SEMIANNUAL
REPORT
April
30,
2022
Janus
Henderson
Short
Duration
Income
ETF
Janus
Detroit
Street
Trust
Table
of
Contents
Janus
Henderson
Short
Duration
Income
ETF
Fund
At
A
Glance
...............................
1
Disclosure
of
Fund
Expenses
.......................
3
Schedule
of
Investments
..........................
4
Statement
of
Assets
and
Liabilities
...................
17
Statement
of
Operations
..........................
18
Statements
of
Changes
in
Net
Assets
.................
19
Financial
Highlights
..............................
20
Notes
to
Financial
Statements
......................
21
Additional
Information
............................
35
Board
Considerations
Regarding
Approval
of
Investment
Advisory
Agreements
...................................
36
Liquidity
Risk
Management
Program
.................
39
INVESTMENT
OBJECTIVE
Janus
Henderson
Short
Duration
Income
ETF
(VNLA)
seeks
to
provide
a
steady
income
stream
with
capital
preservation
across
various
market
cycles.
The
Fund
seeks
to
consistently
outperform
the
FTSE
3-Month
US
Treasury
Bill
Index
by
a
moderate
amount
through
various
market
cycles
while
at
the
same
time
providing
low
volatility.
Daniel
Siluk
Jason
England
co-portfolio
manager
co-portfolio
manager
Janus
Henderson
Short
Duration
Income
ETF
(unaudited)
Fund
At
A
Glance
April
30,
2022
Janus
Detroit
Street
Trust
1
Holdings
are
subject
to
change
without
notice.
Sector
Allocation
–
(%
of
Net
Assets)
Financial
46.3%
Consumer,
Non-cyclical
10.2%
Consumer,
Cyclical
8.5%
Industrial
7.0%
Utilities
4.5%
Communications
4.3%
Government
4.2%
Energy
4.1%
Technology
3.6%
Basic
Materials
1.6%
Exchange
Traded
Funds
1.1%
Mortgage-Backed
Securities
0.8%
Diversified
0.3%
Asset-Backed
Securities
0.0%
96.5%
Janus
Henderson
Short
Duration
Income
ETF
(unaudited)
Performance
2
April
30,
2022
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.
The
Fund
is
not
a
money
market
fund
and
does
not
attempt
to
maintain
a
stable
net
asset
value.
Performance
may
be
affected
by
risks
that
include
those
associated
with
foreign
and
emerging
markets,
fixed
income
securities,
high-yield
and
high-risk
securities,
undervalued,
overlooked
and
smaller
capitalization
companies,
real
estate
related
securities
including
Real
Estate
Investment
Trusts
(REITs),
non-diversification,
Environmental,
Social
and
Governance
(ESG)
factors,
portfolio
turnover,
derivatives,
short
sales,
initial
public
offerings
(IPOs)
and
potential
conflicts
of
interest.
Each
product
has
different
risks.
Please
see
the
prospectus
for
more
information
about
risks,
holdings
and
other
details.
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.
Effective
September
30,
2021,
Jason
England
and
Daniel
Siluk
are
Co-Portfolio
Managers
of
the
Fund.
Average
Annual
Total
Return
for
the
periods
ended
April
30,
2022
Prospectus
~
Expense
Ratio
Fiscal
Year-to-
Date
One
Year
Five
Years
Since
Inception
*
Total
Annual
Fund
Operating
Expenses
‡
Janus
Henderson
Short
Duration
Income
ETF
-
NAV
-1.15%
-1.08%
1.77%
1.76%
0.23%
Janus
Henderson
Short
Duration
Income
ETF
-
Market
Price
-1.17%
-1.02%
1.77%
1.76%
–
FTSE
3-Month
U.S.
Treasury
Bill
Index
0.06%
0.08%
1.09%
1.04%
–
*
The
Fund
commenced
operations
on
November
16,
2016.
‡
As
stated
in
the
prospectus.
See
Financial
Highlights
for
actual
expense
ratios
during
the
reporting
period.
Janus
Henderson
Short
Duration
Income
ETF
(unaudited)
Disclosure
of
Fund
Expenses
Janus
Detroit
Street
Trust
3
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
(11/1/21)
Ending
Account
Value
(4/30/22)
Expenses
Paid
During
Period
(11/1/21
-
4/30/22)
†
Beginning
Account
Value
(11/1/21)
Ending
Account
Value
(4/30/22)
Expenses
Paid
During
Period
(11/1/21
-
4/30/22)
†
Net
Annualized
Expense
Ratio
(11/1/21
-
4/30/22)
$1,000.00
$988.50
$1.13
$1,000.00
$1,023.65
$1.15
0.23%
†
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
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
4
April
30,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Asset-Backed
Security
-
0.0%
Pepper
SPARKZ
Trust
No.
2,
30
Day
Australian
Bank
Bill
Rate
+
1.5500%,
1.5850%,
10/16/27
‡
(cost
$161,481)
AUD
218,849
$
155,795
Corporate
Bonds
-
79.3%
Basic
Materials
-
1.6%
Ecolab,
Inc.,
0.9000%, 12/15/23
$
6,500,000
6,297,794
Ecolab,
Inc.,
1.6500%, 2/1/27
7,500,000
6,900,401
Georgia-Pacific
LLC,
0.6250%, 5/15/24
(144A)
28,760,000
27,277,731
40,475,926
Communications
-
4.3%
Alphabet,
Inc.,
0.4500%, 8/15/25
17,460,000
16,094,176
Amazon.com,
Inc.,
2.7300%, 4/13/24
2,400,000
2,397,361
Amazon.com,
Inc.,
0.4500%, 5/12/24
16,050,000
15,321,715
Amazon.com,
Inc.,
0.8000%, 6/3/25
9,900,000
9,244,127
AT&T,
Inc.,
0.9000%, 3/25/24
25,530,000
24,520,790
eBay,
Inc.,
1.9000%, 3/11/25
9,700,000
9,235,232
Optus
Finance
Pty.
Ltd.,
4.0000%, 6/17/22
AUD
5,250,000
3,745,219
Optus
Finance
Pty.
Ltd.,
3.2500%, 8/23/22
4,500,000
3,216,495
Optus
Finance
Pty.
Ltd.,
3.2500%, 9/6/23
750,000
534,505
Optus
Finance
Pty.
Ltd.,
1.6000%, 7/1/25
700,000
462,755
Spark
Finance
Ltd.,
2.6000%, 3/18/30
990,000
610,330
Verizon
Communications,
Inc.,
90
Day
Australian
Bank
Bill
Rate
+
1.2200%,
1.3000%, 2/17/23
‡
7,240,000
5,163,365
Verizon
Communications,
Inc.,
3.5000%, 2/17/23
2,170,000
1,553,041
Verizon
Communications,
Inc.,
0.7500%, 3/22/24
$
4,700,000
4,514,790
Verizon
Communications,
Inc.,
0.8500%, 11/20/25
6,770,000
6,180,145
Verizon
Communications,
Inc.,
1.4500%, 3/20/26
4,700,000
4,307,619
Walt
Disney
Co.
(The),
1.7500%, 8/30/24
3,470,000
3,358,802
110,460,467
Consumer,
Cyclical
-
7.5%
7-Eleven,
Inc.,
0.6250%, 2/10/23
(144A)
3,350,000
3,290,916
American
Honda
Finance
Corp.,
0.8750%, 7/7/23
1,665,000
1,630,173
American
Honda
Finance
Corp.,
0.5500%, 7/12/24
8,190,000
7,733,059
BMW
US
Capital
LLC,
0.7500%, 8/12/24
(144A)
4,500,000
4,260,346
BMW
US
Capital
LLC,
SOFRINDX
+
0.8400%,
1.1273%, 4/1/25
(144A)
‡
7,025,000
7,045,424
BMW
US
Capital
LLC,
1.2500%, 8/12/26
(144A)
6,450,000
5,853,886
Daimler
Finance
North
America
LLC,
0.7500%, 3/1/24
(144A)
19,060,000
18,237,012
General
Motors
Financial
Co.,
Inc.,
1.7000%, 8/18/23
1,000,000
980,117
General
Motors
Financial
Co.,
Inc.,
1.0500%, 3/8/24
10,125,000
9,664,926
General
Motors
Financial
Co.,
Inc.,
1.2000%, 10/15/24
8,650,000
8,120,211
Home
Depot,
Inc.
(The),
2.7000%, 4/15/25
4,850,000
4,783,605
Hyundai
Capital
America,
1.2500%, 9/18/23
(144A)
4,270,000
4,142,442
Hyundai
Capital
America,
0.8000%, 1/8/24
(144A)
9,050,000
8,622,319
Hyundai
Capital
America,
0.8750%, 6/14/24
(144A)
6,660,000
6,253,504
Hyundai
Capital
America,
1.0000%, 9/17/24
(144A)
8,000,000
7,445,529
Magallanes,
Inc.,
3.4280%, 3/15/24
(144A)
6,430,000
6,387,452
McDonald's
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.1300%,
1.2685%, 3/8/24
‡
AUD
1,390,000
992,478
McDonald's
Corp.,
3.0000%, 3/8/24
5,950,000
4,191,925
McDonald's
Corp.,
3.1250%, 3/4/25
CAD
17,080,000
13,153,491
Mercedes-Benz
Australia,
0.7500%, 1/22/24
AUD
390,000
264,705
Toyota
Motor
Corp.,
0.6810%, 3/25/24
$
2,700,000
2,582,772
Toyota
Motor
Credit
Corp.,
0.4500%, 1/11/24
12,250,000
11,755,151
Toyota
Motor
Credit
Corp.,
0.5000%, 6/18/24
11,500,000
10,878,885
Toyota
Motor
Credit
Corp.,
1.8000%, 2/13/25
7,600,000
7,271,698
Volkswagen
Financial
Services
Australia
Pty.
Ltd.,
3.1000%, 4/17/23
AUD
1,100,000
782,921
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
Janus
Detroit
Street
Trust
5
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Consumer,
Cyclical
-
(continued)
Volkswagen
Financial
Services
Australia
Pty.
Ltd.,
1.4000%, 8/25/25
AUD
13,370,000
$
8,631,090
Volkswagen
Group
of
America
Finance
LLC,
2.9000%, 5/13/22
(144A)
$
2,400,000
2,401,057
Volkswagen
Group
of
America
Finance
LLC,
0.8750%, 11/22/23
(144A)
13,000,000
12,480,687
Walmart,
Inc.,
1.0500%, 9/17/26
12,800,000
11,649,592
191,487,373
Consumer,
Non-cyclical
-
9.6%
Avery
Dennison
Corp.,
0.8500%, 8/15/24
6,450,000
6,077,011
Cardinal
Health,
Inc.,
3.0790%, 6/15/24
21,000,000
20,808,300
Cargill,
Inc.,
3.5000%, 4/22/25
(144A)
4,675,000
4,669,643
Centene
Corp.,
4.2500%, 12/15/27
13,229,000
12,832,130
Conagra
Brands,
Inc.,
0.5000%, 8/11/23
4,500,000
4,351,692
ConnectEast
Finance
Pty.
Ltd.,
3.4000%, 3/25/26
AUD
1,600,000
1,101,584
CVS
Health
Corp.,
4.7500%, 12/1/22
$
5,300,000
5,349,756
CVS
Health
Corp.,
3.3750%, 8/12/24
7,485,000
7,465,007
CVS
Health
Corp.,
2.6250%, 8/15/24
3,915,000
3,848,335
GSK
Consumer
Healthcare
Capital
US
LLC,
SOFR
+
0.8900%,
1.1757%, 3/24/24
(144A)
‡
6,675,000
6,682,172
GSK
Consumer
Healthcare
Capital
US
LLC,
3.0240%, 3/24/24
(144A)
6,675,000
6,607,824
Hershey
Co.
(The),
0.9000%, 6/1/25
7,906,000
7,382,014
Hershey
Co.
(The),
2.3000%, 8/15/26
4,094,000
3,911,587
Hormel
Foods
Corp.,
0.6500%, 6/3/24
5,500,000
5,243,460
Humana,
Inc.,
0.6500%, 8/3/23
9,750,000
9,462,965
Humana,
Inc.,
1.3500%, 2/3/27
4,550,000
4,018,432
Johnson
&
Johnson,
0.5500%, 9/1/25
23,690,000
21,806,650
Lonsdale
Finance
Pty.
Ltd.,
2.4500%, 11/20/26
AUD
4,210,000
2,730,596
Lonsdale
Finance
Pty.
Ltd.,
2.1000%, 10/15/27
650,000
402,728
Mars,
Inc.,
2.7000%, 4/1/25
(144A)
$
4,295,000
4,210,403
Mondelez
International
Holdings
Netherlands
BV,
0.7500%, 9/24/24
(144A)
5,775,000
5,427,125
Mondelez
International,
Inc.,
2.1250%, 3/17/24
3,275,000
3,215,696
Mondelez
International,
Inc.,
3.2500%, 3/7/25
CAD
4,100,000
3,160,181
Nestle
Holdings,
Inc.,
0.3750%, 1/15/24
(144A)
$
12,070,000
11,580,789
PerkinElmer,
Inc.,
0.5500%, 9/15/23
4,550,000
4,404,239
PerkinElmer,
Inc.,
0.8500%, 9/15/24
23,550,000
22,062,794
Roche
Holdings,
Inc.,
1.8820%, 3/8/24
(144A)
17,500,000
17,171,185
Thermo
Fisher
Scientific,
Inc.,
0.7970%, 10/18/23
13,950,000
13,526,024
Thermo
Fisher
Scientific,
Inc.,
1.2150%, 10/18/24
13,950,000
13,234,113
Unilever
Capital
Corp.,
0.6260%, 8/12/24
6,550,000
6,193,489
WSO
Finance
Pty.
Ltd.,
3.5000%, 7/14/23
AUD
3,290,000
2,355,200
WSO
Finance
Pty.
Ltd.,
4.5000%, 3/31/27
910,000
651,391
WSO
Finance
Pty.
Ltd.,
4.5000%, 9/30/27
5,000,000
3,588,198
245,532,713
Diversified
-
0.3%
CK
Hutchison
International
17
II
Ltd.,
2.7500%, 3/29/23
(144A)
$
1,200,000
1,196,676
CK
Hutchison
International
19
Ltd.,
3.2500%, 4/11/24
(144A)
5,700,000
5,690,770
6,887,446
Energy
-
1.1%
Enbridge,
Inc.,
SOFRINDX
+
0.6300%,
0.8181%, 2/16/24
‡
6,550,000
6,558,064
Enbridge,
Inc.,
2.1500%, 2/16/24
6,550,000
6,401,053
Harvest
Operations
Corp.,
4.2000%, 6/1/23
200,000
202,224
Harvest
Operations
Corp.,
4.2000%, 6/1/23
(144A)
2,900,000
2,932,248
Harvest
Operations
Corp.,
1.0000%, 4/26/24
(144A)
6,150,000
5,866,546
SA
Global
Sukuk
Ltd.,
0.9460%, 6/17/24
(144A)
6,550,000
6,197,938
28,158,073
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
6
April
30,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
43.2%
AAI
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
3.2000%,
3.4842%, 10/6/42
‡
AUD
7,170,000
$
5,132,952
AerCap
Ireland
Capital
DAC,
1.6500%, 10/29/24
$
14,625,000
13,633,595
AerCap
Ireland
Capital
DAC,
1.7500%, 10/29/24
16,000,000
14,889,247
AerCap
Ireland
Capital
DAC,
3.6500%, 7/21/27
3,095,000
2,900,505
Air
Lease
Corp.,
0.8000%, 8/18/24
16,150,000
15,012,953
Air
Lease
Corp.,
1.8750%, 8/15/26
6,235,000
5,560,407
American
Express
Co.,
SOFRINDX
+
0.7200%,
1.4788%, 5/3/24
‡
6,875,000
6,873,466
American
Express
Co.,
SOFR
+
0.9300%,
1.1544%, 3/4/25
‡
12,900,000
12,986,466
ANZ
New
Zealand
Int'l
Ltd.,
3.4000%, 3/19/24
(144A)
1,000,000
1,000,936
ANZ
New
Zealand
Int'l
Ltd.,
1.2500%, 6/22/26
(144A)
13,900,000
12,525,460
Athene
Global
Funding,
2.5140%, 3/8/24
(144A)
2,500,000
2,437,416
Athene
Global
Funding,
0.9140%, 8/19/24
(144A)
13,850,000
12,990,014
Athene
Global
Funding,
1.7160%, 1/7/25
(144A)
15,460,000
14,469,632
Athene
Global
Funding,
1.6080%, 6/29/26
(144A)
23,135,000
20,565,503
Australia
&
New
Zealand
Banking
Group
Ltd.,
5-year
AUD
Swap
Offer
Rate
+
1.8500%,
4.7500%, 5/13/27
‡
AUD
3,170,000
2,255,126
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.0000%,
2.5274%, 7/26/29
‡
1,290,000
928,002
Australia
&
New
Zealand
Banking
Group
Ltd.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.2880%,
2.9500%, 7/22/30
(144A)
‡
$
23,781,000
22,583,805
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.8500%,
1.9298%, 2/26/31
‡
AUD
150,000
106,086
Aviation
Capital
Group
LLC,
1.9500%, 1/30/26
(144A)
$
12,640,000
11,291,596
Aviation
Capital
Group
LLC,
1.9500%, 9/20/26
(144A)
15,250,000
13,345,223
Banco
Santander
SA,
3.4960%, 3/24/25
27,400,000
26,954,809
Bank
of
America
Corp.,
SOFR
+
1.4600%,
1.4860%, 5/19/24
‡
3,000,000
2,945,731
Bank
of
America
Corp.,
SOFR
+
0.6700%,
1.8430%, 2/4/25
‡
2,150,000
2,080,976
Bank
of
America
Corp.,
ICE
LIBOR
USD
3
Month
+
0.9700%,
3.4580%, 3/15/25
‡
2,950,000
2,922,456
Bank
of
America
Corp.,
SOFR
+
0.9100%,
0.9810%, 9/25/25
‡
18,155,000
16,899,797
Bank
of
America
Corp.,
0.6000%, 1/26/26
Ç
2,000,000
1,744,470
Bank
of
America
Corp.,
SOFR
+
1.3300%,
3.3840%, 4/2/26
‡
3,000,000
2,934,820
Bank
of
America
Corp.,
SOFR
+
0.9100%,
1.6580%, 3/11/27
‡
18,570,000
16,815,623
Bank
of
America
Corp.,
SOFR
+
0.9600%,
1.7340%, 7/22/27
‡
6,650,000
5,967,598
Bank
of
Queensland
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.8500%,
1.9208%, 5/1/28
‡
AUD
19,500,000
13,911,546
Bank
of
Queensland
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.6000%,
2.3120%, 7/29/31
‡
2,950,000
2,049,583
Bendigo
&
Adelaide
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4500%,
2.5298%, 11/30/28
‡
24,600,000
17,767,045
Charles
Schwab
Corp.
(The),
0.7500%, 3/18/24
$
14,200,000
13,596,890
Charter
Hall
Exchange
Finance
Pty.
Ltd.,
2.3170%, 9/25/30
AUD
3,800,000
2,192,550
Charter
Hall
LWR
Pty.
Ltd.,
2.0860%, 3/3/28
470,000
287,405
Citigroup,
Inc.,
SOFR
+
0.6690%,
0.9810%, 5/1/25
‡
$
11,470,000
10,814,914
Citigroup,
Inc.,
SOFR
+
2.8420%,
3.1060%, 4/8/26
‡
100,000
96,745
Citigroup,
Inc.,
SOFR
+
0.7650%,
1.1220%, 1/28/27
‡
24,000,000
21,421,246
Citigroup,
Inc.,
SOFR
+
0.7700%,
1.4620%, 6/9/27
‡
16,950,000
15,086,841
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.1300%,
1.4400%, 1/11/24
‡
AUD
200,000
143,336
Commonwealth
Bank
of
Australia,
3.3500%, 6/4/24
$
7,289,000
7,310,648
Commonwealth
Bank
of
Australia,
1.1250%, 6/15/26
(144A)
19,400,000
17,467,279
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.8000%,
1.9450%, 9/10/30
‡
AUD
2,500,000
1,770,460
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.3200%,
1.3950%, 8/20/31
‡
24,700,000
17,095,447
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
Janus
Detroit
Street
Trust
7
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
Cooperatieve
Rabobank
UA,
0.3750%, 1/12/24
$
12,200,000
$
11,634,805
Cooperatieve
Rabobank
UA,
2.6250%, 7/22/24
(144A)
1,000,000
979,696
Cooperatieve
Rabobank
UA,
1.3750%, 1/10/25
3,590,000
3,400,252
Cooperatieve
Rabobank
UA,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.0000%,
1.3390%, 6/24/26
(144A)
‡
5,400,000
4,978,386
Cooperatieve
Rabobank
UA,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.7300%,
1.9800%, 12/15/27
(144A)
‡
3,500,000
3,173,941
Corebridge
Financial,
Inc.,
3.5000%, 4/4/25
(144A)
10,475,000
10,368,784
Credit
Suisse
AG,
SOFRINDX
+
1.2600%,
1.5457%, 2/21/25
‡
13,300,000
13,300,015
DBS
Group
Holdings
Ltd.,
1.1690%, 11/22/24
(144A)
15,000,000
14,285,570
DBS
Group
Holdings
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.5800%,
1.7339%, 3/16/28
‡
AUD
26,020,000
18,544,960
DBS
Group
Holdings
Ltd.,
USD
ICE
Swap
Rate
5
Year
+
1.5900%,
4.5200%, 12/11/28
(144A)
‡
$
3,600,000
3,649,429
DBS
Group
Holdings
Ltd.,
USD
ICE
Swap
Rate
5
Year
+
1.5900%,
4.5200%, 12/11/28
‡
3,270,000
3,314,898
DEXUS
Finance
Pty.
Ltd.,
4.2000%, 11/9/22
AUD
3,000,000
2,156,411
Dexus
Wholesale
Property
Fund,
4.7500%, 6/16/25
2,590,000
1,886,544
GAIF
Bond
Issuer
Pty.
Ltd.,
3.4000%, 9/30/26
(144A)
$
3,390,000
3,325,366
GAIF
Bond
Issuer
Pty.
Ltd.,
3.4000%, 9/30/26
4,289,000
4,207,226
General
Property
Trust,
3.5910%, 11/7/23
AUD
1,500,000
1,071,958
General
Property
Trust,
3.6725%, 9/19/24
2,200,000
1,566,771
Goldman
Sachs
Group,
Inc.
(The),
SOFR
+
0.5050%,
0.6570%, 9/10/24
‡
$
18,775,000
18,017,044
Goldman
Sachs
Group,
Inc.
(The),
SOFR
+
0.7300%,
1.7570%, 1/24/25
‡
5,200,000
5,020,977
Goldman
Sachs
Group,
Inc.
(The),
3.5000%, 4/1/25
6,680,000
6,579,102
Goldman
Sachs
Group,
Inc.
(The),
ICE
LIBOR
USD
3
Month
+
1.2010%,
3.2720%, 9/29/25
‡
2,575,000
2,533,528
Goldman
Sachs
Group,
Inc.
(The),
SOFR
+
0.8180%,
1.5420%, 9/10/27
‡
18,775,000
16,589,052
GPT
Wholesale
Shopping
Centre
Fund
No.
1,
3.9930%, 9/11/24
AUD
5,780,000
4,076,107
HSBC
Holdings
plc,
SOFR
+
0.5340%,
0.7320%, 8/17/24
‡
$
6,390,000
6,149,963
HSBC
Holdings
plc,
SOFR
+
0.5800%,
1.1620%, 11/22/24
‡
11,300,000
10,837,673
HSBC
Holdings
plc,
SOFR
+
0.7075%,
0.9760%, 5/24/25
‡
10,000,000
9,375,339
Insurance
Australia
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4500%,
2.6045%, 12/15/36
‡
AUD
7,540,000
5,391,478
Insurance
Australia
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.1000%,
2.2545%, 6/15/44
‡
17,350,000
12,369,705
Insurance
Australia
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.3500%,
2.5045%, 6/15/45
‡
6,730,000
4,807,048
JPMorgan
Chase
&
Co.,
SOFR
+
0.5400%,
0.8240%, 6/1/25
‡
$
7,560,000
7,112,891
JPMorgan
Chase
&
Co.,
CME
Term
SOFR
3
Month
+
0.5800%,
0.9690%, 6/23/25
‡
12,300,000
11,572,329
JPMorgan
Chase
&
Co.,
SOFR
+
1.1600%,
2.3010%, 10/15/25
‡
390,000
373,972
JPMorgan
Chase
&
Co.,
SOFR
+
0.9150%,
2.5950%, 2/24/26
‡
3,200,000
3,078,384
JPMorgan
Chase
&
Co.,
SOFR
+
0.8000%,
1.0450%, 11/19/26
‡
21,170,000
19,027,305
JPMorgan
Chase
&
Co.,
CME
Term
SOFR
3
Month
+
0.6950%,
1.0400%, 2/4/27
‡
10,000,000
8,904,517
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.6000%,
2.7350%, 3/6/23
‡
AUD
2,600,000
1,851,068
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.3500%,
2.4298%, 2/26/24
‡
9,440,000
6,670,767
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4500%,
2.6097%, 3/17/25
‡
2,780,000
1,960,274
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.5500%,
2.6283%, 5/25/26
‡
10,800,000
7,558,859
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
8
April
30,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
Lloyds
Banking
Group
plc,
90
Day
Australian
Bank
Bill
Rate
+
1.3000%,
1.4802%, 3/20/23
‡
AUD
3,310,000
$
2,359,983
Lloyds
Banking
Group
plc,
3.6500%, 3/20/23
1,500,000
1,073,683
Lloyds
Banking
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.1000%,
1.3260%, 6/15/23
‡
$
9,300,000
9,281,657
Lloyds
Banking
Group
plc,
ICE
LIBOR
USD
3
Month
+
0.8100%,
2.9070%, 11/7/23
‡
3,400,000
3,394,184
Lloyds
Banking
Group
plc,
3.9000%, 11/23/23
AUD
3,850,000
2,752,994
Lloyds
Banking
Group
plc,
3.9000%, 3/12/24
$
4,880,000
4,887,269
Lloyds
Banking
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.5500%,
0.6950%, 5/11/24
‡
5,700,000
5,531,715
Macquarie
Bank
Ltd.,
2.3000%, 1/22/25
(144A)
12,840,000
12,404,976
Macquarie
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.9000%,
2.9798%, 5/28/30
‡
AUD
19,800,000
14,453,316
Macquarie
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.5500%,
1.7097%, 6/17/31
‡
11,100,000
7,700,378
Macquarie
Group
Ltd.,
SOFR
+
0.6940%,
1.2010%, 10/14/25
(144A)
‡
$
9,700,000
9,058,871
Macquarie
Group
Ltd.,
SOFR
+
0.9100%,
1.6290%, 9/23/27
(144A)
‡
2,100,000
1,848,875
Morgan
Stanley,
SOFR
+
0.5250%,
0.7900%, 5/30/25
‡
17,600,000
16,460,448
Morgan
Stanley,
SOFR
+
0.5600%,
1.1640%, 10/21/25
‡
11,000,000
10,266,711
Morgan
Stanley,
SOFR
+
0.8790%,
1.5930%, 5/4/27
‡
2,040,000
1,834,390
Morgan
Stanley,
SOFR
+
0.8580%,
1.5120%, 7/20/27
‡
27,715,000
24,672,078
National
Australia
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.1500%,
2.2300%, 5/17/29
‡
AUD
12,620,000
9,101,225
National
Australia
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.7000%,
1.7800%, 11/18/30
‡
23,000,000
16,208,802
National
Australia
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.0200%,
2.1000%, 11/18/31
‡
9,240,000
6,550,636
Nordea
Bank
Abp
,
1.0000%, 6/9/23
(144A)
$
6,700,000
6,542,323
Nordea
Bank
Abp
,
0.7500%, 8/28/25
(144A)
9,000,000
8,190,828
Oversea-Chinese
Banking
Corp.
Ltd.,
4.2500%, 6/19/24
(144A)
616,000
624,026
Oversea-Chinese
Banking
Corp.
Ltd.,
4.2500%, 6/19/24
2,930,000
2,968,178
QIC
Finance
Shopping
Center
Fund
Pty.
Ltd.,
3.7500%, 12/6/23
AUD
1,000,000
715,709
QIC
Finance
Shopping
Center
Fund
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.2700%,
1.3500%, 8/15/25
‡
3,290,000
2,347,568
Royal
Bank
of
Canada,
2.3520%, 7/2/24
CAD
20,200,000
15,345,393
Royal
Bank
of
Canada,
2.5500%, 7/16/24
$
190,000
186,790
Royal
Bank
of
Canada,
1.1500%, 6/10/25
220,000
203,279
Royal
Bank
of
Canada,
1.2000%, 4/27/26
13,630,000
12,298,295
Shopping
Centres
Australasia
Property
Retail
Trust,
3.9000%, 6/7/24
AUD
4,600,000
3,294,054
Suncorp
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.1500%,
2.2850%, 12/5/28
‡
15,890,000
11,433,597
Suncorp
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.2500%,
2.3350%, 12/1/35
‡
5,000,000
3,562,413
Suncorp-
Metway
Ltd.,
3.3000%, 4/15/24
(144A)
$
9,990,000
9,971,964
SVB
Financial
Group,
2.1000%, 5/15/28
13,370,000
11,745,026
Swedbank
AB,
SOFRINDX
+
0.9100%,
1.1982%, 4/4/25
(144A)
‡
12,000,000
12,003,459
Toronto-Dominion
Bank
(The),
0.5500%, 3/4/24
2,780,000
2,650,004
Toronto-Dominion
Bank
(The),
2.8500%, 3/8/24
CAD
16,840,000
12,981,841
Toronto-Dominion
Bank
(The),
0.7000%, 9/10/24
$
4,150,000
3,907,647
Toronto-Dominion
Bank
(The),
1.1500%, 6/12/25
7,200,000
6,674,246
UBS
AG,
0.3750%, 6/1/23
(144A)
9,950,000
9,691,597
UBS
AG,
0.7000%, 8/9/24
(144A)
4,550,000
4,288,998
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
Janus
Detroit
Street
Trust
9
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
United
Overseas
Bank
Ltd.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.5000%,
3.7500%, 4/15/29
(144A)
‡
$
4,230,000
$
4,216,899
Vicinity
Centres
Trust,
3.5000%, 4/26/24
AUD
5,700,000
4,032,277
Vicinity
Centres
Trust,
90
Day
Australian
Bank
Bill
Rate
+
1.4200%,
1.6350%, 6/27/25
‡
500,000
359,715
Vicinity
Centres
Trust,
4.0000%, 4/26/27
150,000
104,971
Wells
Fargo
&
Co.,
SOFR
+
1.6000%,
1.6540%, 6/2/24
‡
$
20,480,000
20,131,285
Wells
Fargo
&
Co.,
SOFR
+
0.5100%,
0.8050%, 5/19/25
‡
6,570,000
6,177,174
Wells
Fargo
&
Co.,
ICE
LIBOR
USD
3
Month
+
0.7500%,
2.1640%, 2/11/26
‡
9,590,000
9,096,975
Wells
Fargo
&
Co.,
SOFR
+
1.3200%,
1.5900%, 4/25/26
‡
3,500,000
3,502,590
Wells
Fargo
&
Co.,
3.7000%, 7/27/26
AUD
18,000,000
12,332,560
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
0.9500%,
1.0284%, 11/16/23
‡
14,300,000
10,225,129
Westpac
Banking
Corp.,
1.0190%, 11/18/24
$
6,000,000
5,683,986
Westpac
Banking
Corp.,
2.3500%, 2/19/25
1,800,000
1,749,992
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.4000%,
1.4784%, 2/16/28
‡
AUD
6,100,000
4,341,378
Westpac
Banking
Corp.,
5-year
AUD
Swap
Offer
Rate
+
2.6500%,
4.8000%, 6/14/28
‡
300,000
215,346
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.8000%,
1.9816%, 6/22/28
‡
15,800,000
11,296,979
Westpac
Banking
Corp.,
5-year
AUD
Swap
Offer
Rate
+
1.8300%,
4.3340%, 8/16/29
‡
13,722,000
9,744,031
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.9800%,
2.0598%, 8/27/29
‡
6,700,000
4,815,920
Westpac
Banking
Corp.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.3500%,
2.8940%, 2/4/30
‡
$
5,910,000
5,637,224
1,098,602,856
Industrial
-
3.9%
Canadian
Pacific
Railway
Co.,
1.3500%, 12/2/24
9,875,000
9,353,590
Caterpillar
Financial
Services
Corp.,
0.4500%, 5/17/24
8,420,000
7,995,618
Caterpillar
Financial
Services
Corp.,
0.6000%, 9/13/24
1,950,000
1,842,766
Caterpillar
Financial
Services
Corp.,
2.1500%, 11/8/24
2,200,000
2,151,086
Caterpillar
Financial
Services
Corp.,
1.4500%, 5/15/25
4,600,000
4,356,874
Caterpillar
Financial
Services
Corp.,
0.8000%, 11/13/25
13,590,000
12,418,876
CNH
Industrial
Capital
Australia
Pty.
Ltd.,
2.1000%, 12/12/22
AUD
230,000
163,361
DAE
Funding
LLC,
1.5500%, 8/1/24
(144A)
$
3,450,000
3,217,273
John
Deere
Capital
Corp.,
0.4500%, 1/17/24
3,590,000
3,448,225
John
Deere
Capital
Corp.,
0.4500%, 6/7/24
11,650,000
11,071,192
John
Deere
Capital
Corp.,
0.6250%, 9/10/24
6,300,000
5,954,878
John
Deere
Capital
Corp.,
0.7000%, 1/15/26
6,080,000
5,526,291
Martin
Marietta
Materials,
Inc.,
0.6500%, 7/15/23
6,525,000
6,359,383
New
Terminal
Financing
Co.
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.4500%,
1.7627%, 7/12/24
‡
AUD
8,980,000
6,340,205
Stanley
Black
&
Decker,
Inc.,
2.3000%, 2/24/25
$
16,325,000
15,846,982
Sydney
Airport
Finance
Co.
Pty.
Ltd.,
3.9000%, 3/22/23
1,230,000
1,238,097
Sydney
Airport
Finance
Co.
Pty.
Ltd.,
3.9000%, 3/22/23
(144A)
1,000,000
1,006,583
98,291,280
Technology
-
3.6%
Apple,
Inc.,
2.4000%, 1/13/23
5,100,000
5,115,013
Apple,
Inc.,
0.7500%, 5/11/23
3,600,000
3,547,518
Apple,
Inc.,
1.8000%, 9/11/24
8,200,000
8,012,053
Apple,
Inc.,
0.5500%, 8/20/25
3,690,000
3,399,634
Apple,
Inc.,
0.7000%, 2/8/26
9,240,000
8,438,904
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
10
April
30,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Technology
-
(continued)
Fiserv,
Inc.,
3.8000%, 10/1/23
$
21,820,000
$
22,022,841
Intuit,
Inc.,
0.6500%, 7/15/23
14,410,000
14,065,459
NVIDIA
Corp.,
0.5840%, 6/14/24
16,300,000
15,512,159
VMware,
Inc.,
1.0000%, 8/15/24
6,550,000
6,160,088
VMware,
Inc.,
1.4000%, 8/15/26
6,550,000
5,870,955
92,144,624
Utilities
-
4.2%
Ausgrid
Finance
Pty.
Ltd.,
3.8500%, 5/1/23
(144A)
7,940,000
7,961,019
Ausgrid
Finance
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.1000%,
1.1700%, 2/5/24
‡
AUD
370,000
263,394
Ausgrid
Finance
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.2200%,
1.9320%, 10/30/24
‡
22,300,000
15,908,172
Ausgrid
Finance
Pty.
Ltd.,
3.7500%, 10/30/24
17,320,000
12,277,272
AusNet
Services
Holdings
Pty.
Ltd.,
5.3750%, 7/2/24
4,400,000
3,238,489
Australian
Gas
Networks
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.4200%,
0.6515%, 7/1/26
‡
3,000,000
2,073,040
ETSA
Utilities
Finance
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.0400%,
1.1947%, 12/13/23
‡
1,530,000
1,092,074
ETSA
Utilities
Finance
Pty.
Ltd.,
3.5000%, 8/29/24
5,480,000
3,885,415
Korea
East-West
Power
Co.
Ltd.,
3.8750%, 7/19/23
(144A)
$
4,000,000
4,045,080
Korea
East-West
Power
Co.
Ltd.,
3.8750%, 7/19/23
200,000
202,254
Korea
East-West
Power
Co.
Ltd.,
1.7500%, 5/6/25
5,854,000
5,570,491
Korea
Southern
Power
Co.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.9700%,
1.6820%, 10/30/24
‡
AUD
2,090,000
1,490,952
Network
Finance
Co.
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.2300%,
1.4831%, 12/6/24
‡
14,120,000
10,094,235
Network
Finance
Co.
Pty.
Ltd.,
3.5000%, 12/6/24
1,300,000
917,433
Network
Finance
Co.
Pty.
Ltd.,
2.2500%, 11/11/26
570,000
371,465
NextEra
Energy
Capital
Holdings,
Inc.,
SOFRINDX
+
1.0200%,
1.3067%, 3/21/24
‡
$
10,000,000
10,007,736
NextEra
Energy
Capital
Holdings,
Inc.,
2.9400%, 3/21/24
13,300,000
13,202,423
SGSP
Australia
Assets
Pty.
Ltd.,
3.3000%, 4/9/23
Ç
14,270,000
14,278,310
SGSP
Australia
Assets
Pty.
Ltd.,
3.2500%, 7/29/26
200,000
194,180
107,073,434
Total
Corporate
Bonds
(cost
$2,129,747,341)
2,019,114,192
Foreign
Government
Bonds
-
5.2%
Kiwibank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.7000%,
0.8950%, 9/23/25
‡
AUD
16,880,000
12,003,936
Korea
Hydro
&
Nuclear
Power
Co.
Ltd.,
3.7500%, 7/25/23
(144A)
$
8,050,000
8,126,458
Korea
National
Oil
Corp.,
0.8750%, 10/5/25
(144A)
6,500,000
5,919,355
New
South
Wales
Treasury
Corp.,
1.0000%, 2/8/24
AUD
23,350,000
16,177,056
New
Zealand
Government
Bond,
0.5000%, 5/15/24
NZD
78,100,000
47,909,400
Queensland
Treasury
Corp.,
5.7500%, 7/22/24
AUD
29,700,000
22,455,603
South
Australian
Government
Financing
Authority,
2.2500%, 8/15/24
12,800,000
8,982,846
Treasury
Corp.
of
Victoria,
5.5000%, 12/17/24
6,400,000
4,853,091
Western
Australian
Treasury
Corp.,
2.5000%, 7/23/24
7,700,000
5,441,558
Total
Foreign
Government
Bonds
(cost
$139,548,455)
131,869,303
Mortgage-Backed
Securities
-
0.8%
Firstmac
Mortgage
Funding
Trust
No.
4
,
30
Day
Australian
Bank
Bill
Rate
+
1.3000%
,
1.3271
%
,
3/8/49
‡
3,500,000
2,501,459
La
Trobe
Financial
Capital
Markets
Trust
30
Day
Australian
Bank
Bill
Rate
+
2.0000%,
2.0390%, 3/12/50
‡
1,036,927
742,767
30
Day
Australian
Bank
Bill
Rate
+
2.3500%,
2.3890%, 3/12/50
‡
1,724,038
1,236,715
30
Day
Australian
Bank
Bill
Rate
+
1.3500%,
1.3750%, 2/11/51
‡
365,969
262,035
30
Day
Australian
Bank
Bill
Rate
+
1.8500%,
1.8750%, 2/11/51
‡
1,400,000
1,007,724
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
Janus
Detroit
Street
Trust
11
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
Liberty
30
Day
Australian
Bank
Bill
Rate
+
1.9000%,
1.9900%, 10/25/50
‡
AUD
1,055,061
$
755,547
30
Day
Australian
Bank
Bill
Rate
+
2.1000%,
2.1900%, 10/25/50
‡
364,247
260,936
Liberty
SME
,
30
Day
Australian
Bank
Bill
Rate
+
1.4500%
,
1.4750
%
,
7/10/50
‡
3,828,987
2,724,117
Pepper
I-Prime
Trust
,
30
Day
Australian
Bank
Bill
Rate
+
1.6500%
,
1.7400
%
,
11/23/49
‡
4,183,710
2,980,756
Pepper
Residential
Securities
Trust
ICE
LIBOR
USD
1
Month
+
1.0000%,
1.5944%, 6/20/60
(144A)
‡
$
601,994
605,054
30
Day
Australian
Bank
Bill
Rate
+
2.2500%,
2.2850%, 8/18/60
‡
AUD
1,098,112
797,556
ICE
LIBOR
USD
1
Month
+
0.9000%,
1.4541%, 11/18/60
(144A)
‡
$
280,200
281,359
RedZed
Trust
,
30
Day
Australian
Bank
Bill
Rate
+
2.4000%
,
2.4250
%
,
3/9/50
‡
AUD
6,384,353
4,573,457
RESIMAC
Premier
,
ICE
LIBOR
USD
1
Month
+
0.8000%
,
1.2881
%
,
11/10/49
(144A)
‡
$
328,159
328,609
TORRENS
Trust
,
30
Day
Australian
Bank
Bill
Rate
+
1.6000%
,
1.6390
%
,
1/12/46
‡
AUD
954,448
685,436
Total
Mortgage-Backed
Securities
(cost
$20,248,688)
19,743,527
Exchange
Traded
Fund
-
1.1%
Janus
Henderson
AAA
CLO
ETF
£
(cost
$27,667,778)
550,000
27,670,500
Commercial
Paper
-
10.1%
Arrow
Electronics,
Inc.,
0.9001%, 5/2/22
(Section
4(2))
$
60,000,000
59,995,655
Aviation
Capital
Group
LLC,
0.9401%, 5/2/22
(Section
4(2))
68,300,000
68,297,273
Energy
Transfer
LP,
0.8001%, 5/2/22
(Section
4(2))
70,000,000
69,995,666
Jabil,
Inc.,
0.9001%, 5/2/22
(Section
4(2))
18,950,000
18,948,574
Smithfield
Foods,
Inc.,
0.9502%, 5/3/22
(Section
4(2))
15,000,000
14,998,977
VW
Credit,
Inc.,
0.9205%, 5/18/22
(Section
4(2))
25,000,000
24,989,510
Total
Commercial
Paper
(cost
$257,233,035)
257,225,655
Total
Investments
(total
cost
$2,574,606,778
)
-
96.5%
2,455,778,972
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
3.5%
89,274,809
Net
Assets
-
100.0%
$2,545,053,781
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
1,510,684,951
61.5
%
Australia
524,339,791
21.4
Canada
85,561,220
3.5
United
Kingdom
83,151,451
3.4
New
Zealand
60,523,666
2.5
Singapore
47,603,960
1.9
Ireland
31,423,347
1.3
Spain
26,954,809
1.1
South
Korea
25,354,590
1.0
Finland
14,733,151
0.6
Netherlands
14,559,148
0.6
Cayman
Islands
13,085,384
0.5
Sweden
12,003,459
0.5
United
Arab
Emirates
3,217,273
0.1
Japan
2,582,772
0.1
Total
$
2,455,778,972
100.0
%
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
12
April
30,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
4/30/22
Exchange
Traded
Fund
-
1.1%
Janus
Henderson
AAA
CLO
ETF
$
33,183
$
–
$
2,722
$
27,670,500
Market
Value
at
10/31/21
Purchases
Sales
Market
Value
at
4/30/22
Exchange
Traded
Fund
-
1.1%
Janus
Henderson
AAA
CLO
ETF
$
–
$
27,667,778
$
–
$
27,670,500
Schedule
of
Forward
Foreign
Currency
Exchange
Contracts,
Open
Counterparty/
Foreign
Currency
Settlement
Date
Foreign
Currency
Amount
Sold/
(Purchased)
USD
Currency
Amount
Sold/
(Purchased)
Market
Value
and
Unrealized
Appreciation
(Depreciation)
Bank
of
America
N.A.
Australian
Dollar
5/12/22
657,600,000
$
(470,075,496)
$
2,684,839
Canadian
Dollar
5/12/22
61,000,000
(48,013,349)
286,225
2,971,064
Citibank
N.A.
Australian
Dollar
5/12/22
28,200,000
(21,108,123)
1,064,910
Australian
Dollar
5/12/22
6,900,000
(5,154,261)
250,070
Australian
Dollar
5/12/22
(6,000,000)
4,402,470
(137,957)
Australian
Dollar
5/12/22
(7,000,000)
5,148,217
(172,952)
1,004,071
J.P.
Morgan
Chase
Bank
Australian
Dollar
5/12/22
(3,200,000)
2,313,982
(39,575)
Swiss
Franc
5/5/22
73,200,000
(76,089,008)
669,187
629,612
Morgan
Stanley
&
Co.
Australian
Dollar
5/12/22
600,000
(450,971)
24,520
Australian
Dollar
5/12/22
(7,500,000)
5,512,161
(181,519)
New
Zealand
Dollar
5/12/22
75,400,000
(49,996,307)
1,057,626
900,627
Total
$5,505,374
Schedule
of
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
Futures
Long:
U.S.
Treasury
5
Year
Notes
856
6/30/22
$
96,447,125
$
(241,754)
Total
-
Futures
Long
(241,754)
Futures
Short:
Australia
10
Year
Bonds
175
6/15/22
(15,438,487)
992,912
U.S.
Treasury
10
Year
Notes
383
6/21/22
(45,636,844)
2,829,970
U.S.
Treasury
2
Year
Notes
3,750
6/30/22
(790,546,875)
13,681,973
U.S.
Treasury
5
Year
Notes
4,208
6/30/22
(474,123,250)
20,161,126
Total
-
Futures
Short
37,665,981
Total
$37,424,227
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
Janus
Detroit
Street
Trust
13
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
The
following
table,
grouped
by
derivative
type,
provides
information
about
the
fair
value
and
location
of
derivatives
within
the
Statement
of
Assets
and
Liabilities
as
of
April
30,
2022.
The
following
tables
provide
information
about
the
effect
of
derivatives
and
hedging
activities
on
the
Fund’s
Statement
of
Operations
for
the period
ended
April
30,
2022.
Schedule
of
Centrally
Cleared
Credit
Default
Swaps
-
Buy
Protection
Referenced
Asset
Maturity
Date
Notional
Amount
Value
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.38-V1,
Fixed
Rate
of
1.00%
Paid
Quarterly
6/20/27
$
51,500,000
$
(458,153)
$
502,666
$
44,513
CDX.NA.IG.38-V1,
Fixed
Rate
of
1.00%
Paid
Quarterly
6/20/27
130,000,000
(1,156,503)
1,658,430
501,927
Total
(1,614,656)
2,161,096
$546,440
Fair
Value
of
Derivative
Instruments
(not
accounted
for
as
hedging
instruments)
as
of
April
30,
2022
Credit
Contracts
Interest
Rate
Contracts
Currency
Contracts
Total
Asset
Derivatives:
Forward
foreign
currency
exchange
contracts
$—
$—
$6,037,377
$6,037,377
Swaps
-
centrally
cleared
546,440
—
—
546,440
Futures
contracts
—
37,665,981
—
37,665,981
Total
Asset
Derivatives
$546,440
$37,665,981
$6,037,377
$44,249,798
Liability
Derivatives:
Forward
foreign
currency
exchange
contracts
—
—
(532,003)
(532,003)
Futures
contracts
—
(241,754)
—
(241,754)
Total
Liability
Derivatives
$—
$(241,754)
$(532,003)
$(773,757)
The
effect
of
Derivative
Instruments
(not
accounted
for
as
hedging
instruments)
on
the
Statement
of
Operations
for
the
year
ended
April
30,
2022
Amount
of
Realized
Gain/(Loss)
Recognized
on
Derivatives
Derivative
Credit
Contracts
Interest
Rate
Contracts
Currency
Contracts
Total
Forward
foreign
currency
exchange
contracts
$—
$—
$11,483,652
11,483,652
Futures
contracts
—
47,244,523
—
47,244,523
Swap
contracts
169,552
825,012
—
994,564
Total
$169,552
$48,069,535
$11,483,652
59,722,739
Amount
of
Change
in
Unrealized
Appreciation/(Depreciation)
Recognized
on
Derivatives
Derivative
Credit
Contracts
Interest
Rate
Contracts
Currency
Contracts
Total
Forward
foreign
currency
exchange
contracts
$—
$—
$16,714,131
$16,714,131
Futures
contracts
—
24,885,647
—
24,885,647
Swap
contracts
546,440
—
—
546,440
Total
$546,440
$24,885,647
$16,714,131
$42,146,218
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
April
30,
2022
14
April
30,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Please
see
the
“Net
realized
and
change
in
unrealized
gain/(loss)
on
investments”
sections
of
the
Fund’s
Statement
of
Operations.
Average
ending
Monthly
Value
of
Derivative
Instruments
During
the
Period
Ended
April
30,
2022
Futures
contracts:
Average
notional
amount
of
contracts
-
long
$16,074,521
Average
notional
amount
of
contracts
-
short
1,542,032,118
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
-
in
USD
10,564,888
Average
amounts
sold
-
in
USD
593,323,817
Credit
default
swaps:
Average
notional
amount
-
buy
protection
30,250,000
Interest
rate
swaps:
Average
notional
amount
-
pay
fixed
rate/receive
floating
rate
28,897,500
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
April
30,
2022
Janus
Detroit
Street
Trust
15
FTSE
3-Month
U.S.
Treasury
Bill
Index
FTSE
3-Month
U.S.
Treasury
Bill
Index
tracks
the
performance
of
short-term
U.S.
government
debt
securities.
ETF
Exchange
Traded
Fund
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
SOFRINDX
Secured
Overnight
Financing
Rate
Compounded
Index
£
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.
Section
4(2)
Securities
subject
to
legal
and/or
contractual
restrictions
on
resale
and
may
not
be
publicly
sold
without
registration
under
the
Securities
Act
of
1933,
as
amended.
The
total
value
of
Section
4(2)
securities
as
of
the
period
ended
April
30,
2022
is
$257,225,655,
which
represents
10.1%
of
net
assets.
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
April
30,
2022
is
$471,703,266
which
represents
18.5%
of
net
assets.
‡
Variable
or
floating
rate
security.
Rate
shown
is
the
current
rate
as
of
April
30,
2022.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread;
they
are
determined
by
the
issuer
or
agent
and
current
market
conditions.
Reference
rate
is
as
of
reset
date
and
may
vary
by
security,
which
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
April
30,
2022
16
April
30,
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
April
30,
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:
Asset-Backed
Security
$
—
$
155,795
$
—
Corporate
Bonds
—
2,019,114,192
—
Foreign
Government
Bonds
—
131,869,303
—
Mortgage-Backed
Securities
—
19,743,527
—
Exchange
Traded
Fund
27,670,500
—
—
Commercial
Paper
—
257,225,655
—
Total
Investments
in
Securities
$
27,670,500
$
2,428,108,472
$
—
Other
Financial
Instruments
(a)
:
Centrally
Cleared
Swaps
$
—
$
546,440
$
—
Forward
Foreign
Currency
Exchange
Contracts
—
6,037,377
—
Futures
Contracts
37,665,981
—
—
Total
Other
Financial
Instruments
$
37,665,981
$
6,583,817
$
—
Total
Assets
$
65,336,481
$
2,434,692,289
$
—
Liabilities
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
532,003
$
—
Futures
Contracts
241,754
—
—
Total
Liabilities
$
241,754
$
532,003
$
—
(a)
Other
financial
instruments
include
forward
foreign
currency
exchange,
futures
and
swap
contracts.
Forward
foreign
currency
exchange
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.
Janus
Henderson
Short
Duration
Income
ETF
Statement
of
Assets
and
Liabilities
(unaudited)
April
30,
2022
Janus
Detroit
Street
Trust
17
See
Notes
to
Financial
Statements.
Assets:
Unaffiliated
investments,
at
value
(cost
$2,546,939,000)
$
2,428,108,472
Affiliated
investments,
at
value
(cost
$27,667,778)
27,670,500
Cash
denominated
in
foreign
currency
(cost
$79,149,427)
79,056,115
Forward
foreign
currency
exchange
contracts
6,037,377
Due
from
broker
for
centrally
cleared
swaps
2,737,234
Due
from
broker
for
futures
16,240,000
Receivable
for
variation
margin
on
swaps
436,893
Receivables:
Fund
units
sold
7,328,408
Interest
8,878,607
Due
from
adviser
5,119
Total
Assets
2,576,498,723
Liabilities:
Payable
for
variation
margin
on
futures
contracts
4,657,589
Forward
foreign
currency
exchange
contracts
532,003
Payables:
—
Due
to
custodian
18,896,868
Investments
purchased
6,869,290
Management
fees
489,192
Total
Liabilities
31,444,942
Net
Assets
$
2,545,053,781
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
2,614,299,695
Total
distributable
earnings
(loss)
(
69,245,914
)
Total
Net
Assets
$
2,545,053,781
Net
Assets
$
2,545,053,781
Shares
outstanding,
$0.001
Par
Value
(unlimited
shares
authorized)
52,100,000
Net
Asset
Value
Per
Share
$
48
.85
Janus
Henderson
Short
Duration
Income
ETF
Statement
of
Operations
(unaudited)
For
the
period
ended
April
30,
2022
18
April
30,
2022
See
Notes
to
Financial
Statements.
Investment
Income:
Interest
$
17,302,113
Dividends
from
affiliates
33,183
Foreign
tax
withheld
(
27
)
Total
Investment
Income
17,335,269
Expenses:
Management
Fees
2,994,715
Total
Expenses
2,994,715
Less:
Excess
Expense
Reimbursement
and
Waivers
(
12,609
)
Net
Expenses
2,982,106
Net
Investment
Income/(Loss)
14,353,163
Net
Realized
Gain/(Loss)
on
Investments:
Investments
and
foreign
currency
transactions
$
(
17,836,316
)
Forward
foreign
currency
exchange
contracts
11,483,652
Futures
contracts
47,244,523
Swap
contracts
994,564
Total
Net
Realized
Gain/(Loss)
on
Investments
$
41,886,423
Change
in
Unrealized
Net
Appreciation/Depreciation:
Investments
and
foreign
currency
translations
$
(
128,623,188
)
Investments
in
affiliates
2,722
Forward
foreign
currency
exchange
contracts
16,714,131
Futures
contracts
24,885,647
Swap
contracts
546,440
Total
Change
in
Unrealized
Net
Appreciation/Depreciation
$
(
86,474,248
)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(
30,234,662
)
Janus
Henderson
Short
Duration
Income
ETF
Statements
of
Changes
in
Net
Assets
Janus
Detroit
Street
Trust
19
See
Notes
to
Financial
Statements.
Period
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
Operations:
Net
investment
income/(loss)
$
14,353,163
$
28,223,248
Net
realized
gain/(loss)
on
investments
41,886,423
(
5,523,306
)
Change
in
unrealized
net
appreciation/depreciation
(
86,474,248
)
(
18,802,770
)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
(
30,234,662
)
3,897,172
Dividends
and
Distributions
to
Shareholders:
—
—
Dividends
and
Distributions
(
30,885,152
)
(
27,444,008
)
Net
Decrease
from
Dividends
and
Distributions
to
Shareholders
(
30,885,152
)
(
27,444,008
)
Capital
Share
Transactions
(
171,327,113
)
74,521,876
Net
Increase/(Decrease)
in
Net
Assets
(
232,446,927
)
50,975,040
Net
Assets:
—
—
Beginning
of
Period  
2,777,500,708
2,726,525,668
End
of
Period
$
2,545,053,781
$
2,777,500,708
Janus
Henderson
Short
Duration
Income
ETF
Financial
Highlights
20
April
30,
2022
See
Notes
to
Financial
Statements.
For
a
share
outstanding
during
the
period
ended
April
30,
2022
(unaudited)
and
each
year
or
period
ended
October
31
2022
2021
2020
2019
2018
2017
(1)
Net
Asset
Value,
Beginning
of
Period
$50.00
$50.40
$49.89
$50.04
$50.35
$50.00
Income/(Loss)
from
Investment
Operations:
—
—
—
—
—
—
Net
investment
income/(loss)
(2)
0.27
0.49
0.77
1.39
1.25
0.82
Net
realized
and
unrealized
gain/(loss)
(0.84)
(0.41)
0.70
0.53
(0.33)
0.11
Total
from
Investment
Operations
(0.57)
0.08
1.47
1.92
0.92
0.93
Less
Dividends
and
Distributions:
—
—
—
—
—
—
Dividends
(from
net
investment
income)
(0.58)
(0.48)
(0.96)
(1.43)
(1.23)
(0.58)
Distributions
(from
capital
gains)
—
—
—
(0.64)
—
—
Total
Dividends
and
Distributions
(0.58)
(0.48)
(0.96)
(2.07)
(1.23)
(0.58)
Net
Asset
Value,
End
of
Period
$48.85
$50.00
$50.40
$49.89
$50.04
$50.35
Total
Return
*
(1.15)%
0.15%
2.99%
3.95%
1.86%
1.87%
Net
assets,
End
of
Period
(in
thousands)
$2,545,054
$2,777,501
$2,726,526
$1,037,735
$730,545
$156,084
Average
Net
Assets
for
the
Period
(in
thousands)
$2,643,746
$2,893,718
$1,601,333
$925,572
$406,711
$66,131
Ratios
to
Average
Net
Assets
**
Ratio
of
Gross
Expenses
0.23%
0.23%
0.26%
0.32%
0.35%
0.35%
Ratio
of
Net
Expenses
(After
Waivers
and
Expense
Offsets)
0.23%
0.23%
0.26%
0.32%
0.35%
0.35%
Ratio
of
Net
Investment
Income/(Loss)
1.09%
0.98%
1.54%
2.80%
2.51%
1.71%
Portfolio
Turnover
Rate
(3)
21%
74%
14%
23%
22%
44%
*
Total
return
not
annualized
for
periods
of
less
than
one
full
year.
**
Annualized
for
periods
of
less
than
one
full
year.
(1)
Period
from
November
16,
2016
(commencement
of
operations)
through
October
31,
2017.
(2)
Per
share
amounts
are
calculated
based
on
average
shares
outstanding
during
the
year
or
period.
(3)
Portfolio
turnover
rate
excludes
securities
received
or
delivered
from
in-kind
processing
of
creation
or
redemptions.
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
21
1.
Organization
and
Significant
Accounting
Policies
Janus
Henderson
Short
Duration
Income
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
to
provide
a
steady
income
stream
with
capital
preservation
across
various
market
cycles.
The
Fund
seeks
to
consistently
outperform
the
FTSE
3-Month
U.S.
Treasury
Bill
Index
by
a
moderate
amount
through
various
market
cycles
while
at
the
same
time
providing
low
volatility.
The
Fund
is
classified
as
diversified,
as
defined
in
the
1940
Act.
Janus
Henderson
Investors
US
LLC
(formerly
Janus
Capital
Management
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.
(NYSE
Arca"),
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 
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-
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
22
April
30,
2022
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.
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,
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.
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
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
23
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
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. 
Indemnifications
In
the
normal
course
of
business,
the
Fund
may
enter
into
contracts
that
contain
provisions
for
indemnification
of
other
parties
against
certain
potential
liabilities.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
and
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
risk
of
material
loss
from
such
claims
is
considered
remote. 
Foreign
Currency
Translations
The
Fund
does
not
isolate
that
portion
of
the
results
of
operations
resulting
from
the
effect
of
changes
in
foreign
exchange
rates
on
investments
from
the
fluctuations
arising
from
changes
in
market
prices
of
securities
held
at
the
date
of
the
financial
statements.
Net
unrealized
appreciation
or
depreciation
of
investments
and
foreign
currency
translations
arise
from
changes
in
the
value
of
assets
and
liabilities,
including
investments
in
securities
held
at
the
date
of
the
financial
statements,
resulting
from
changes
in
the
exchange
rates
and
changes
in
market
prices
of
securities
held.
Currency
gains
and
losses
are
also
calculated
on
payables
and
receivables
that
are
denominated
in
foreign
currencies.
The
payables
and
receivables
are
generally
related
to
foreign
security
transactions
and
income
translations.
Foreign
currency-denominated
assets
and
forward
currency
contracts
may
involve
more
risks
than
domestic
transactions,
including
currency
risk,
counterparty
risk,
political
and
economic
risk,
regulatory
risk
and
equity
risk.
Risks
may
arise
from
unanticipated
movements
in
the
value
of
foreign
currencies
relative
to
the
U.S.
dollar.
Dividends
and
Distributions
Dividends
from
net
investment
income
are
generally
declared
and
distributed
monthly.
Net
realized
capital
gains
(if
any)
are
distributed
annually.
The
Fund
may
treat
a
portion
of
the
amount
paid
to
redeem
shares
as
a
distribution
of
investment
company
taxable
income
and
realized
capital
gains
that
are
reflected
in
the
NAV.
This
practice,
commonly
referred
to
as
“equalization,”
has
no
effect
on
the
redeeming
shareholder
or
a
Fund’s
total
return
but
may
reduce
the
amounts
that
would
otherwise
be
required
to
be
paid
as
taxable
dividends
to
the
remaining
shareholders.
It
is
possible
that
the
Internal
Revenue
Service
(IRS)
could
challenge
the
Fund’s
equalization
methodology
or
calculations,
and
any
such
challenge
could
result
in
additional
tax,
interest,
or
penalties
to
be
paid
by
the
Fund. 
Federal
Income
Taxes
The
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
and
distribute
all
of
its
taxable
income
in
accordance
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code.
Management
has
analyzed
the
Fund’s
tax
positions
taken
for
all
open
federal
income
tax
years,
generally
a
three-year
period,
and
has
concluded
that
no
provision
for
federal
income
tax
is
required
in
the
Fund’s
financial
statements.
The
Fund
is
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months. 
2.
Derivative
Instruments 
The
Fund
may
invest
in
various
types
of
derivatives.
A
derivative
is
a
financial
instrument
whose
performance
is
derived
from
the
performance
of
another
asset.
The
Fund
may
invest
in
derivative
instruments
including,
but
not
limited
to
futures,
forwards,
options,
and
swaps.
Each
derivative
instrument
that
was
held
by
the
Fund
during
the period
ended
April
30,
2022 
is
discussed
in
further
detail
below.
A
summary
of
derivative
activity
by
the
Fund
is
reflected
in
the
tables
at
the
end
of
the
Schedule
of
Investments.
The
Fund
may
use
derivative
instruments
for
various
investment
purposes,
such
as
to
manage
or
hedge
portfolio
risk,
including
interest
rate
risk,
enhance
return
or
to
manage
duration.
The
Fund’s
use
of
derivative
instruments
involves
risks
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
securities
and
other
traditional
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
24
April
30,
2022
investments.
Derivatives
are
subject
to
a
number
of
risks
including
liquidity
risk,
market
risk,
credit
risk,
default
risk,
counterparty
risk
and
management
risk.
They
also
involve
the
risk
of
mispricing
or
improper
valuation
and
the
risk
that
changes
in
the
value
of
the
derivative
may
not
correlate
exactly
with
the
change
in
the
value
of
the
underlying
asset,
rate
or
index.
Also,
suitable
derivative
transactions
may
not
be
available
in
all
circumstances
and
there
can
be
no
assurance
that
the
Fund
will
engage
in
these
transactions
to
reduce
exposure
to
other
risks
when
that
would
be
beneficial.
When
used
to
enhance
return
the
Fund
may
be
fully
exposed
to
the
risk
of
loss
of
that
derivative,
which
may
sometimes
be
greater
than
the
derivative’s
cost.
While
use
of
derivatives
to
hedge
can
reduce
or
eliminate
losses,
it
can
also
reduce
or
eliminate
gains
or
cause
losses
if
the
market
moves
in
a
manner
different
from
that
anticipated
by the
Adviser or
if
the
cost
of
the
derivative
outweighs
the
benefit
of
the
hedge.
The
Fund’s
ability
to
use
derivatives
may
also
be
limited
by
certain
regulatory
and
tax
considerations. 
In
pursuit
of
its
investment
objective,
the
Fund
may
seek
to
use
derivatives
to
increase
or
decrease
exposure
to
the
following
market
risk
factors: 
Counterparty
Risk
 -
the
risk
that
the
counterparty
(the
party
on
the
other
side
of
the
transaction)
on
a
derivative
transaction
will
be
unable
to
honor
its
financial
obligation
to
the
Fund. 
Credit
Risk
-
the
risk
an
issuer
will
be
unable
to
make
principal
and
interest
payments
when
due
or
will
default
on
its
obligations. 
Currency
Risk
-
the
risk
that
changes
in
the
exchange
rate
between
currencies
will
adversely
affect
the
value
(in
U.S.
dollar
terms)
of
an
investment. 
Index
Risk
-
if
the
derivative
is
linked
to
the
performance
of
an
index,
it
will
be
subject
to
the
risks
associated
with
changes
in
that
index.
If
the
index
changes,
the
Fund
could
receive
lower
interest
payments
or
experience
a
reduction
in
the
value
of
the
derivative
to
below
what
the
Fund
paid.
Certain
indexed
securities,
including
inverse
securities
(which
move
in
an
opposite
direction
to
the
index),
may
create
leverage,
to
the
extent
that
they
increase
or
decrease
in
value
at
a
rate
that
is
a
multiple
of
the
changes
in
the
applicable
index. 
Interest
Rate
Risk
-
the
risk
that
the
value
of
fixed-income
securities
will
generally
decline
as
prevailing
interest
rates
rise,
which
may
cause
the
Fund's
NAV
to
likewise
decrease. 
Leverage
Risk
-
the
risk
associated
with
certain
types
of
leveraged
investments
or
trading
strategies
pursuant
to
which
relatively
small
market
movements
may
result
in
large
changes
in
the
value
of
an
investment.
The
Fund
creates
leverage
by
investing
in
instruments,
including
derivatives,
where
the
investment
loss
can
exceed
the
original
amount
invested.
Certain
investments
or
trading
strategies,
such
as
short
sales,
that
involve
leverage
can
result
in
losses
that
greatly
exceed
the
amount
originally
invested. 
Liquidity
Risk
-
the
risk
that
certain
securities
may
be
difficult
or
impossible
to
sell
at
the
time
that
the
seller
would
like
or
at
the
price
that
the
seller
believes
the
security
is
currently
worth. 
Derivatives
may
generally
be
traded
OTC
or
on
an
exchange.
Derivatives
traded
OTC
are
agreements
that
are
individually
negotiated
between
parties
and
can
be
tailored
to
meet
a
purchaser's
needs.
OTC
derivatives
are
not
guaranteed
by
a
clearing
agency
and
may
be
subject
to
increased
credit
risk. 
In
an
effort
to
mitigate
credit
risk
associated
with
derivatives
traded
OTC,
the
Fund
may
enter
into
collateral
agreements
with
certain
counterparties
whereby,
subject
to
certain
minimum
exposure
requirements,
the
Fund
may
require
the
counterparty
to
post
collateral
if
the
Fund
has
a
net
aggregate
unrealized
gain
on
all
OTC
derivative
contracts
with
a
particular
counterparty.
Additionally,
the
Fund
may
deposit
cash
and/or
treasuries
as
collateral
with
the
counterparty
and/
or
custodian
daily
(based
on
the
daily
valuation
of
the
financial
asset)
if
the
Fund
has
a
net
aggregate
unrealized
loss
on
OTC
derivative
contracts
with
a
particular
counterparty.
