on
prepayments
received
as
an
adjustment
to
interest
income.
Debt
securities
may
be
placed
in
non-accrual
status
and
related
interest
income
may
be
reduced
by
stopping
current
accruals
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
15
and
writing
off
interest
receivables
when
collection
of
all
or
a
portion
of
interest
has
become
doubtful.
Gains
and
losses
are
determined
on
the
identified
cost
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.  
Estimates
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amount
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses