ANNUAL
REPORT
October
31,
2023
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Janus
Detroit
Street
Trust
Table
of
Contents
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Performance
Overview
...........................
1
Fund
At
A
Glance
...............................
3
Disclosure
of
Fund
Expenses
.......................
5
Report
of
Independent
Registered
Public
Accounting
Firm
...
6
Schedule
of
Investments
..........................
7
Statement
of
Assets
and
Liabilities
...................
10
Statement
of
Operations
..........................
11
Statements
of
Changes
in
Net
Assets
.................
12
Financial
Highlights
..............................
13
Notes
to
Financial
Statements
......................
14
Additional
Information
............................
21
Trustees
and
Officers
............................
22
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
Janus
Detroit
Street
Trust
1
INVESTMENT
OBJECTIVE
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(SSPX)
seeks
long-term
growth
of
capital.
PERFORMANCE
OVERVIEW
For
the
12-month
period
ended
October
31,
2023,
the
Fund
returned
8.11%
(based
on
NAV),
while
its
benchmark,
the
S&P
500®
Index,
returned
10.14%.
U.S.
equities
finished
the
period
higher
despite
spells
of
considerable
volatility.
After
the
more
cyclical
sector
strength
of
late
2022,
in
early
2023
secular
growth
stocks
outperformed
as
signs
of
cooling
inflation
sparked
hopes
that
interest
rates
may
be
approaching
a
peak.
The
banking
crisis
in
March
caused
turmoil
that
equity
markets
soon
brushed
off,
and
growing
optimism
around
artificial
intelligence
(AI)
benefited
semiconductor
firms
and
information
technology
(IT)
companies
with
AI
investments,
which
led
the
market
higher.
Meanwhile,
the
U.S.
economy’s
surprising
resilience
strengthened
hopes
for
an
economic
soft
landing.
Toward
period-end,
the
prospect
of
a
longer
wait
for
interest
rate
cuts
sent
U.S.
Treasury
yields
higher,
and
caused
equities
to
give
back
some
of
their
gains.
Even
so,
the
period
was
a
strong
environment
for
equities,
with
a
small
group
of
mega-cap
growth
stocks
dominating
equity
market
returns.
This
was
reflected
in
the
sector
rankings,
which
IT
and
communication
services
topped
by
some
distance.
At
the
other
end,
the
rate-sensitive
real
estate
and
utilities
sectors
were
weakest,
while
consumer
staples
shares
suffered
from
the
rotation
out
of
defensive
sectors.
Higher
interest
rates,
inflation,
and
policy
uncertainty
weighed
on
the
pace
of
renewable
energy
development,
yet
we
retained
a
constructive
outlook
as
we
expect
trends
such
as
reshoring
and
the
transition
to
renewables
to
accelerate.
The
Fund’s
underperformance
over
the
period
owed
to
stock
selection
and
an
underweight
in
communication
services.
Stock
selection
in
IT
also
weighed
on
returns
with
a
position
in
electronics
test
and
measurement
software
developer
Keysight
Technologies
among
the
largest
single-name
detractors.
Positioning
in
healthcare
also
held
back
results,
with
Revvity,
a
provider
of
health
science
technologies
and
services,
a
top
detractor.
Stock
selection
in
financials
and
an
underweight
allocation
to
consumer
staples
benefited
relative
returns.
Lack
of
exposure
to
the
energy
and
utilities
sectors
also
aided
results.
Notable
contributors
included
semiconductor
firms
Nvidia
and
Lam
Research,
both
of
which
benefited
from
optimism
regarding
the
companies’
growth
opportunities
in
AI.
The
Janus
Henderson
U.S.
Sustainable
Equity
ETF
is
a
high-conviction
portfolio
of
U.S.
companies
selected
for
their
compounding
growth
potential
and
positive
impact
on
the
environment
and
society.
We
believe
there
is
a
strong
link
between
sustainable
development,
innovation,
and
long-term
compounding
growth.
Our
investment
framework
seeks
to
invest
in
U.S.
companies
that
have
a
positive
impact
on
the
environment
and
society,
while
at
the
same
time
helping
us
stay
on
the
right
side
of
disruption.
We
believe
this
approach
will
provide
clients
with
a
persistent
return
source,
deliver
future
compound
growth,
and
help
mitigate
downside
risk.
Important
Notice
–
Tailored
Shareholder
Reports
Effective
January
24,
2023,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted
rule
and
form
amendments
that
require
mutual
funds
and
exchange
traded
funds
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
that
highlight
key
information.
Other
information,
including
financial
statements,
that
currently
appears
in
shareholder
reports
will
be
made
available
online,
delivered
free
of
charge
to
shareholders
upon
request,
and
filed
with
the
SEC.
The
first
tailored
shareholder
report
for
the
Hamish
Chamberlayne
Aaron
Scully
co-portfolio
manager
co-portfolio
manager
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
2
October
31,
2023
Fund
will
be
for
the
reporting
period
ending
October
31,
2024.
Currently,
management
is
evaluating
the
impact
of
the
rule
and
form
amendments
on
the
content
of
the
Fund’s
current
shareholder
reports.
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
Fund
At
A
Glance
October
31,
2023
Janus
Detroit
Street
Trust
3
Holdings
are
subject
to
change
without
notice.
5
Largest
Equity
Holdings
–
(%
of
Net
Assets)
Microsoft
Corp.
Software
8.6%
Progressive
Corp.
(The)
Insurance
5.2%
NVIDIA
Corp.
Semiconductors
&
Semiconductor
Equipment
4.8%
Humana,
Inc.
Health
Care
Providers
&
Services
4.8%
Westinghouse
Air
Brake
Technologies
Corp.
Machinery
4.7%
28.1%
Sector
Allocation
–
(%
of
Net
Assets)
Technology
27.6%
Financial
20.3%
Industrial
20.3%
Consumer,
Non-cyclical
18.7%
Consumer,
Cyclical
7.1%
Communications
4.0%
Investment
Company
1.9%
99.9%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
Performance
4
October
31,
2023
Total
annual
expense
ratio
as
stated
in
the
prospectus:
0.55%.
See
Financial
Highlights
for
actual
expense
ratios
during
the
reporting
period.
Returns
quoted
are
past
performance
and
do
not
guarantee
future
results;
current
performance
may
be
lower
or
higher.
Investment
returns
and
principal
value
will
vary;
there
may
be
a
gain
or
loss
when
shares
are
sold.
For
the
most
recent
month-end
performance
call
800.668.0434
or
visit
janushenderson.com/performance.
Shares
of
ETFs
are
bought
and
sold
at
market
price
(not
NAV)
and
are
not
individually
redeemed
from
the
Fund.
Market
returns
are
based
upon
the
midpoint
of
the
bid/ask
spread
at
4:00
p.m.
Eastern
time
(when
NAV
is
normally
determined
for
most
ETFs),
and
do
not
represent
the
returns
you
would
receive
if
you
traded
shares
at
other
times.
Ordinary
brokerage
commissions
apply
and
will
reduce
returns.
Investing
involves
risk,
including
the
possible
loss
of
principal
and
fluctuation
of
value.
There
is
no
assurance
the
stated
objective(s)
will
be
met.
Returns
include
reinvestment
of
dividends
and
capital
gains.
Returns
greater
than
one
year
are
annualized.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
redemptions
of
Fund
shares.
The
returns
do
not
include
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
the
period
end
for
financial
reporting
purposes.
See
Notes
to
Schedule
of
Investments
and
Other
Information
for
index
definitions.
Index
performance
does
not
reflect
the
expenses
of
managing
a
portfolio
as
an
index
is
unmanaged.
Average
Annual
Total
Return
for
the
periods
ended
October
31,
2023
One
Year
Since
Inception
*
Janus
Henderson
U.S.
Sustainable
Equity
ETF
-
NAV
8.11%
-8.57%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
-
Market
Price
8.11%
-8.57%
S&P
500
®
Index
10.14%
-1.83%
*
The
Fund
commenced
operations
on
September
8,
2021.
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(unaudited)
Disclosure
of
Fund
Expenses
Janus
Detroit
Street
Trust
5
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
which
may
include
creation
and
redemption
fees
or
brokerage
charges
and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
Funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
example
is
based
upon
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
six-months
indicated,
unless
noted
otherwise
in
the
table
and
footnotes
below. 
Actual
Expenses 
The
information
in
the
table
under
the
heading
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes 
The
information
in
the
table
under
the
heading
“Hypothetical
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
upon
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
determine
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Additionally,
for
an
analysis
of
the
fees
associated
with
an
investment
or
other
similar
funds,
please
visit 
www.finra.org/
fundanalyzer.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs,
such
as
creation
and
redemption
fees,
or
brokerage
charges.
These
fees
are
fully
described
in
the
Fund’s
prospectus.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
(5%
return
before
expenses)
Beginning
Account
Value
(5/1/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
Period
(5/1/23
-
10/31/23)
†
Beginning
Account
Value
(5/1/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
Period
(5/1/23
-
10/31/23)
†
Net
Annualized
Expense
Ratio
(5/1/23
-
10/31/23)
$1,000.00
$982.70
$2.80
$1,000.00
$1,022.38
$2.85
0.56%
†
Expenses
Paid
During
Period
is
equal
to
the
Net
Annualized
Expense
Ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period).
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Report
of
Independent
Registered
Public
Accounting
Firm
6
October
31,
2023
To
the
Board
of
Trustees
of
Janus
Detroit
Street
Trust
and
Shareholders
of
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Janus
Henderson
U.S.
Sustainable
Equity
ETF
(one
of
the
funds
constituting
Janus
Detroit
Street
Trust
,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2023,
the
related
statement
of
operations
for
the
year
ended
October
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2023
and
for
the
period
September
8,
2021
(commencement
of
operations)
through
October
31,
2021
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2023
,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2023
and
for
the
period
September
8,
2021
(commencement
of
operations)
through
October
31,
2021
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits
.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2023
by
correspondence
with
the
custodian
and
broker
;
when
replies
were
not
received
from
the
broker,
we
performed
other
auditing
procedures
.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Denver,
Colorado
December
15,
202
3
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Janus
Henderson
Funds
since
1990.
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Schedule
of
Investments
October
31,
2023
Janus
Detroit
Street
Trust
7
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares
Value
Common
Stocks
-
98
.0
%
Automobile
Components
-
2
.0
%
Aptiv
plc*
1,603
$
139,782
Biotechnology
-
0
.1
%
Moderna,
Inc.*
106
8,052
Building
Products
-
4
.7
%
Advanced
Drainage
Systems,
Inc.
1,432
152,980
Carrier
Global
Corp.
3,786
180,441
333,421
Capital
Markets
-
1
.1
%
S&P
Global,
Inc.
232
81,040
Electrical
Equipment
-
2
.1
%
nVent
Electric
plc
3,161
152,139
Electronic
Equipment,
Instruments
&
Components
-
6
.9
%
IPG
Photonics
Corp.*
1,448
124,383
Keysight
Technologies,
Inc.*
1,493
182,221
TE
Connectivity
Ltd.
1,608
189,503
496,107
Financial
Services
-
4
.7
%
Mastercard,
Inc.
-
Class
A
602
226,563
Walker
&
Dunlop,
Inc.
1,746
113,141
339,704
Food
Products
-
0
.9
%
McCormick
&
Co.,
Inc.
(Non-Voting)
1,033
66,009
Health
Care
Equipment
&
Supplies
-
1
.6
%
Edwards
Lifesciences
Corp.*
1,197
76,273
STAAR
Surgical
Co.*
847
35,421
111,694
Health
Care
Providers
&
Services
-
7
.6
%
Encompass
Health
Corp.
3,234
202,319
Humana,
Inc.
653
341,970
544,289
Health
Care
Technology
-
0
.8
%
Certara,
Inc.*
4,726
57,610
Industrial
REITs
-
1
.9
%
Prologis,
Inc.
1,326
133,595
Insurance
-
11
.7
%
Aon
plc
-
Class
A
669
206,989
Marsh
&
McLennan
Cos.,
Inc.
1,348
255,648
Progressive
Corp.
(The)
2,366
374,041
836,678
Life
Sciences
Tools
&
Services
-
6
.6
%
Bruker
Corp.
1,879
107,103
ICON
plc*
1,034
252,254
Illumina,
Inc.*
305
33,373
Revvity,
Inc.
955
79,122
471,852
Machinery
-
8
.3
%
Westinghouse
Air
Brake
Technologies
Corp.
3,180
337,143
Xylem,
Inc.
2,722
254,616
591,759
Semiconductors
&
Semiconductor
Equipment
-
11
.0
%
Lam
Research
Corp.
322
189,407
NVIDIA
Corp.
840
342,552
ON
Semiconductor
Corp.*
1,343
84,125
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Schedule
of
Investments
October
31,
2023
8
October
31,
2023
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares
Value
Common
Stocks
-
(continued)
Semiconductors
&
Semiconductor
Equipment
-
(continued)
Texas
Instruments,
Inc.
1,214
$
172,400
788,484
Software
-
14
.9
%
Autodesk,
Inc.*
783
154,744
Cadence
Design
Systems,
Inc.*
602
144,390
Microsoft
Corp.
1,819
615,022
Workday,
Inc.
-
Class
A*
706
149,467
1,063,623
Specialized
REITs
-
2
.0
%
Crown
Castle,
Inc.
362
33,659
Equinix,
Inc.
148
107,986
141,645
Specialty
Retail
-
2
.2
%
Home
Depot,
Inc.
(The)
547
155,725
Textiles,
Apparel
&
Luxury
Goods
-
1
.8
%
NIKE,
Inc.
-
Class
B
1,243
127,743
Trading
Companies
&
Distributors
-
1
.2
%
Core
&
Main,
Inc.
-
Class
A*
2,875
86,480
Wireless
Telecommunication
Services
-
3
.9
%
T-Mobile
US,
Inc.*
1,965
282,685
Total
Common
Stocks
(cost
$8,298,682)
7,010,116
Investment
Companies
-
1
.9
%
Money
Market
Funds
-
1
.9
%
Federated
Hermes
Government
Obligations
Tax-Managed
Fund,
Institutional
Class,
5.2100%
∞
(cost
$138,992)
138,992
138,992
Total
Investments
(total
cost
$
8,437,674
)
-
99
.9
%
7,149,108
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
0.1%
7,090
Net
Assets
-
100.0%
$7,156,198
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
6,604,933
92
.4
%
Ireland
392,036
5
.5
United
Kingdom
152,139
2
.1
Total
$
7,149,108
100
.0
%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
October
31,
2023
Janus
Detroit
Street
Trust
9
S&P
500
®
Index
S&P
500
®
Index
reflects
U.S.
large-cap
equity
performance
and
represents
broad
U.S.
equity
market
performance.
plc
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
*
Non-income
producing
security.
∞
Rate
shown
is
the
7-day
yield
as
of
October
31,
2023.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
October
31,
2023
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Assets
Investments
in
Securities:
Common
Stocks
$
7,010,116
$
—
$
—
Investment
Companies
138,992
—
—
Total
Assets
$
7,149,108
$
—
$
—
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Statement
of
Assets
and
Liabilities
October
31,
2023
10
October
31,
2023
See
Notes
to
Financial
Statements.
Assets:
Investments,
at
value
(cost
$8,437,674)
$
7,149,108
Receivables:
Investments
sold
18,200
Dividends
4,751
Interest
552
Total
Assets
7,172,611
Liabilities:
Payables:
Investments
purchased
12,896
Management
fees
3,517
Total
Liabilities
16,413
Commitments
and
contingent
liabilities
Net
Assets
$
7,156,198
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
11,003,664
Total
distributable
earnings
(loss)
(3,847,466)
Total
Net
Assets
$
7,156,198
Net
Assets
$
7,156,198
Shares
outstanding,
$0.001
Par
Value
(unlimited
shares
authorized)
350,001
Net
Asset
Value
Per
Share
$
20.45
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Statement
of
Operations
For
the
year
ended
October
31,
2023
Janus
Detroit
Street
Trust
11
See
Notes
to
Financial
Statements.
Investment
Income:
Dividends
$
148,610
Interest
3
Total
Investment
Income
148,613
Expenses:
Management
Fees
86,572
Total
Expenses
86,572
Net
Investment
Income/(Loss)
62,041
Net
Realized
Gain/(Loss)
on
Investments:
Investments
$
(1,239,258)
Total
Net
Realized
Gain/(Loss)
on
Investments
$
(1,239,258)
Change
in
Unrealized
Net
Appreciation/Depreciation:
Investments
$
3,697,640
Total
Change
in
Unrealized
Net
Appreciation/Depreciation
$
3,697,640
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
$
2,520,423
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Statements
of
Changes
in
Net
Assets
12
October
31,
2023
See
Notes
to
Financial
Statements.
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Operations:
Net
investment
income/(loss)
$
62,041
$
66,186
Net
realized
gain/(loss)
on
investments
(1,239,258)
(5,799,653)
Change
in
unrealized
net
appreciation/depreciation
3,697,640
(6,157,764)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
2,520,423
(11,891,231)
Dividends
and
Distributions
to
Shareholders:
—
—
Dividends
and
Distributions
(65,021)
(207,757)
Net
Decrease
from
Dividends
and
Distributions
to
Shareholders
(65,021)
(207,757)
Capital
Share
Transactions
(15,234,565)
(19,360,054)
Net
Increase/(Decrease)
in
Net
Assets
(12,779,163)
(31,459,042)
Net
Assets:
—
—
Beginning
of
Year  
19,935,361
51,394,403
End
of
Year
$
7,156,198
$
19,935,361
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Financial
Highlights
Janus
Detroit
Street
Trust
13
See
Notes
to
Financial
Statements.
For
a
share
outstanding
during
each
year
or
period
ended
October
31
2023
2022
2021
(1)
Net
Asset
Value,
Beginning
of
Period
$18.99
$25.38
$25.00
Income/(Loss)
from
Investment
Operations:
—
—
—
Net
investment
income/(loss)
(2)
0.08
0.04
—
(3)
Net
realized
and
unrealized
gain/(loss)
1.46
(6.32)
0.38
Total
from
Investment
Operations
1.54
(6.28)
0.38
Less
Dividends
and
Distributions:
—
—
—
Dividends
(from
net
investment
income)
(0.08)
(0.11)
—
Total
Dividends
and
Distributions
(0.08)
(0.11)
—
Net
Asset
Value,
End
of
Period
$20.45
$18.99
$25.38
Total
Return
*
8.11%
(24.82)%
1.52%
Net
assets,
End
of
Period
(in
thousands)
$7,156
$19,935
$51,394
Average
Net
Assets
for
the
Period
(in
thousands)
$15,667
$35,742
$44,389
Ratios
to
Average
Net
Assets
**
Ratio
of
Gross
Expenses
0.55%
0.55%
0.55%
Ratio
of
Net
Investment
Income/(Loss)
0.40%
0.19%
(0.01)%
Portfolio
Turnover
Rate
(4)
17%
9%
1%
*
Total
return
not
annualized
for
periods
of
less
than
one
full
year.
**
Annualized
for
periods
of
less
than
one
full
year.
(1)
Period
from
September
8,
2021
(commencement
of
operations)
through
October
31,
2021.
(2)
Per
share
amounts
are
calculated
based
on
average
shares
outstanding
during
the
year
or
period.
(3)
Amount
is
less
than
$0.005.
(4)
Portfolio
turnover
rate
excludes
securities
received
or
delivered
from
in-kind
processing
of
creation
or
redemptions.
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
14
October
31,
2023
1.
Organization
and
Significant
Accounting
Policies
Janus
Henderson
U.S.
Sustainable Equity
ETF (the
“Fund”)
is
a
series
fund.
The
Fund
is
part
of
Janus
Detroit
Street
Trust
(the
“Trust”),
which
is
organized
as
a
Delaware
statutory
trust
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company,
and
therefore
has
applied
the
specialized
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946.
As
of
the
date
of
this
report,
the
Trust
offers eleven
Funds
each
of
which
represent
shares
of
beneficial
interest
in
a
separate
portfolio
of
securities
and
other
assets
with
its
own
objective
and
policies.
The
Fund
seeks
long-term
growth
of
capital.
The
Fund
is
classified
as
diversified,
as
defined
in
the
1940
Act.
Janus
Henderson
Investors
US
LLC
is
the
investment
adviser
(the
“Adviser”)
to
the
Fund.
The
Fund
is
an
actively-managed
exchange-traded
fund.
Unlike
shares
of
traditional
mutual
funds,
shares
of
the
Fund
are
not
individually
redeemable
and
may
only
be
purchased
or
redeemed
directly
from
the
Fund
at
net
asset
value
(“NAV”)
in
large
increments
called
“Creation
Units”
by
certain
participants,
known
as
“Authorized
Participants.”
The
size
of
a
Creation
Unit
to
purchase
shares
of
the
Fund
may
differ
from
the
size
of
a
Creation
Unit
to
redeem
shares
of
the
Fund.
The
Fund
will
issue
or
redeem
Creation
Units
in
exchange
for
portfolio
securities
and/or
cash.
Except
when
aggregated
in
Creation
Units,
Fund
shares
are
not
redeemable
securities
of
the
Fund.
Shares
of
the
Fund
are
listed
and
trade
on NYSE
Arca,
Inc.
(the
"Exchange"),
and
individual
investors
can
purchase
or
sell
shares
in
much
smaller
increments
for
cash
in
the
secondary
market
through
a
broker.
These
transactions,
which
do
not
involve
the
Fund,
are
made
at
market
prices
that
may
vary
throughout
the
day
and
differ
from
the
Fund’s
NAV.
As
a
result,
you
may
pay
more
than
NAV
(a
premium)
when
you
purchase
shares
and
receive
less
than
NAV
(a
discount)
when
you
sell
shares,
in
the
secondary
market.
An
Authorized
Participant
(or
other
broker-dealers
making
markets
in
shares
of
the
Fund)
may
hold
of
record
more
than
25%
of
the
outstanding
shares
of
the
Fund.
From
time
to
time,
Authorized
Participants
(or
other
broker-dealers
making
markets
in
shares
of
the
Fund)
may
be
a
beneficial
and/or
legal
owner
of
the
Fund,
may
be
affiliated
with
an
index
provider,
may
be
deemed
to
have
control
of
the
Fund
and/or
may
be
able
to
affect
the
outcome
of
matters
presented
for
a
vote
of
the
shareholders
of
the
Fund.
Authorized
Participants
(or
other
broker-dealers
making
markets
in
shares
of
the
Fund)
may
execute
an
irrevocable
proxy
granting
ALPS
Distributors,
Inc.
(the
"Distributor"),
the
Adviser
or
an
affiliate
of
the
Adviser
power
to
vote
or
abstain
from
voting
such
Authorized
Participant’s
beneficially
or
legally
owned
shares
of
the
Fund.
In
such
cases,
the
agent
shall
mirror
vote
(or
abstain
from
voting)
such
shares
in
the
same
proportion
as
all
other
beneficial
owners
of
the
Fund.
The
following
accounting
policies
have
been
followed
by
the
Fund
and
are
in
conformity
with
United
States
of
America
generally
accepted
accounting
principles
(“US
GAAP”). 
Investment
Valuation 
Fund holdings
are
valued
in
accordance
with
policies
and
procedures
established
by
the
Adviser
pursuant
to
Rule
2a-5
under
the
1940
Act
and
approved
by
and
subject
to
the
oversight
of
the
Trustees
(the
“Valuation
Procedures”).
Equity
securities,
including
shares
of
exchange-traded
funds,
traded
on
a
domestic
securities
exchange
are
generally
valued
at
readily
available
market
quotations,
which
are
(i)
the
official
close
prices
or
(ii)
last
sale
prices
on
the
primary
market
or
exchange
in
which
the
securities
trade.
If
such
price
is
lacking
for
the
trading
period
immediately
preceding
the
time
of
determination,
such
securities
are
generally
valued
at
their
current
bid
price.
Equity
securities
that
are
traded
on
a
foreign
exchange
are
generally
valued
at
the
closing
prices
on
such
markets.
In
the
event
that
there
is
no
current
trading
volume
on
a
particular
security
in
such
foreign
exchange,
the
bid
price
from
the
primary
exchange
is
generally
used
to
value
the
security.
Foreign
securities
and
currencies
are
converted
to
U.S.
dollars
using
the
current
spot
USD
dollar
exchange
rate
in
effect
at
the
close
of
the
London
Stock
Exchange.
The Fund will
determine
the
market
value
of
individual
securities
held
by
it
by
using
prices
provided
by
one
or
more
approved
professional
pricing
services
or,
as
needed,
by
obtaining
market
quotations
from
independent
broker-dealers.
Most
debt
securities
are
valued
in
accordance
with
the
evaluated
bid
price
supplied
by
the
Adviser-approved
pricing
service
that
is
intended
to
reflect
market
value.
The
evaluated
bid
price
supplied
by
the
pricing
service
is
an
evaluation
that
may
consider
factors
such
as
security
prices,
yields,
maturities
and
ratings.
Certain
short-term
securities
maturing
within
60
days
or
less
may
be
evaluated
and
valued
on
an
amortized
cost
basis
provided
that
the
amortized
cost
determined
approximates
market
value.
Securities
for
which
market
quotations
or
evaluated
prices
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
determined
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
15
in
good
faith
by
the
Adviser
pursuant
to
the
Valuation
Procedures. Circumstances
in
which
fair
valuation
may
be
utilized
include,
but
are
not
limited
to:
(i)
a
significant
event
that
may
affect
the
securities
of
a
single
issuer,
such
as
a
merger,
bankruptcy,
or
significant
issuer-specific
development;
(ii)
an
event
that
may
affect
an
entire
market,
such
as
a
natural
disaster
or
significant
governmental
action;
(iii)
a
nonsignificant
event
such
as
a
market
closing
early
or
not
opening,
or
a
security
trading
halt;
and
(iv)
pricing
of
a
non-valued
security
and
a
restricted
or
nonpublic
security.
Special
valuation
considerations
may
apply
with
respect
to
“odd-lot”
fixed-income
transactions
which,
due
to
their
small
size,
may
receive
evaluated
prices
by
pricing
services
which
reflect
a
large
block
trade
and
not
what
actually
could
be
obtained
for
the
odd-
lot
position.
The
value
of
the
securities
of
mutual
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds,
and
the
prospectuses
for
such
mutual
funds
explain
the
circumstances
under
which
they
use
fair
valuation
and
the
effects
of
using
fair
valuation.
The
value
of
the
securities
of
any
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
funds.
Valuation
Inputs
Summary 
FASB
ASC
820,
Fair
Value
Measurements
and
Disclosures
(“ASC
820”),
defines
fair
value,
establishes
a
framework
for
measuring
fair
value,
and
expands
disclosure
requirements
regarding
fair
value
measurements.
This
standard
emphasizes
that
fair
value
is
a
market-based
measurement
that
should
be
determined
based
on
the
assumptions
that
market
participants
would
use
in
pricing
an
asset
or
liability
and
establishes
a
hierarchy
that
prioritizes
inputs
to
valuation
techniques
used
to
measure
fair
value.
These
inputs
are
summarized
into
three
broad
levels: 
Level
1
–
Unadjusted
quoted
prices
in
active
markets
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities.
Level
2
–
Observable
inputs
other
than
unadjusted
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Assets
or
liabilities
categorized
as
Level
2
in
the
hierarchy
generally
include:
debt
securities
fair
valued
in
accordance
with
the
evaluated
bid
or
ask
prices
supplied
by
a
pricing
service;
securities
traded
on
OTC
markets
and
listed
securities
for
which
no
sales
are
reported
that
are
fair
valued
at
the
latest
bid
price
(or
yield
equivalent
thereof)
obtained
from
one
or
more
dealers
transacting
in
a
market
for
such
securities
or
by
a
pricing
service
approved
by
the
Fund’s
Trustees;
and
certain
short-term
debt
securities
with
maturities
of
60
days
or
less
that
are
fair
valued
at
amortized
cost.
Other
securities
that
may
be
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
preferred
stocks,
bank
loans,
swaps,
investments
in
unregistered
investment
companies,
options,
and
forward
contracts.
Level
3
–
Unobservable
inputs
for
the
asset
or
liability
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Fund’s
own
assumptions
about
the
assumptions
that
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
that
would
be
based
on
the
best
information
available.
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
October
31,
2023 to
fair
value
the
Fund’s
investments
in
securities
and
other
financial
instruments
is
included
in
the
“Valuation
Inputs
Summary”
in
the
Notes
to
Schedule
of
Investments
and
Other
Information.
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
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
16
October
31,
2023
securities
may
be
placed
in
non-accrual
status
and
related
interest
income
may
be
reduced
by
stopping
current
accruals
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. 
Dividends
and
Distributions
The
Fund
generally
declares
and
distributes
dividends
of
net
investment
income
quarterly.
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. 
The
Fund
may
make
certain
investments
in
real
estate
investment
trusts
(“REITs”)
which
pay
dividends
to
their
shareholders
based
upon
funds
available
from
operations.
It
is
quite
common
for
these
dividends
to
exceed
the
REITs’
taxable
earnings
and
profits,
resulting
in
the
excess
portion
of
such
dividends
being
designated
as
a
return
of
capital.
If
the
Fund
distributes
such
amounts,
such
distributions
could
constitute
a
return
of
capital
to
shareholders
for
federal
income
tax
purposes. 
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.
Other
Investments
and
Strategies 
Market Risk 
The
value
of
the
Fund’s
portfolio
may
decrease
if
the
value
of
one
or
more
issuers
in
the
Fund’s
portfolio
decreases.
Further,
regardless
of
how
well
individual
companies
or
securities
perform,
the
value
of
the
Fund’s
portfolio
could
also
decrease
if
there
are
deteriorating
economic
or
market
conditions,
including,
but
not
limited
to,
a
general
decline
in
prices
on
the
stock
markets,
a
general
decline
in
real
estate
markets,
a
decline
in
commodities
prices,
or
if
the
market
favors
different
types
of
securities
than
the
types
of
securities
in
which
the
Fund
invests.
If
the
value
of
the
Fund’s
portfolio
decreases,
the
Fund’s
NAV
will
also
decrease,
which
means
if
you
sell
your
shares
in
the
Fund
you
may
lose
money.
Market
risk
may
affect
a
single
issuer,
industry,
economic
sector,
or
the
market
as
a
whole.
The
increasing
interconnectivity
between
global
economies
and
financial
markets
increases
the
likelihood
that
events
or
conditions
in
one
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
Social,
political,
economic
and
other
conditions
and
events,
such
as
natural
disasters,
health
emergencies
(e.g.,
epidemics
and
pandemics),
terrorism,
conflicts,
including
related
sanctions,
and
social
unrest,
could
reduce
consumer
demand
or
economic
output,
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
17
result
in
market
closures,
travel
restrictions
and/or
quarantines,
and
generally
have
a
significant
impact
on
the
global
economies
and
financial
markets. 
COVID-19
Pandemic.
The
effects
of
COVID-19
have
contributed
to
increased
volatility
in
global
financial
markets
and
have
affected
and
may
continue
to
affect
certain
countries,
regions,
issuers,
industries
and
market
sectors
more
dramatically
than
others.
These
conditions
and
events
could
have
a
significant
impact
on
the
Fund
and
its
investments,
the
Fund’s
ability
to
meet
redemption
requests,
and
the
processes
and
operations
of
the
Fund’s
service
providers,
including
the
Adviser.
Armed
Conflict.
Recent
such
examples
include
conflict,
loss
of
life,
and
disaster
connected
to
ongoing
armed
conflict
between
Russia
and
Ukraine
in
Europe
and
Hamas
and
Israel
in
the
Middle
East.
The
extent
and
duration
of
each
conflict,
resulting
sanctions
and
resulting
future
market
disruptions
in
each
region
are
impossible
to
predict,
but
could
be
significant
and
have
a
severe
adverse
effect,
including
significant
negative
impacts
on
the
U.S.
and
broader
global
economic
environment
and
the
markets
for
certain
securities
and
commodities.
Industry
and Sector
Risk
The
Fund
may
have
a
significant
portion
of
its
assets
invested
in
securities
of
companies
conducting
similar
business
or
businesses
within
the
same
economic
sector
or
that
benefit
from
the
same
theme.
Companies
in
the
same
industry
or
economic
sector
or
that
benefit
from
the
same
theme
may
be
similarly
affected
by
economic
or
market
events,
making
the
Fund
more
vulnerable
to
unfavorable
developments
than
funds
that
invest
more
broadly.