All
liquid
securities
and
restricted
cash
are
considered
to
cover
in
an
amount
at
all
times
equal
to
or
greater
than
the
Fund’s
commitment
with
respect
to
certain
exchange-traded
derivatives,
centrally
cleared
derivatives,
forward
foreign
currency
exchange
contracts,
short
sales,
and/or
securities
with
extended
settlement
dates.
There
is
no
guarantee
that
counterparty
exposure
is
reduced
and
these
arrangements
are
dependent
on
the
Adviser's ability
to
establish
and
maintain
appropriate
systems
and
trading. 
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
25
Forward
Foreign
Currency
Exchange
Contracts
A
forward
foreign
currency
exchange
contract
(“forward
currency
contract”)
is
an
obligation
to
buy
or
sell
a
specified
currency
at
a
future
date
at
a
negotiated
rate
(which
may
be
U.S.
dollars
or
a
foreign
currency).
The
Fund
may
enter
into
forward
currency
contracts
for
hedging
purposes,
including,
but
not
limited
to,
reducing
exposure
to
changes
in
foreign
currency
exchange
rates
on
foreign
portfolio
holdings
and
locking
in
the
U.S.
dollar
cost
of
firm
purchase
and
sale
commitments
for
securities
denominated
in
or
exposed
to
foreign
currencies.
The
Fund
may
also
invest
in
forward
currency
contracts
for
nonhedging
purposes
such
as
seeking
to
enhance
returns.
The
Fund
is
subject
to
currency
risk
and
counterparty
risk
in
the
normal
course
of
pursuing
its
investment
objective
through
its
investments
in
forward
currency
contracts.
Forward
currency
contracts
are
valued
by
converting
the
foreign
value
to
U.S.
dollars
by
using
the
current
spot
U.S.
dollar
exchange
rate
and/or
forward
rate
for
that
currency.
Exchange
and
forward
rates
as
of
the
close
of
the London
Stock
Exchange are
used
to
value
the
forward
currency
contracts.
The
unrealized
appreciation/(depreciation)
for
forward
currency
contracts
is
reported
in
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
(if
applicable)
and
in
the
Statement
of
Operations
for
the
change
in
unrealized
net
appreciation/depreciation
(if
applicable).
The
realized gain
or
loss
arising
from
the
difference
between
the
U.S.
dollar
cost
of
the
original
contract
and
the
value
of
the
foreign
currency
in
U.S.
dollars
upon
closing
a
forward
currency
contract
is
reported
on
the
Statement
of
Operations
(if
applicable).
During
the
period,
the
Fund
entered
into
forward
currency
contracts
with
the
obligation
to
purchase
foreign
currencies
in
the
future
at
an
agreed
upon
rate
in
order
to
take
a
positive
outlook
on
the
related
currency.
These
forward
contracts
seek
to
increase
exposure
to
currency
risk. 
During
the
period,
the
Fund
entered
into
forward
currency
contracts
with
the
obligation
to
purchase
foreign
currencies
in
the
future
at
an
agreed
upon
rate
in
order
to
decrease
exposure
to
currency
risk
associated
with
foreign
currency
denominated
securities
held
by
the
Fund. 
During
the
period,
the
Fund
entered
into
forward
currency
contracts
with
the
obligation
to
sell
foreign
currencies
in
the
future
at
an
agreed
upon
rate
in
order
to
take
a
negative
outlook
on
the
related
currency.
These
forward
contracts
seek
to
increase
exposure
to
currency
risk. 
During
the
period,
the
Fund
entered
into
forward
currency
contracts
with
the
obligation
to
sell
foreign
currencies
in
the
future
at
an
agreed
upon
rate
in
order
to
decrease
exposure
to
currency
risk
associated
with
foreign
currency
denominated
securities
held
by
the
Fund. 
Futures
Contracts 
A
futures
contract
is
an
exchange-traded
agreement
to
take
or
make
delivery
of
an
underlying
asset
at
a
specific
time
in
the
future
for
a
specific
predetermined
negotiated
price.
The
Fund
may
enter
into
futures
contracts
for
the
purchase
or
sale
for
future
delivery
of
(i)
fixed-income
securities,
and
U.S.
government
securities
and
Treasuries,
or
(ii)
contracts
based
on
interest
rates.
The
Fund
is
subject
to
interest
rate
risk
and
equity
risk
in
the
normal
course
of
pursuing
its
investment
objective
through
its
investments
in
futures
contracts.
The
Fund
may
also
use
such
derivative
instruments
to
hedge
or
protect
from
adverse
movements
in
securities
prices
or
interest
rates.
The
use
of
futures
contracts
may
involve
risks
such
as
the
possibility
of
illiquid
markets
or
imperfect
correlation
between
the
values
of
the
contracts
and
the
underlying
securities,
or
that
the
counterparty
will
fail
to
perform
its
obligations.
Futures
contracts are
valued
at
the
settlement
price
on
valuation
date
as
reported
by
an
approved
vendor.
Mini
contracts,
as
defined
in
the
description
of
the
contract,
shall
be
valued
using
the
Actual
Settlement
Price
or
“ASET”
price
type
as
reported
by
an
approved
vendor.
Futures
contracts
are
marked-to-market
daily,
and
the
daily
variation
margin
is
recorded
as
a
receivable
or
payable
on
the
Statement
of
Assets
and
Liabilities
(if
applicable).
The
change
in
unrealized
net
appreciation/depreciation
is
reported
on
the
Statement
of
Operations
(if
applicable).
When
a
contract
is
closed,
a
realized
gain
or
loss
is
reported
on
the
Statement
of
Operations
(if
applicable),
equal
to
the
difference
between
the
opening
and
closing
value
of
the
contract.
Securities
held
by
the
Fund
that
are
designated
as
collateral
for
market
value
on
futures
contracts
are
noted
on
the
Schedule
of
Investments
(if
applicable).
Such
collateral
is
in
the
possession
of
the
Fund's
futures
option
merchant. 
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
26
April
30,
2022
With
futures,
there
is
minimal
counterparty
credit
risk
to
the
Fund
since
futures
are
exchange-traded
and
the
exchange's
clearinghouse,
as
counterparty
to
all
exchange-traded
futures,
guarantees
the
futures
against
default. 
During
the
period,
the
Fund
purchased
interest
rate
futures
to
increase
exposure
to
interest
rate
risk.
During
the
period,
the
Fund
sold
interest
rate
futures
to
decrease
exposure
to
interest
rate
risk. 
Swaps 
Swap
agreements
are
two-party
contracts
entered
into
primarily
by
institutional
investors
for
periods
ranging
from
a
day
to
more
than
one
year
to
exchange
one
set
of
cash
flows
for
another.
The
most
significant
factor
in
the
performance
of
swap
agreements
is
the
change
in
value
of
the
specific
index,
security,
or
currency,
or
other
factors
that
determine
the
amounts
of
payments
due
to
and
from
the
Fund.
The
use
of
swaps
is
a
highly
specialized
activity
which
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Swap
agreements
entail
the
risk
that
a
party
will
default
on
its
payment
obligations
to
the
Fund.
If
the
other
party
to
a
swap
defaults,
the
Fund
would
risk
the
loss
of
the
net
amount
of
the
payments
that
it
contractually
is
entitled
to
receive.
If
the
Fund
utilizes
a
swap
at
the
wrong
time
or
judges
market
conditions
incorrectly,
the
swap
may
result
in
a
loss
to
the
Fund
and
reduce
the
Fund’s
total
return.
Swap
agreements
also
bear
the
risk
that
the
Fund
will
not
be
able
to
meet
its
obligation
to
the
counterparty.
Swap
agreements
are
typically
privately
negotiated
and
entered
into
in
the
OTC
market.
However,
certain
swap
agreements
are
required
to
be
cleared
through
a
clearinghouse
and
traded
on
an
exchange
or
swap
execution
facility.
Swaps
that
are
required
to
be
cleared
are
required
to
post
initial
and
variation
margins
in
accordance
with
the
exchange
requirements.
Regulations
enacted
require
the
Fund
to
centrally
clear
certain
interest
rate
and
credit
default
index
swaps
through
a
clearinghouse
or
central
counterparty
(“CCP”).
To
clear
a
swap
with
a
CCP,
the
Fund
will
submit
the
swap
to,
and
post
collateral
with,
a
futures
clearing
merchant
(“FCM”)
that
is
a
clearinghouse
member.
Alternatively,
the
Fund
may
enter
into
a
swap
with
a
financial
institution
other
than
the
FCM
(the
“Executing
Dealer”)
and
arrange
for
the
swap
to
be
transferred
to
the
FCM
for
clearing.
The
Fund
may
also
enter
into
a
swap
with
the
FCM
itself.
The
CCP,
the
FCM,
and
the
Executing
Dealer
are
all
subject
to
regulatory
oversight
by
the
U.S.
Commodity
Futures
Trading
Commission
(“CFTC”).
A
default
or
failure
by
a
CCP
or
an
FCM,
or
the
failure
of
a
swap
to
be
transferred
from
an
Executing
Dealer
to
the
FCM
for
clearing,
may
expose
the
Fund
to
losses,
increase
its
costs,
or
prevent
the
Fund
from
entering
or
exiting
swap
positions,
accessing
collateral,
or
fully
implementing
its
investment
strategies.
The
regulatory
requirement
to
clear
certain
swaps
could,
either
temporarily
or
permanently,
reduce
the
liquidity
of
cleared
swaps
or
increase
the
costs
of
entering
into
those
swaps.
Index
swaps,
interest
rate
swaps,
inflation
swaps
and
credit
default
swaps
are
valued
using
an
approved
vendor
supplied
price.
Basket
swaps
are
valued
using
a
broker
supplied
price.
Equity
swaps
that
consist
of
a
single
underlying
equity
are
valued
either
at
the
closing
price,
the
latest
bid
price,
or
the
last
sale
price
on
the
primary
market
or
exchange
it
trades.
The
market
value
of
swap
contracts
are
aggregated
by
positive
and
negative
values
and
are
disclosed
separately
as
an
asset
or
liability
on
the
Fund’s
Statement
of
Assets
and
Liabilities
(if
applicable).
Realized
gains
and
losses
are
reported
on
the
Statement
of
Operations
(if
applicable).
The
change
in
unrealized
net
appreciation
or
depreciation
during
the
period
is
included
in
the
Statement
of
Operations
(if
applicable).
The
Fund’s
maximum
risk
of
loss
from
counterparty
risk
or
credit
risk
is
the
discounted
value
of
the
payments
to
be
received
from/paid
to
the
counterparty
over
the
contract’s
remaining
life,
to
the
extent
that
the
amount
is
positive.
The
risk
is
mitigated
by
having
a
netting
arrangement
between
the
Fund
and
the
counterparty
and
by
the
posting
of
collateral
by
the
counterparty
to
cover
the
Fund’s
exposure
to
the
counterparty.
The
Fund
may
enter
into
various
types
of
credit
default
swap
agreements,
including
OTC
credit
default
swap
agreements
and
index
credit
default
swaps
(“CDX”),
for
investment
purposes
and
to
add
leverage
to
its
portfolio,
or
to
hedge
its
credit
exposure.
Credit
default
swaps
are
a
specific
kind
of
counterparty
agreement
that
allow
the
transfer
of
third-
party
credit
risk
from
one
party
to
the
other.
One
party
in
the
swap
is
a
lender
and
faces
credit
risk
from
a
third
party,
and
the
counterparty
in
the
credit
default
swap
agrees
to
insure
this
risk
in
exchange
for
regular
periodic
payments.
Credit
default
swaps
could
result
in
losses
if
the
Fund
does
not
correctly
evaluate
the
creditworthiness
of
the
company
or
companies
on
which
the
credit
default
swap
is
based.
Credit
default
swap
agreements
may
involve
greater
risks
than
if
the
Fund
had
invested
in
the
reference
obligation
directly
since,
in
addition
to
risks
relating
to
the
reference
obligation,
credit
default
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
27
swaps
are
subject
to
liquidity
risk,
counterparty
risk,
and
credit
risk.
The
Fund
will
generally
incur
a
greater
degree
of
risk
when
it
sells
a
credit
default
swap
than
when
it
purchases
a
credit
default
swap. 
As
a
buyer
of
a
credit
default
swap,
the
Fund
may
lose
its
investment
and
recover
nothing
should
no
credit
event
occur,
and
the
swap
is
held
to
its
termination
date.
As
seller
of
a
credit
default
swap,
if
a
credit
event
were
to
occur,
the
value
of
any
deliverable
obligation
received
by
the
Fund,
coupled
with
the
upfront
or
periodic
payments
previously
received,
may
be
less
than
what
it
pays
to
the
buyer,
resulting
in
a
loss
of
value
to
the
Fund.
If
the
Fund
is
the
seller
of
credit
protection
against
a
particular
security,
the
Fund
would
receive
an
up-front
or
periodic
payment
to
compensate
against
potential
credit
events.
As
the
seller
in
a
credit
default
swap
contract,
the
Fund
would
be
required
to
pay
the
par
value
(the
“notional
value”)
(or
other
agreed-upon
value)
of
a
referenced
debt
obligation
to
the
counterparty
in
the
event
of
a
default
by
a
third
party,
such
as
a
U.S.
or
foreign
corporate
issuer,
on
the
debt
obligation.
In
return,
the
Fund
would
receive
from
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
event
of
default
has
occurred.
If
no
default
occurs,
the
Fund
would
keep
the
stream
of
payments
and
would
have
no
payment
obligations.
As
the
seller,
the
Fund
would
effectively
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
the
Fund
would
be
subject
to
investment
exposure
on
the
notional
value
of
the
swap.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
the
Fund
as
a
seller
could
be
required
to
make
in
a
credit
default
transaction
would
be
the
notional
amount
of
the
agreement.
As
a
buyer
of
credit
protection,
the
Fund
is
entitled
to
receive
the
par
(or
other
agreed-upon)
value
of
a
referenced
debt
obligation
from
the
counterparty
to
the
contract
in
the
event
of
a
default
or
other
credit
event
by
a
third
party,
such
as
a
U.S.
or
foreign
issuer,
on
the
debt
obligation.
In
return,
the
Fund
as
buyer
would
pay
to
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
credit
event
has
occurred.
If
no
credit
event
occurs,
the
Fund
would
have
spent
the
stream
of
payments
and
potentially
received
no
benefit
from
the
contract.
The
Fund
may
invest
in
single-name
credit
default
swaps
(“CDS”)
to
buy
or
sell
credit
protection
to
hedge
its
credit
exposure,
gain
issuer
exposure
without
owning
the
underlying
security,
or
increase
the
Fund’s
total
return.
Single-
name
CDS
enable
the
Fund
to
buy
or
sell
protection
against
a
credit
event
of
a
specific
issuer.
When
the
Fund
buys
a
single-
name
CDS,
the
Fund
will
receive
a
return
on
its
investment
only
in
the
event
of
a
credit
event,
such
as
default
by
the
issuer
of
the
underlying
obligation
(as
opposed
to
a
credit
downgrade
or
other
indication
of
financial
difficulty).
If
a
single-
name
CDS
transaction
is
particularly
large,
or
if
the
relevant
market
is
illiquid,
it
may
not
be
possible
for
the
Fund
to
initiate
a
single-name
CDS
transaction
or
to
liquidate
its
position
at
an
advantageous
time
or
price,
which
may
result
in
significant
losses.
Moreover,
the
Fund
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
single-name
CDS
in
the
event
of
the
default
or
bankruptcy
of
the
counterparty.
The
risks
associated
with
cleared
single-name
CDS
may
be
lower
than
that
for
uncleared
single-name
CDS
because
for
cleared
single-name
CDS,
the
counterparty
is
a
clearinghouse
(to
the
extent
such
a
trading
market
is
available).
However,
there
can
be
no
assurance
that
a
clearinghouse
or
its
members
will
satisfy
their
obligations
to
the
Fund. 
During
the
period,
the
Fund
purchased
protection
via
the
credit
default
swap
market
in
order
to
reduce
credit
risk
exposure
to
individual
corporates,
countries
and/or
credit
indices
where
gaining
this
exposure
via
the
cash
bond
market
was
less
attractive. 
The
Fund's
use
of
interest
rate
swaps
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
security
transactions.
Interest
rate
swaps
do
not
involve
the
delivery
of
securities,
other
underlying
assets,
or
principal.
Interest
rate
swaps
involve
the
exchange
by
two
parties
of
their
respective
commitments
to
pay
or
receive
interest
(e.g.,
an
exchange
of
floating
rate
payments
for
fixed
rate
payments).
Interest
rate
swaps
may
result
in
potential
losses
if
interest
rates
do
not
move
as
expected
or
if
the
counterparties
are
unable
to
satisfy
their
obligations.
Interest
rate
swaps
are
generally
entered
into
on
a
net
basis.
Accordingly,
the
risk
of
loss
with
respect
to
interest
rate
swaps
is
limited
to
the
net
amount
of
interest
payments
that
the
Fund
is
contractually
obligated
to
make. 
During
the
period,
the
Fund
entered
into
interest
rate
swaps
paying
a
fixed
interest
rate
and
receiving
a
floating
interest
rate
in
order
to decrease
interest
rate
risk
(duration)
exposure.
As
interest
rates
rise,
the
Fund
benefits
by
receiving
a
higher
future
floating
rate,
while
paying
a
fixed
rate
that
has
not
increased. 
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
28
April
30,
2022
During
the
period,
the
Fund
entered
into
interest
rate
swaps
paying
a
floating
interest
rate
and
receiving
a
fixed
interest
rate
in
order
to
increase
interest
rate
risk
(duration)
exposure.
As
interest
rates
fall,
the
Fund
benefits
by
paying
a
lower
future
floating
rate,
while
receiving
a
fixed
rate
that
has
not
decreased. 
3.
Other
Investments
and
Strategies 
Additional
Investment
Risk 
In
response
to
the
COVID-19
pandemic,
the
U.S.
government
and
the
Federal
Reserve,
as
well
as
certain
foreign
governments
and
central
banks,
have
taken
extraordinary
actions
to
support
local
and
global
economies
and
the
financial
markets,
including
reducing
interest
rates
to
record
low
levels.
Extremely
low
or
negative
interest
rates
may
become
more
prevalent
or
may
not
work
as
intended.
As
there
is
little
precedent
for
this
situation,
the
impact
on
various
markets
that
interest
rate
or
other
significant
policy
changes
may
have
is
unknown.
The
withdrawal
of
this
support,
a
failure
of
measures
put
in
place
in
response
to
such
economic
uncertainty,
or
investor
perception
that
such
efforts
were
not
sufficient
could
each
negatively
affect
financial
markets
generally,
and
the
value
and
liquidity
of
specific
securities.
In
addition,
policy
and
legislative
changes
in
the
United
States
and
in
other
countries
continue
to
impact
many
aspects
of
financial
regulation.
Widespread
disease,
including
pandemics
and
epidemics,
and
natural
or
environmental
disasters,
including
those
which
may
be
attributable
to
global
climate
change,
such
as
earthquakes,
fires,
floods,
hurricanes,
tsunamis
and
weather-related
phenomena
generally,
have
been
and
can
be
highly
disruptive
to
economies
and
markets,
adversely
impacting
individual
companies,
sectors,
industries,
markets,
currencies,
interest
and
inflation
rates,
credit
ratings,
investor
sentiment,
and
other
factors
affecting
the
value
of
a
Fund’s
investments.
Economies
and
financial
markets
throughout
the
world
have
become
increasingly
interconnected,
which
increases
the
likelihood
that
events
or
conditions
in
one
region
or
country
will
adversely
affect
markets
or
issuers
in
other
regions
or
countries,
including
the
United
States.
These
disruptions
could
prevent
a
Fund
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
a
Fund’s
ability
to
achieve
its
investment
objective(s).
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
of
a
Fund.
In
addition,
these
disruptions
could
also
impair
the
information
technology
and
other
operational
systems
upon
which
the
Fund’s
service
providers,
including
the
Adviser,
rely,
and
could
otherwise
disrupt
the
ability
of
employees
of
the
Fund’s
service
providers
to
perform
essential
tasks
on
behalf
of
the
Fund.
Adverse
weather
conditions
may
also
have
a
particularly
negative
effect
on
issuers
in
the
agricultural
sector
in
the
agricultural
sector
and
on
insurance
and
reinsurance
companies
that
insure
or
reinsure
against
the
impact
of
natural
disasters.
A
number
of
countries
in
the
European
Union
(“EU”)
have
experienced,
and
may
continue
to
experience,
severe
economic
and
financial
difficulties.
In
particular,
many
EU
nations
are
susceptible
to
economic
risks
associated
with
high
levels
of
debt.
Many
non-governmental
issuers,
and
even
certain
governments,
have
defaulted
on,
or
been
forced
to
restructure,
their
debts.
Many
other
issuers
have
faced
difficulties
obtaining
credit
or
refinancing
existing
obligations.
Financial
institutions
have
in
many
cases
required
government
or
central
bank
support,
have
needed
to
raise
capital,
and/
or
have
been
impaired
in
their
ability
to
extend
credit.
As
a
result,
financial
markets
in
the
EU
have
experienced
extreme
volatility
and
declines
in
asset
values
and
liquidity.
These
difficulties
may
continue,
worsen,
or
spread
further
within
the EU. Responses
to
these
financial
problems
by
European
governments,
central
banks,
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest,
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Among
other
things,
these
developments
have
adversely
affected
the
value
and
exchange
rate
of
the
euro
and
pound
sterling,
and
may
continue
to
significantly
affect
the
economies
of
all
EU
countries,
which
in
turn
may
have
a
material
adverse
effect
on
a
Fund's
investments
in
such
countries,
other
countries
that
depend
on
EU
countries
for
significant
amounts
of
trade
or
investment,
or
issuers
with
exposure
to
debt
issued
by
certain
EU
countries.
Floating-Rate
Obligations
Risk 
The
Fund
may
invest
in
floating
rate
obligations
that
reset
regularly,
maintaining
a
fixed
spread
over
a
stated
reference
rate
such
as
the
London
InterBank
Offered
Rate
(“LIBOR”),
the
Secured
Overnight
Financing
Rate
(“SOFR”),
or
the
Treasury
bill
rate.
The
interest
rates
on
floating
rate
obligations
typically
reset
quarterly,
although
rates
on
some
obligations
may
adjust
at
other
intervals.
Unexpected
changes
in
the
interest
rates
on
floating
rate
obligations
could
result
in
lower
income
to
the
Fund.
In
addition,
the
secondary
market
on
which
floating
rate
obligations
are
traded
may
be
less
liquid
than
the
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
29
market
for
investment
grade
securities
or
other
types
of
income-producing
securities,
which
may
have
an
adverse
impact
on
their
market
price.
There
is
also
a
potential
that
there
is
no
active
market
to
trade
floating
rate
obligations
and
that
there
may
be
restrictions
on
their
transfer.
As
a
result,
the
Fund
may
be
unable
to
sell
assignments
or
participations
at
the
desired
time
or
may
be
able
to
sell
only
at
a
price
less
than
fair
market
value. 
Foreign
Exposure
Risk
The
Fund
normally
has
significant
exposure
to
foreign
markets
as
a
result
of
its
investments
in
foreign
securities,
including
investments
in
emerging
markets,
which
can
be
more
volatile
than
the
U.S.
markets.
As
a
result,
its
returns
and
net
asset
value
may
be
affected
by
fluctuations
in
currency
exchange
rates
or
political
or
economic
conditions
in
a
particular
country.
In
some
foreign
markets,
there
may
not
be
protection
against
failure
by
other
parties
to
complete
transactions.
It
may
not
be
possible
for
the
Fund
to
repatriate
capital,
dividends,
interest,
and
other
income
from
a
particular
country
or
governmental
entity.
In
addition,
a
market
swing
in
one
or
more
countries
or
regions
where
the
Fund
has
invested
a
significant
amount
of
its
assets
may
have
a
greater
effect
on
the
Fund’s
performance
than
it
would
in
a
more
geographically
diversified
portfolio.
The
Fund’s
investments
in
emerging
market
countries,
if
any,
may
involve
risks
greater
than,
or
in
addition
to,
the
risks
of
investing
in
more
developed
countries.
Mortgage
and
Asset-Backed
Securities 
Mortgage-and
asset-backed
securities
represent
interests
in
“pools”
of
commercial
or
residential
mortgages
or
other
assets,
including
consumer
and
commercial
loans
or
receivables.
The
Fund
may
purchase
fixed
or
variable
rate
commercial
or
residential
mortgage-backed
securities
issued
by
the
Government
National
Mortgage
Association
(“Ginnie
Mae”),
the
Federal
National
Mortgage
Association
(“Fannie
Mae”),
the
Federal
Home
Loan
Mortgage
Corporation
(“Freddie
Mac”),
or
other
governmental
or
government-related
entities.
Ginnie
Mae’s
guarantees
are
backed
as
to
the
timely
payment
of
principal
and
interest
by
the
full
faith
and
credit
of
the
U.S.
Government.
Fannie
Mae
and
Freddie
Mac
securities
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
Government.
In
September
2008,
the
Federal
Housing
Finance
Agency
(“FHFA”),
an
agency
of
the
U.S.
Government,
placed
Fannie
Mae
and
Freddie
Mac
under
conservatorship.
Since
that
time,
Fannie
Mae
and
Freddie
Mac
have
received
capital
support
through
U.S.
Treasury
preferred
stock
purchases
and
Treasury
and
Federal
Reserve
purchases
of
their
mortgage-backed
securities.
The
FHFA
and
the
U.S.
Treasury
have
imposed
strict
limits
on
the
size
of
these
entities’
mortgage
portfolios.
The
FHFA
has
the
power
to
cancel
any
contract
entered
into
by
Fannie
Mae
and
Freddie
Mac
prior
to
FHFA’s
appointment
as
conservator
or
receiver,
including
the
guarantee
obligations
of
Fannie
Mae
and
Freddie
Mac.
The
Fund
may
also
purchase
other
mortgage-and
asset-backed
securities
through
single-and
multi-seller
conduits,
collateralized
debt
obligations,
structured
investment
vehicles,
and
other
similar
securities.
Asset-backed
securities
may
be
backed
by
various
consumer
obligations,
including
automobile
loans,
equipment
leases,
credit
card
receivables,
or
other
collateral.
In
the
event
the
underlying
loans
are
not
paid,
the
securities’
issuer
could
be
forced
to
sell
the
assets
and
recognize
losses
on
such
assets,
which
could
impact
the
Fund's
return.
Unlike
traditional
debt
instruments,
payments
on
these
securities
include
both
interest
and
a
partial
payment
of
principal.
Mortgage-and
asset-backed
securities
are
subject
to
both
extension
risk,
where
borrowers
pay
off
their
debt
obligations
more
slowly
in
times
of
rising
interest
rates,
and
prepayment
risk,
where
borrowers
pay
off
their
debt
obligations
sooner
than
expected
in
times
of
declining
interest
rates.
These
risks
may
reduce
the
Fund’s
returns.
In
addition,
investments
in
mortgage-and
asset-backed
securities,
including
those
comprised
of
subprime
mortgages,
may
be
subject
to
a
higher
degree
of
credit
risk,
valuation
risk,
extension
risk
(if
interest
rates
rise),
and
liquidity
risk
than
various
other
types
of
fixed-income
securities.
Additionally,
although
mortgage-
backed
securities
are
generally
supported
by
some
form
of
government
or
private
guarantee
and/or
insurance,
there
is
no
assurance
that
guarantors
or
insurers
will
meet
their
obligations.
Exchange-Traded
Funds
Risk
The
Fund
may
invest
in
exchange-traded
funds
(“ETFs”),
including
affiliated
ETFs.
ETFs
are
typically
open-end
investment
companies
that
are
traded
on
a
national
securities
exchange.
ETFs
typically
incur
fees,
such
as
investment
advisory
fees
and
other
operating
expenses
that
are
separate
from
those
of
the
Fund,
which
will
be
indirectly
paid
by
the
Fund.
As
a
result,
the
cost
of
investing
in
the
Fund
may
be
higher
than
the
cost
of
investing
directly
in
ETFs
and
may
be
higher
than
other
mutual
funds
that
invest
directly
in
stocks
and
bonds.
Since
ETFs
are
traded
on
an
exchange
at
market
prices
that
may
vary
from
the
net
asset
value
of
their
underlying
investments,
there
may
be
times
when
ETFs
trade
at
a
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
30
April
30,
2022
premium
or
discount.
In
the
case
of
affiliated
ETFs,
unless
waived,
the
Adviser
will
earn
fees
both
from
the
Fund
and
from
the
underlying
ETF,
with
respect
to
assets
of
the
Fund
invested
in
the
underlying
ETF.
The
Fund
is
also
subject
to
the
risks
associated
with
the
securities
in
which
the
ETF
invests. 
Sovereign
Debt 
The
Fund
may
invest
in
U.S.
and
non-U.S.
government
debt
securities
(“sovereign
debt”).
Some
investments
in
sovereign
debt,
such
as
U.S.
sovereign
debt,
are
considered
low
risk.
However,
investments
in
sovereign
debt,
especially
the
debt
of
less
developed
countries,
can
involve
a
high
degree
of
risk,
including
the
risk
that
the
governmental
entity
that
controls  
the
repayment
of
sovereign
debt
may
not
be
willing
or
able
to
repay
the
principal
and/or
to
pay
the
interest
on
its
sovereign
debt
in
a
timely
manner.
A
sovereign
debtor’s
willingness
or
ability
to
satisfy
its
debt
obligation
may
be
affected
by
various
factors
including,
but
not
limited
to,
its
cash
flow
situation,
the
extent
of
its
foreign
currency
reserves,
the
availability
of
foreign
exchange
when
a
payment
is
due,
the
relative
size
of
its
debt
position
in
relation
to
its
economy
as
a
whole,
the
sovereign
debtor’s
policy
toward
international
lenders,
and
local
political
constraints
to
which
the
governmental
entity
may
be
subject.
Sovereign
debtors
may
also
be
dependent
on
expected
disbursements
from
foreign
governments,
multilateral
agencies,
and
other
entities.
The
failure
of
a
sovereign
debtor
to
implement
economic
reforms,
achieve
specified
levels
of
economic
performance,
or
repay
principal
or
interest
when
due
may
result
in
the
cancellation
of
third
party
commitments
to
lend
funds
to
the
sovereign
debtor,
which
may
further
impair
such
debtor’s
ability
or
willingness
to
timely
service
its
debts.
The
Fund
may
be
requested
to
participate
in
the
rescheduling
of
such
sovereign
debt
and
to
extend
further
loans
to
governmental
entities,
which
may
adversely
affect
the
Fund’s
holdings.
In
the
event
of
default,
there
may
be
limited
or
no
legal
remedies
for
collecting
sovereign
debt
and
there
may
be
no
bankruptcy
proceedings
through
which
the
Fund
may
collect
all
or
part
of
the
sovereign
debt
that
a
governmental
entity
has
not
repaid.
In
addition,
to
the
extent
the
Fund
invests
in
non-U.S.
sovereign
debt,
it
may
be
subject
to
currency
risk. 
Counterparties 
Fund
transactions
involving
a
counterparty
are
subject
to
the
risk
that
the
counterparty
or
a
third
party
will
not
fulfill
its
obligation
to
the
Fund
("counterparty
risk").
Counterparty
risk
may
arise
because
of
the
counterparty's
financial
condition
(i.e.,
financial
difficulties,
bankruptcy,
or
insolvency),
market
activities
and
developments,
or
other
reasons,
whether
foreseen
or
not.
A
counterparty's
inability
to
fulfill
its
obligation
may
result
in
significant
financial
loss
to
the
Fund.
The
Fund
may
be
unable
to
recover
its
investment
from
the
counterparty
or
may
obtain
a
limited
recovery,
and/or
recovery
may
be
delayed.
The
extent
of
the
Fund's
exposure
to
counterparty
risk
with
respect
to
financial
assets
and
liabilities
approximates
its
carrying
value.
See
the
"Offsetting
Assets
and
Liabilities"
section
of
this
Note
for
further
details.
The
Fund
may
be
exposed
to
counterparty
risk
through
participation
in
various
programs,
including,
but
not
limited
to,
lending
its
securities
to
third
parties,
cash
sweep
arrangements
whereby
the
Fund's
cash
balance
is
invested
in
one
or
more
types
of
cash
management
vehicles,
as
well
as
investments
in,
but
not
limited
to,
repurchase
agreements,
and
derivatives,
including
various
types
of
swaps,
futures
and
options.
The
Fund
intends
to
enter
into
financial
transactions
with
counterparties
that
the
Adviser believes
to
be
creditworthy
at
the
time
of
the
transaction.
There
is
always
the
risk
that
the
Adviser's analysis
of
a
counterparty's
creditworthiness
is
incorrect
or
may
change
due
to
market
conditions.
To
the
extent
that
the
Fund
focuses
its
transactions
with
a
limited
number
of
counterparties,
it
will
have
greater
exposure
to
the
risks
associated
with
one
or
more
counterparties. 
Offsetting
Assets
and
Liabilities 
The
Fund
presents
gross
and
net
information
about
transactions
that
are
either
offset
in
the
financial
statements
or
subject
to
an
enforceable
master
netting
arrangement
or
similar
agreement
with
a
designated
counterparty,
regardless
of
whether
the
transactions
are
actually
offset
in
the
Statement
of
Assets
and
Liabilities.
In
order
to
better
define
its
contractual
rights
and
to
secure
rights
that
will
help
the
Fund
mitigate
its
counterparty
risk,
the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
the
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
forward
foreign
currency
exchange
contracts
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
in
the
event
of
a
default
and/or
termination
event,
the
Fund
may
offset
with
each
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
31
collateral
held
and/or
posted
and
create
one
single
net
payment.
For
financial
reporting
purposes,
the
Fund
does
not
offset
financial
instruments’
payables
and
receivables
and
related
collateral
on
the
Statement
of
Assets
and
Liabilities. 
The
following
tables
present
gross
amounts
of
recognized
assets
and/or
liabilities
and
the
net
amounts
after
deducting
collateral
that
has
been
pledged
by
counterparties
or
has
been
pledged
to
counterparties
(if
applicable).