As
the
Fund’s
portfolio
becomes
more
concentrated,
the
Fund
is
less
able
to
spread
risk
and
potentially
reduce
the
risk
of
loss
and
volatility.
Small-
and
Mid-Sized
Companies
Risk
The
Fund’s
investments
in
securities
issued
by
small-
and
mid-sized
companies,
which
can
include
smaller,
start-up
companies
offering
emerging
products
or
services,
may
involve
greater
risks
than
are
customarily
associated
with
larger,
more
established
companies.
Securities
issued
by
small-
and
mid-sized
companies
tend
to
be
more
volatile
and
somewhat
more
speculative
than
securities
issued
by
larger
or
more
established
companies
and
may
underperform
as
compared
to
the
securities
of
larger
or
more
established
companies.
Sustainable
Investment
Risk
The
Fund
follows
a
sustainable
investment
approach
by
investing
in
debt
securities
that
are
aligned
with
positive
environmental
and
social
impact
themes
and/or
the
debt
of
companies
with
business
practices
that
the
Adviser
believes
to
be
sustainable
and/or
demonstrate
adherence
to
certain
sustainable
and/or
ESG-related
practices.
Accordingly,
the
Fund
may
have
a
significant
portion
of
its
assets
invested
in
securities
of
companies
conducting
similar
business
or
businesses
within
the
same
economic
sector,
which
may
make
the
Fund
more
vulnerable
to
unfavorable
developments
in
a
particular
sector
than
funds
that
invest
more
broadly.
Additionally,
due
to
its
exclusionary
criteria,
the
Fund
may
not
be
invested
in
certain
industries
or
sectors,
and
therefore
may
have
lower
performance
than
portfolios
that
do
not
apply
similar
criteria.
In
addition,
because
sustainable
and
ESG
investing
takes
into
consideration
factors
beyond
traditional
financial
analysis,
the
investment
opportunities
for
the
Fund
may
be
limited
at
times.
Sustainability
and
ESG-related
information
provided
by
issuers
and
third
parties,
upon
which
the
portfolio
managers
may
rely,
continues
to
develop,
and
may
be
incomplete,
inaccurate,
use
different
methodologies,
or
be
applied
differently
across
companies
and
industries.
Further,
the
regulatory
landscape
for
sustainable
and
ESG
investing
in
the
United
States
is
still
developing
and
future
rules
and
regulations
may
require
the
Fund
to
modify
or
alter
its
investment
process.
Similarly,
government
policies
incentivizing
companies
to
engage
in
sustainable
and
ESG
practices
may
fall
out
of
favor,
which
could
potentially
limit
the
Fund’s
investment
universe.
There
is
also
a
risk
that
the
companies
identified
through
the
investment
process
may
fail
to
adhere
to
sustainable
and/or
ESG-related
business
practices,
which
may
result
in
the
Fund
selling
a
security
when
it
might
otherwise
be
disadvantageous
to
do
so.
3.
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
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
18
October
31,
2023
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: 
For
the
year ended
October
31,
2023,
the
Fund’s
actual
management
fee
rate
(expressed
as
an
annual
rate)
was
0.55% 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
Trust
has
adopted
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.
However,
the
Trustees
have
determined
not
to
authorize
payment
under
this
Plan
at
this
time.
Under
the
terms
of
the
Plan,
the
Trust
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
the
Trustees
determine
that
it
is
in
the
best
interests
of
shareholders
to
do
so.
Because
these
fees
are
paid
out
of
the
Fund’s
assets
on
an
ongoing
basis,
to
the
extent
that
a
fee
is
authorized,
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. 
As
of
October
31,
2023, the
Adviser
owned 225,001
shares
or 64.29%
of
the
Fund.
4.
Federal
Income
Tax 
The
tax
components
of
capital
shown
in
the
table
below
represent:
(1)
distribution
requirements
the
Fund
must
satisfy
under
the
income
tax
regulations;
(2)
losses
or
deductions
the
Fund
may
be
able
to
offset
against
income
and
gains
realized
in
future
years;
and
(3)
unrealized
appreciation
or
depreciation
of
investments
for
federal
income
tax
purposes. 
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. 
Daily
Net
Assets
Fee
Rate
$0-$250
Million
0.55%
Over
$250
Million
0.50%
Loss
Deferrals
Undistributed
Ordinary
Income
Undistributed
Long-Term
Gains
Accumulated
Capital
Losses
Loss
Deferrals
Other
Book
to
Tax
Differences
Net
Tax
Appreciation/
(Depreciation)
$6,388
$—
$(2,565,128)
$—
$—
$(1,288,726)
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
19
Accumulated
capital
losses
noted
below
represent
net
capital
loss
carryovers,
as
of
October
31,
2023,
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 October
31,
2023 are
noted
below.
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.
Certain
permanent
differences
such
as
tax
returns
of
capital
and
net
investment
losses
noted
below
have
been
reclassified
to
capital. 
Permanent
book
to
tax
basis
differences
may
result
in
reclassifications
between
the
components
of
net
assets.
These
differences
have
no
impact
on
the
results
of
operations
or
net
assets.
5.
Capital
Share
Transactions 
6.