For
corresponding
information
grouped
by
type
of
instrument,
see
the
“Fair
Value
of
Derivative
Instruments
as
of
April
30,
2022 
table
located
in
the
Fund's Schedule
of
Investments.
The
Fund
generally
does
not
exchange
collateral
on
its
forward
currency
contracts
with
its
counterparties;
however,
all
liquid
securities
and
restricted
cash
are
considered
to
cover
in
an
amount
at
all
times
equal
to
or
greater
than
the
Fund’s
commitment
with
respect
to
these
contracts.
Certain
securities
may
be
segregated
at
the
Fund’s
custodian.
These
segregated
securities
are
denoted
on
the
accompanying
Schedule
of
Investments
and
are
evaluated
daily
to
ensure
their
cover
and/or
market
value
equals
or
exceeds
the
Fund’s
corresponding
forward
foreign
currency
exchange
contract’s
obligation
value. 
4.
Investment
Advisory
Agreements
and
Other
Transactions
with
Affiliates 
Under
its
unitary
fee
structure,
the
Fund
pays
the
Adviser a
management
fee
in
return
for
providing
certain
investment
advisory,
supervisory,
and
administrative
services
to
the
Fund,
including
the
costs
of
transfer
agency,
custody,
fund
administration,
legal,
audit,
and
other
services. The
Adviser's fee
structure
is
designed
to
pay
substantially
all
of
the
Fund’s
expenses.
However,
the
Fund
bears
other
expenses
which
are
not
covered
under
the
management
fee
which
may
vary
and
affect
the
total
level
of
expenses
paid
by
shareholders,
such
as
distribution
fees
(if
any),
brokerage
expenses
or
commissions,
interest,
dividends,
taxes,
litigation
expenses,
acquired
fund
fees
and
expenses
(if
any),
and
extraordinary
expenses.
The
Fund’s
unitary
management
fee
provides
for
reductions
in
the
fee
rate
as
the
Fund’s
assets
grow.
As
of
the
date
of
this
report,
the
Fund’s
management
fee
was
calculated
daily
and
paid
monthly
according
to
the
following
schedule: 
Offsetting
of
Financial
Assets
and
Derivative
Assets
Counterparty
Gross
Amounts
of
Recognized
Assets
Offsetting
Asset
or
Liability
(a)
Collateral
Pledged
(b)
Net
Amount
Bank
of
America
N.A.
$
2,971,064
$
—
$
—
$
2,971,064
Citibank
N.A.
1,314,980
(310,909
)
—
1,004,071
J.P.
Morgan
Chase
Bank
669,187
(39,575
)
—
629,612
Morgan
Stanley
&
Co.
1,082,146
(181,519
)
—
900,627
Total
$
6,037,377
$
(532,003
)
$
—
$
5,505,374
Offsetting
of
Financial
Liabilities
and
Derivative
Liabilities
Counterparty
Gross
Amounts
of
Recognized
Liabilities
Offsetting
Asset
or
Liability
(a)
Collateral
Pledged
(b)
Net
Amount
Citibank
N.A.
310,909
(310,909
)
—
—
J.P.
Morgan
Chase
Bank
39,575
(39,575
)
—
—
Morgan
Stanley
&
Co.
181,519
(181,519
)
—
—
Total
$
532,003
$
(532,003
)
$
—
$
—
(a)
Represents
the
amount
of
assets
or
liabilities
that
could
be
offset
with
the
same
counterparty
under
master
netting
or
similar
agreements
that
management
elects
not
to
offset
on
the
Statement
of
Assets
and
Liabilities.
(b)
Collateral
pledged
is
limited
to
the
net
outstanding
amount
due
to/from
an
individual
counterparty.
The
actual
collateral
amounts
pledged
may
exceed
these
amounts
and
may
fluctuate
in
value.
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
32
April
30,
2022
Additionally, the
Adviser has
contractually
agreed
to
waive
and/or
reimburse
the
management
fee
payable
by
the
Fund
in
an
amount
equal
to
the
amount,
if
any,
that
the
Fund’s
total
annual
fund
operating
expenses
(excluding
distribution
fees
(if
any),
brokerage
expenses
or
commissions,
interest,
dividends,
taxes,
litigation
expenses,
acquired
fund
fees
and
expenses
(if
any),
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business)
exceed
the
annual
rate
of
.23%
of
the
Fund’s
average
daily
net
assets. The
Adviser has
agreed
to
continue
the
waiver
for
at
least
the
period
from
February
28,
2022
through
February
28,
2023.
If
applicable,
amounts
waived
and/or
reimbursed
to
the
Fund
by
the
Adviser are
disclosed
as
“Excess
Expense
Reimbursement
and
Waivers”
on
the
Statement
of
Operations. 
The
Adviser
has
also
contractually
agreed
to
waive
and/or
reimburse
a
portion
of
the
Fund's
management
fee
in
an
amount
equal
to
the
management
fee
it
earns
as
an
investment
adviser
to
any
of
the
affiliated
ETFs
in
which
the
Fund
invests.
The
fee
waiver
agreement
will
remain
in
effect
at
least
through
February
28,
2023.
The
Adviser
may
not
recover
amounts
previously
waived
or
reimbursed
under
this
agreement.
During
the period
ended April
30,
2022,
the
Adviser
waived
$12,609
of
the
Fund’s
management
fee,
attributable
to
the
Fund’s
investment
in
the
Janus
Henderson
AAA
CLO
ETF.
For
the period
ended
April
30,
2022,
the
Fund’s
actual
management
fee
rate
(expressed
as
an
annual
rate)
was
0.23% of
the
Fund’s
average
daily
net
assets.
J.P.
Morgan
Chase
Bank,
N.A.
(“JP
Morgan")
provides
certain
fund
administration
services
to
the
Fund,
including
services
related
to
the
Fund’s
accounting,
including
calculating
the
daily
NAV,
audit
coordination,
tax,
and
reporting
obligations,
pursuant
to
an
agreement
with
the
Adviser,
on
behalf
of
the
Fund.
As
compensation
for
such
services, the
Adviser pays
JP
Morgan
a
fee
based
on
a
percentage
of
the
Fund’s
assets,
with
a
minimum
flat
fee,
for
certain
services. The
Adviser serves
as
administrator
to
the
Fund,
providing
oversight
and
coordination
of
the
Fund’s
service
providers,
recordkeeping
and
other
administrative
services. The
Adviser does
not
receive
any
additional
compensation,
beyond
the
unitary
fee,
for
serving
as
administrator.
JP
Morgan
also
serves
as
transfer
agent
for
the
shares
of
the
Fund.
Pursuant
to
agreements
with
the
Adviser on
behalf
of
the
Fund,
J.P.
Morgan
Securities
LLC,
an
affiliate
of
JP
Morgan,
may
execute
portfolio
transactions
for
the
Fund,
including
but
not
limited
to,
transactions
in
connection
with
cash
in
lieu
transactions
for
non-US
securities. 
The
Fund’s
Board
of
Trustees
(“Board”)
has
approved
a
Distribution
and
Servicing
Plan
for
shares
of
the
Fund
pursuant
to
Rule
12b-1
under
the
1940
Act
(the
“Plan”).
The
Plan
permits
compensation
in
connection
with
the
distribution
and
marketing
of
Fund
shares
and/or
the
provision
of
certain
shareholder
services.
The
Plan
permits
the
Fund
to
pay
the
Distributor
or
its
designee,
a
fee
for
the
sale
and
distribution
and/or
shareholder
servicing
of
the
shares
at
an
annual
rate
of
up
to
0.25%
of
average
daily
net
assets
of
the
Fund.
Under
the
terms
of
the
Plan,
the
Fund
would
be
authorized
to
make
payments
to
the
Distributor
or
its
designee
for
remittance
to
retirement
plan
service
providers,
broker-dealers,
bank
trust
departments,
financial
advisors,
and
other
financial
intermediaries,
as
compensation
for
distribution
and/or
shareholder
services
performed
by
such
entities
for
their
customers
who
are
investors
in
the
Fund.
The
12b-1
fee
may
only
be
imposed
or
increased
when
(i)
the
Trustees
determine
that
it
is
in
the
best
interests
of
shareholders
to
do
so,
and
(ii)
the
imposition
of
or
increase
in
the
12b-1
fee
is
first
approved
by
the
Fund’s
shareholders.
Because
these
fees
are
paid
out
of
the
Fund’s
assets
on
an
ongoing
basis,
to
the
extent
that
a
fee
is
authorized
by
shareholders
in
the
future,
over
time
they
will
increase
the
cost
of
an
investment
in
the
Fund.
The
Plan
fee
may
cost
an
investor
more
than
other
types
of
sales
charges.
At
this
time, the
Adviser does
not
intend
to
seek
shareholder
approval
for
implementation
of
the
Plan. 
As
of
April
30,
2022,
an
affiliate
of
the
Adviser
owned 100,999
shares
or 0.19%
of
the
Fund.
The
Fund
is
permitted
to
purchase
or
sell
securities
(“cross-trade”)
between
itself
and
other
funds
or
accounts
managed
by
the
Adviser
in
accordance
with
Rule
17a-7
under
the
Investment
Company
Act
of
1940
(“Rule
17a-7”),
when
the
Daily
Net
Assets
Fee
Rate
$0-$500
million
0.30%
Next
$500
million
0.25%
Over
$1
billion
0.20%
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
Janus
Detroit
Street
Trust
33
transaction
is
consistent
with
the
investment
objectives
and
policies
of
the
Fund
and
in
accordance
with
the
Internal
Cross
Trade
Procedures
adopted
by
the
Trust’s
Board
of
Trustees.
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
another
fund
or
account
that
is
or
could
be
considered
an
affiliate
of
the
Fund
under
certain
limited
circumstances
by
virtue
of
having
a
common
investment
adviser,
common
Officer,
or
common
Trustee
complies
with
Rule
17a-7.
Under
these
procedures,
each
cross-trade
is
effected
at
the
current
market
price
to
save
costs
where
allowed.
During
the
period
ended
April
30,
2022,
the
Fund
engaged
in
cross
trades
amounting
to
$33,316,025
in
purchases.
5.
Federal
Income
Tax
Income
and
capital
gains
distributions
are
determined
in
accordance
with
income
tax
regulations
that
may
differ
from
US
GAAP.
These
differences
are
due
to
differing
treatments
for
items
such
as
net
short-term
gains,
deferral
of
wash
sale
losses,
foreign
currency
transactions,
passive
foreign
investment
companies,
net
investment
losses,
in-kind
transactions
and
capital
loss
carryovers.
The
Fund
has
elected
to
treat
gains
and
losses
on
forward
foreign
currency
contracts
as
capital
gains
and
losses,
if
applicable.
Other
foreign
currency
gains
and
losses
on
debt
instruments
are
treated
as
ordinary
income
for
federal
income
tax
purposes
pursuant
to
Section
988
of
the
Internal
Revenue
Code. 
Accumulated
capital
losses
noted
below
represent
net
capital
loss
carryovers,
as
of
October
31,
2021,
that
may
be
available
to
offset
future
realized
capital
gains
and
thereby
reduce
future
taxable
gains
distributions.
The
following
table
shows
these
capital
loss
carryovers. 
The
aggregate
cost
of
investments
and
the
composition
of
unrealized
appreciation
and
depreciation
of
investment
securities
for
federal
income
tax
purposes
as
of April
30,
2022 are
noted
below.
The
primary
difference
between
book
and
tax
appreciation
or
depreciation
of
investments
is
wash
sale
loss
deferrals. 
6.
Capital
Share
Transactions 
7.
Purchases
and
Sales
of
Investment
Securities 
For
the period ended
April
30,
2022,
the
aggregate
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(excluding
any
short-term
securities,
short-term
options
contracts,
and
in-kind
transactions)
was
as
follows: 
Capital
Loss
Carryover
Schedule
For
the
year
ended
October
31,
2021
No
Expiration
Short-Term
Long-Term
Accumulated
Capital
Losses
$(15,638,179)
$(18,709,452)
$(34,347,631)
Federal
Tax
Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Tax
Appreciation/
(Depreciation)
$2,574,606,778
$892,766
$(119,720,572)
$(118,827,806)
Period
Ended
April
30,
2022
Year
Ended
October
31,
2021
Shares
Amount
Shares
Amount
Shares
sold
6,050,000
$
298,022,579
9,150,000
$
460,894,564
Shares
repurchased
(9,500,000)
(469,349,692
)
(7,700,001)
(386,372,688
)
Net
Increase/(Decrease)
(3,450,000)
$
(171,327,113
)
1,449,999
$
74,521,876
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Financial
Statements
(unaudited)
34
April
30,
2022
8.
Subsequent
Events 
Management
has
evaluated
whether
any
events
or
transactions
occurred
subsequent
to April
30,
2022
and
through
the
date
of
the
issuance
of
the
Fund's
financial
statements
and
determined
that
there
were
no
material
events
or
transactions
that
would
require
recognition
or
disclosure
in
the
Fund's
financial
statements. 
Purchases
of
Securities
Proceeds
from
Sales
of
Securities
Purchases
of
Long-
Term
U.S.
Government
Obligations
Proceeds
from
Sales
of
Long-Term
U.S.
Government
Obligations
$500,036,533
$647,263,849
$
—
$
—
Janus
Henderson
Short
Duration
Income
ETF
Additional
Information
(unaudited)
Janus
Detroit
Street
Trust
35
Proxy
Voting
Policies
and
Voting
Record
Information
regarding
how
the
Fund
voted
proxies
related
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
and
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
its
portfolio
securities
is
available
without
charge:
(i)
upon
request,
by
calling
1-800-525-0020
(toll
free);
(ii)
on
the
Fund’s
website
at
janushenderson.com/proxyvoting;
and
(iii)
on
the
SEC’s
website
at
http://www.sec.gov.
Quarterly
Portfolio
Holdings
The
Fund
files
its
complete
portfolio
holdings
(schedule
of
investments)
with
the
SEC
for
the
first
and
third
quarters
each
fiscal
year
as
an
exhibit
to
Form
N-PORT
within
60
days
of
the
end
of
such
fiscal
quarter.
Historically,
the
Fund
filed
its
complete
portfolio
holdings
(schedule
of
investments)
with
the
SEC
for
the
first
and
third
quarters
each
fiscal
year
on
Form
N-Q.
The
Fund’s
Form
N-PORT
and
Form
N-Q
filings:
are
available
on
the
SEC’s
website
at
http://www.sec.gov;
(ii)
may
be
reviewed
and
copied
at
the
SEC’s
Public
Reference
Room
in
Washington,
D.C.
(information
on
the
Public
Reference
Room
may
be
obtained
by
calling
1-800-SEC-0330);
and
(iii)
are
available
without
charge,
upon
request,
by
calling
Janus
Henderson
at
1-800-525-0020
(toll
free).
Janus
Henderson
Short
Duration
Income
ETF
Board
Considerations
Regarding
Approval
of
Investment
Advisory
Agreements
(unaudited)
36
April
30,
2022
The
Board
of
Trustees
(the
“Board”)
of
Janus
Detroit
Street
Trust
(the
“Trust”),
including
a
majority
of
the
Trustees
who
are
not
“interested
persons”
as
that
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“Independent
Trustees”),
met
on
April
20-21,
2022
to
consider
the
proposed
renewal
of
the
investment
management
agreement
between
Janus
Henderson
Investors
US
LLC
(the
“Adviser”)
and
the
Trust
(the
“Investment
Management
Agreement”),
on
behalf
of
Janus
Henderson
Short
Duration
Income
ETF
(“VNLA”),
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
(“JSML”),
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
(“JSMD”),
Janus
Henderson
Mortgage-Backed
Securities
ETF
(“JMBS”)
and
Janus
Henderson
AAA
CLO
ETF
(“JAAA”
and,
together
with
VNLA,
JSML,
JSMD
and
JMBS,
the
“Funds”).
In
the
course
of
their
consideration
of
the
renewal
of
the
Investment
Management
Agreement,
the
Independent
Trustees
met
in
executive
session
and
were
advised
by
their
independent
counsel.
In
this
regard,
the
Independent
Trustees
evaluated
the
terms
of
the
Investment
Management
Agreement
and
reviewed
the
duties
and
responsibilities
of
trustees
in
evaluating
and
approving
such
agreements.
In
considering
renewal
of
the
Investment
Management
Agreement,
the
Board
and
the
Independent
Trustees,
as
applicable,
reviewed
the
materials
provided
to
them
relating
to
the
consideration
of
the
renewal
of
the
Investment
Management
Agreement
for
the
Funds
and
other
information
provided
by
counsel
and
the
Adviser,
including:
(i)
information
regarding
the
nature,
quality
and
extent
of
the
services
provided
to
the
Funds
by
the
Adviser,
and
the
fees
charged
to
each
Fund
therefore;
(ii)
information
concerning
the
Adviser’s
financial
condition,
business,
operations,
portfolio
management
personnel,
compliance
programs,
and
profitability
with
respect
to
the
Trust
and
each
Fund;
(iii)
comparative
information
describing
each
Fund’s
advisory
fee
structures,
operating
expenses,
and
performance
information
as
compared
to
peer
fund
groups
compiled
by
an
independent
third
party;
(iv)
a
copy
of
the
Adviser’s
current
Form
ADV;
and
(v)
a
memorandum
from
counsel
to
the
Independent
Trustees
on
the
responsibilities
of
trustees
in
considering
investment
advisory
arrangements
under
the
1940
Act.
The
Board
also
considered
presentations
made
by,
and
discussions
held
with,
representatives
of
the
Adviser
throughout
the
year.
The
Trustees
also
considered
information
received
and
reviewed
in
connection
with
meetings
held
on
March
14,
2022
and
on
April
6,
2022
via
videoconference
to
discuss
certain
information
provided
by
the
Adviser
related
to
the
Trustees’
consideration
of
the
renewal
of
the
Investment
Management
Agreement.
During
its
review
of
this
information,
the
Board
focused
on
and
analyzed
the
factors
that
it
deemed
relevant,
including,
among
other
factors:
(i)
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
by
the
Adviser;
(ii)
the
Adviser’s
personnel
and
operations;
(iii)
each
Fund’s
expense
level;
(iv)
the
profitability
to
the
Adviser
under
the
Investment
Management
Agreement
with
respect
to
each
Fund;
(v)
any
“fall-out”
benefits
to
the
Adviser
and
its
affiliates
(i.e.,
the
ancillary
benefits
realized
by
the
Adviser
and
its
affiliates
from
the
Adviser’s
relationship
with
the
Trust);
(vi)
the
effect
of
asset
growth
on
each
Fund’s
expenses;
and
(vii)
potential
conflicts
of
interest.
The
Trustees
also
considered
benefits
that
accrue
to
the
Adviser
and
its
affiliates
from
their
relationships
with
the
Trust
and
each
Fund.
The
Trustees
also
considered
that,
other
than
the
services
provided
by
the
Adviser
and
its
affiliates
pursuant
to
agreements
with
the
Funds
and
the
fees
paid
by
the
Funds
therefore,
the
Funds
and
the
Adviser
may
potentially
benefit
from
their
relationship
with
each
other
in
other
ways.
The
Trustees
considered
that
the
success
of
the
Funds
could
attract
other
business
to
the
Adviser
or
other
Janus
Henderson
funds,
and
that
the
success
of
the
Adviser
could
enhance
the
Adviser’s
ability
to
serve
the
Funds.
The
Board,
including
the
Independent
Trustees,
considered
the
following
in
respect
of
the
Funds:
(a)
The
nature,
extent
and
quality
of
services
provided
by
the
Adviser;
personnel
and
operations
of
the
Adviser.
The
Board
reviewed
the
services
that
the
Adviser
provides
to
the
Funds.
In
connection
with
the
investment
advisory
services
provided
by
the
Adviser,
the
Board
noted
the
responsibilities
that
the
Adviser
has
as
the
Funds’
investment
adviser,
including:
the
overall
supervisory
responsibility
for
the
general
management
and
investment
of
each
Fund’s
securities
portfolio;
providing
oversight
of
the
investment
performance
and
processes
and
compliance
with
each
Fund’s
investment
objectives,
policies
and
limitations;
the
implementation
of
the
investment
management
program
of
each
Fund;
the
management
of
the
day-to-day
investment
and
reinvestment
of
the
assets
of
each
Fund;
determining
daily
Janus
Henderson
Short
Duration
Income
ETF
Board
Considerations
Regarding
Approval
of
Investment
Advisory
Agreements
(unaudited)
Janus
Detroit
Street
Trust
37
baskets
of
securities
and
cash
components
in
connection
with
creation
and
redemption
transactions
in
each
Fund’s
shares;
executing
portfolio
security
trades
for
purchases
and
redemptions
of
each
Fund’s
shares
conducted
on
a
cash-
in-lieu
basis;
the
review
of
brokerage
matters;
the
oversight
of
general
portfolio
compliance
with
relevant
law;
and
the
implementation
of
Board
directives
as
they
relate
to
the
Funds.
The
Board
reviewed
the
Adviser’s
experience,
resources
and
strengths
in
managing
the
Funds
and
other
pooled
investment
vehicles,
including
an
assessment
of
the
Adviser’s
personnel.
Based
on
its
consideration
and
review
of
the
foregoing
information,
the
Board
determined
that
each
Fund
was
likely
to
continue
to
benefit
from
the
nature,
quality
and
extent
of
these
services,
as
well
as
the
Adviser’s
ability
to
render
such
services
based
on
the
Adviser’s
experience,
personnel,
operations
and
resources.
(b)
Comparison
of
services
rendered
and
fees
paid
under
other
investment
advisory
contracts,
and
the
cost
of
the
services
to
be
provided
and
profits
to
be
realized
by
the
Adviser
from
the
relationship
with
the
Funds;
“fall-out”
benefits.
The
Board
then
compared
both
the
services
rendered
and
the
fees
paid
under
other
contracts
of
the
Adviser
and
under
contracts
of
other
investment
advisers
with
respect
to
similar
mutual
funds
and
ETFs.
In
particular,
the
Board
reviewed
a
report
compiled
by
an
independent
third
party
to
compare
each
Fund’s
management
fee
and
expense
ratio
to
other
investment
companies
within
each
Fund’s
respective
peer
grouping,
as
determined
by
the
independent
third
party.
The
comparative
reporting
indicated
that
contractual
management
fee
for
JSMD,
JSML,
VNLA,
JMBS
and
JAAA
were
in
the
3rd,
3rd,
2nd,
1
st
,
and
1st
quintiles,
respectively,
as
compared
to
each
Fund’s
respective
peer
grouping.
The
comparative
reporting
indicated
that
total
expense
ratios
for
JSMD,
JSML,
VNLA,
JMBS
and
JAAA
were
in
the
3rd,
4th,
2nd,
1st,
and
1st
quintiles,
respectively,
as
compared
to
each
Fund’s
respective
peer
grouping.
The
Board
further
considered
that
the
Adviser
had
voluntarily
agreed
to
cap
the
expenses
of
VNLA
and
JMBS
to
the
extent
that
the
Funds’
total
expense
ratio
exceeded
0.23%
and
0.28%,
respectively,
for
at
least
the
period
February
28,
2022
through
February
28,
2023.
The
Board
further
noted
the
Adviser’s
contractual
commitment
with
respect
to
the
Funds’
investments
in
affiliated
ETFs
to
waive
and/or
reimburse
a
portion
of
its
management
fee
in
an
amount
equal
to
a
portion
of
the
management
fee
it
earns
as
investment
adviser
to
affiliated
ETFs
in
which
a
Fund
invests
(if
any),
for
at
least
the
period
from
February 28,
2022
until
February 28,
2023.
The
Board
also
discussed
the
costs
incurred
by
the
Adviser
in
connection
with
its
serving
as
investment
adviser
to
the
Funds,
including
operational
costs.
After
comparing
each
Fund’s
fees
and
expenses
with
those
of
other
ETFs
and
mutual
funds
(as
applicable)
in
the
Funds’
respective
peer
groups,
and
in
light
of
the
nature,
extent
and
quality
of
services
provided
by
the
Adviser
and
the
costs
incurred
by
the
Adviser
in
rendering
those
services,
as
well
as
the
profitability
of
the
Adviser
in
providing
these
services,
the
Board
concluded
that
the
level
of
fees
paid
to
the
Adviser
and
the
profitability
with
respect
to
each
Fund
was
fair
and
reasonable.
The
Board
also
considered
that
the
Adviser
may
experience
reputational
“fall-out”
benefits
based
on
the
success
of
the
Funds,
but
that
such
benefits
are
not
easily
quantifiable.
(c)
The
extent
to
which
economies
of
scale
would
be
realized
as
the
Fund
grows
and
whether
fee
levels
would
reflect
such
economies
of
scale.
The
Board
next
discussed
potential
economies
of
scale.
In
its
review,
the
Board
considered
that
the
Funds
were
positioned
to
realize
economies
of
scale
as
assets
grow
over
time,
given
the
inclusion
of
management
fee
breakpoints
for
each
Fund
in
the
current
investment
advisory
agreement
at
various
asset
levels.
(d)
Investment
performance
of
the
Fund
and
the
Adviser.
Janus
Henderson
Short
Duration
Income
ETF
Board
Considerations
Regarding
Approval
of
Investment
Advisory
Agreements
(unaudited)
38
April
30,
2022
The
Board
next
discussed
the
performance
of
the
Funds
on
both
an
absolute
basis
and
relative
to
the
performance
of
funds
comprising
a
peer
group
compiled
by
an
independent
third
party
for
each
Fund
for
the
one-year
period,
two-year
period,
three-year
period,
four-year
period
and/or
five-year
period,
as
applicable.
The
Board
noted
that
for
the
one-,
two-,
three-,
four-
and
five-year
periods
ended
December
31,
2021,
respectively,
JSMD
was
reported
to
be
in
the
4th,
4th,
4th,
3rd
and
3rd
quintiles;
JSML
was
reported
to
be
in
the
5th,
4th,
4th,
3rd
and
3rd
quintiles;
and
VNLA
was
reported
to
be
in
the
3rd,
4th,
4th,
3rd
and
3rd
quintiles.
JMBS
was
reported
to
be
in
the
2nd,
1st
and
1st
quintile
for
the
one-,
two-
and
three-year
periods,
respectively.
JAAA
was
reported
to
be
in
the
5th
quintile
for
its
first
one-year
period.
The
Board
also
reviewed
supplemental
performance
information
prepared
by
the
Adviser
for
each
Fund
for
the
three-month,
one-year,
three-year,
and
since-inception
periods
as
of
December
31,
2021
(each
period
as
applicable).
The
Board
considered
the
Adviser’s
explanation
of
performance
results
for
each
Fund
across
the
relevant
periods
provided
as
part
of
the
consideration
of
the
renewal
of
the
Investment
Advisory
Agreement,
and
during
the
course
of
the
previous
year.
With
respect
to
JSML
and
JSMD,
the
Board
noted
that
these
Funds
are
index-based
and,
as
a
result,
passively
managed
to
seek
to
track
the
returns
of
specified
indices.
For
this
reason,
the
Board
also
considered
the
performance
of
these
Funds
in
relation
to
the
performance
of
each
Fund’s
respective
underlying
index
(i.e.
“tracking
error”),
and
considered
that
the
tracking
error
was
within
anticipated
ranges.
Conclusion.
No
single
factor
was
determinative
to
the
decision
of
the
Board.
Based
on
the
foregoing
and
such
other
matters
as
were
deemed
relevant,
the
Board
concluded
that
the
management
fee
rates
and
total
expense
ratios
of
each
Fund
are
reasonable
in
relation
to
the
services
provided
by
the
Adviser
to
such
Fund,
as
well
as
the
costs
incurred
and
benefits
gained
by
the
Adviser
in
providing
such
services.
The
Board
also
found
the
management
fees
to
be
reasonable
in
comparison
to
the
fees
charged
by
advisers
to
other
comparable
ETFs
and
mutual
funds
(as
applicable).
As
a
result,
the
Board
concluded
that
the
renewal
of
the
Investment
Management
Agreement
for
an
additional
one-year
period
was
in
the
best
interests
of
each
Fund.
After
full
consideration
of
the
above
factors,
as
well
as
other
factors,
the
Trustees,
including
all
of
the
Independent
Trustees
voting
separately,
determined
to
approve
the
renewal
of
the
Investment
Management
Agreement
for
each
Fund.
Janus
Henderson
Short
Duration
Income
ETF
Liquidity
Risk
Management
Program
(unaudited)
Janus
Detroit
Street
Trust
39
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
requires
open-end
funds
(but
not
money
market
funds)
to
adopt
and
implement
a
written
liquidity
risk
management
program
(the
“LRMP”)
that
is
reasonably
designed
to
assess
and
manage
liquidity
risk.
In
compliance
with
the
Liquidity
Rule,
each
Fund
has
implemented
a
LRMP,
which
incorporates
the
following
elements:
(i)
assessment,
management,
and
periodic
review
of
liquidity
risk;
(ii)
classification
of
portfolio
holdings,
as
applicable;
(iii)
the
establishment
and
monitoring
of
a
highly
liquid
investment
minimum
(“HLIM”),
as
applicable;
(iv)
a
15%
limitation
on
each
Fund’s
illiquid
investments;
(v)
redemptions
in-
kind;
and
(vi)
board
oversight.
In
light
of
the
fact
that
each
Fund
operates
as
an
exchange-traded
fund
(“ETF”),
the
LRMP
also
takes
into
account
considerations
unique
to
ETFs,
including
the
relationship
between
the
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including:
(i)
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants
(including
authorized
participants);
and
(ii)
the
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
the
ETF’s
portfolio.
The
LRMP
also
considers
whether
an
ETF
meets
redemptions
through
in-kind
transfers
of
securities,
positions,
and
assets
other
than
a
de
minimis
amount
of
cash.
The
Trustees
of
the
Funds
(the
“Trustees”)
have
designated
Janus
Henderson
Investors
US
LLC,
the
Funds’
investment
adviser
(the
“Adviser”),
as
the
Program
Administrator
for
the
LRMP.
A
working
group
comprised
of
various
groups
within
the
Adviser’s
business
is
responsible
for
administering
different
aspects
of
the
LRMP
(the
“Liquidity
Risk
Working
Group”).
The
Liquidity
Rule
requires
the
Trustees
to
review
at
least
annually
a
written
report
provided
by
the
Program
Administrator
that
addresses
the
operation
of
the
LRMP
and
assesses
its
adequacy
and
the
effectiveness
of
its
implementation,
including,
if
applicable,
the
operation
of
the
HLIM
and
any
material
changes
to
the
LRMP
(the
“Program
Administrator
Report”).
The
Program
Administrator
Report
also
addressed
the
annual
review
of
each
Fund’s
liquidity
risk,
as
well
as
any
recommendations
of
the
Program
Administrator
in
managing
such
risk.
In
assessing
each
Fund’s
liquidity
risk,
the
Liquidity
Risk
Working
Group
periodically
considers,
as
relevant,
specified
liquidity
factors,
including:
(i)
the
investment
strategy
and
liquidity
of
a
Fund’s
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
(ii)
whether
a
Fund’s
investment
strategy
is
appropriate
for
an
open-end
fund;
(iii)
the
extent
to
which
a
Fund’s
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
any
issuer;
(iv)
a
Fund’s
use
of
borrowing
for
investment
purposes;
(v)
a
Fund’s
use
of
derivatives;
and
(vi)
short-term
and
long-term
cash
flow
projections
for
the
Fund
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
At
a
meeting
held
April
21,
2022,
the
Adviser
provided
to
the
Trustees
the
Program
Administrator
Report,
which
covered
the
operation
of
the
LRMP
from
January
1,
2021
through
December
31,
2021
(the
“Reporting
Period”).
The
Program
Administrator
Report
discussed
the
operation
and
effectiveness
of
the
LRMP
during
the
Reporting
Period,
including
notable
liquidity
events
such
as
extended
holiday
market
closures.
It
noted
that
each
Fund
was
able
to
meet
redemptions
during
the
normal
course
of
business
during
the
Reporting
Period.
The
Program
Administrator
Report
also
stated
that
each
Fund
did
not
exceed
the
15%
limit
on
illiquid
assets
during
the
Reporting
Period,
that
each
Fund
held
primarily
highly
liquid
assets,
and
was
considered
to
be
primarily
“highly
liquid”
under
the
Liquidity
Rule
during
the
Reporting
Period
and
therefore
was
not
required
to
establish
an
HLIM.
In
addition,
the
Adviser
expressed
its
belief
in
the
Program
Administrator
Report
that
the
LRMP
is
reasonably
designed
and
adequate
to
assess
and
manage
each
Fund’s
liquidity
risk,
considering
each
Fund’s
particular
risks
and
circumstances,
and
includes
policies
and
procedures
reasonably
designed
to
implement
each
required
component
of
the
Liquidity
Rule.
The
Program
Administrator
Report
indicated
certain
material
changes
to
the
LRMP
were
implemented
during
the
Reporting
Period.
There
can
be
no
assurance
that
the
LRMP
will
achieve
its
objectives
in
the
future.
Please
refer
to
your
Fund’s
prospectus
for
more
information
regarding
the
risks
to
which
an
investment
in
the
Fund
may
be
subject.
Janus
Henderson
Short
Duration
Income
ETF
Notes
40
April
30,
2022
Janus
Henderson
Short
Duration
Income
ETF
Notes
Janus
Detroit
Street
Trust
41
125-24-93073
04-22
This
report
is
submitted
for
the
general
information
of
shareholders
of
the
Fund.
It
is
not
an
offer
or
solicitation
for
the
Fund
and
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus.
Janus
Henderson
is
a
trademark
of
Janus
Henderson
Group
plc
or
one
of
its
subsidiaries.
©
Janus
Henderson
Group
plc.
Janus
Henderson
Investors
US
LLC
is
the
investment
adviser
and
ALPS
Distributors,
Inc.
is
the
distributor.
ALPS
is
not
affiliated
with
Janus
Henderson
or
any
of
its
subsidiaries.