Purchases
and
Sales
of
Investment
Securities
For
the year ended
October
31,
2023,
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,
2023
No
Expiration
Short-Term
Long-Term
Accumulated
Capital
Losses
$(1,397,339)
$(1,167,789)
$(2,565,128)
Federal
Tax
Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Tax
Appreciation/
(Depreciation)
$8,437,834
$404,855
$(1,693,581)
$(1,288,726)
For
the
year
ended
October
31,
2023
:
Distributions
From
Ordinary
Income
From
Long-Term
Capital
Gain
Tax
Return
of
Capital
Net
Investment
Loss
$65,021
$—
$—
$—
For
the
year
ended
October
31,
2022
:
Distributions
From
Ordinary
Income
From
Long-Term
Capital
Gain
Tax
Return
of
Capital
Net
Investment
Loss
$207,757
$—
$—
$—
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Shares
Amount
Shares
Amount
Shares
sold
100,000
$
2,049,342
75,000
$
1,486,411
Shares
repurchased
(800,000)
(17,283,907
)
(1,050,000)
(20,846,465
)
Net
Increase/(Decrease)
(700,000)
$
(15,234,565
)
(975,000)
$
(19,360,054
)
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Notes
to
Financial
Statements
20
October
31,
2023
For
the year
ended
October
31,
2023,
the
cost
of
in-kind
purchases
and
proceeds
from
in-kind
sales,
were
as
follows: 
During
the
year ended
October
31,
2023,
the
Fund
had
net
realized
gain of $385,859 from
in-kind
redemptions.
Gains
on
in-kind
transactions
are
not
considered
taxable
for
federal
income
tax
purposes. 
7.
Subsequent
Events 
Management
has
evaluated
whether
any
events
or
transactions
occurred
subsequent
to October
31,
2023
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
$2,583,899
$2,770,313
$—
$—
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
$1,965,056
$16,779,216
$—
$—
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Additional
Information
(unaudited)
Janus
Detroit
Street
Trust
21
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
1-800-525-1093
(toll
free);
(ii)
on
the
Fund’s
website
at
janushenderson.com/proxyvoting;
and
(iii)
on
the
SEC’s
website
at
http://www.sec.gov.
Portfolio
Holdings
The
Fund
files
its
complete
portfolio
holdings
(schedule
of
investments)
with
the
SEC
as
an
exhibit
to
Form
N-PORT
within
60
days
of
the
end
of
the
first
and
third
fiscal
quarters,
and
in
the
annual
report
and
semiannual
report
to
shareholders.
The
Fund’s
Form
N-PORT
filings
and
annual
and
semiannual
reports:
(i)
are
available
on
the
SEC’s
website
at
http://www.sec.gov;
and
(ii)
are
available
without
charge,
upon
request,
by
calling
a
Janus
Henderson
representative
at
1-800-668-0434
(toll
free).
Designation
Requirements
(unaudited)
For
federal
income
tax
purposes,
the
Fund
designated
the
following
for
the
year
ended
October
31,
2023.
Dividends
Received
Deduction
Percentage
100%
Qualified
Dividend
Income
Percentage
100%
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Trustees
and
Officers
(unaudited)
22
October
31,
2023
The
following
are
the
Trustees
and
officers
of
the
Trust
together
with
a
brief
description
of
their
principal
occupations
during
the
last
five
years
(principal
occupations
for
certain
Trustees
may
include
periods
over
five
years).
The
Fund’s
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
officers
and
is
available,
without
charge,
by
calling
1-877-335-2687.
Each
Trustee
has
served
in
that
capacity
since
he
or
she
was
originally
elected
or
appointed.
The
Trustees
do
not
serve
a
specified
term
of
office.
Each
Trustee
will
hold
office
until
the
termination
of
the
Trust
or
his
or
her
earlier
death,
resignation,
retirement,
incapacity,
or
removal.
Under
the
Fund’s
Governance
Procedures
and
Guidelines,
the
policy
is
for
Trustees
to
retire
no
later
than
the
end
of
the
calendar
year
in
which
the
Trustee
turns
75.
The
Trustees
review
the
Fund’s
Governance
Procedures
and
Guidelines
from
time
to
time
and
may
make
changes
they
deem
appropriate.
The
Fund’s
Nominating
and
Governance
Committee
will
consider
nominees
for
the
position
of
Trustee
recommended
by
shareholders.
Shareholders
may
submit
the
name
of
a
candidate
for
consideration
by
the
Committee
by
submitting
their
recommendations
to
the
Trust’s
Secretary.
Each
Trustee
is
currently
a
Trustee
of
one
other
registered
investment
company
advised
by
the
Adviser:
Clayton
Street
Trust.
As
of
the
date
of
this
report,
collectively,
the
two
registered
investment
companies
consist
of
14
series
or
funds.
The
Trust’s
officers
are
elected
annually
by
the
Trustees
for
a
one-year
term.
Certain
officers
also
serve
as
officers
of
Clayton
Street
Trust.
Certain
officers
of
the
Funds
may
also
be
officers
and/or
directors
of
the
Adviser.
Except
as
otherwise
disclosed,
Fund
officers
receive
no
compensation
from
the
Funds.
TRUSTEES
Name,
Address,
and
Age
Positions
Held
with
the
Trust
Length
of
Time
Served
Principal
Occupations
During
the
Past
Five
Years
Number
of
Portfolios/Funds
in
Fund
Complex
Overseen
by
Trustee*
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Independent
Trustees
Clifford
J.
Weber
151
Detroit
Street
Denver,
CO
80206
DOB:
1963
Chairman
Trustee
2/16-Present
Owner,
Financial
Products
Consulting
Group
LLC
(consulting
services
to
financial
institutions)
(since
2015).
14
Independent
Trustee,
Clough
Global
Dividend
and
Income
Fund (closed-end fund)
(since
2017),
Independent
Trustee,
Clough
Global
Opportunities
Fund (closed-
end fund)
(since
2017),
Independent
Trustee,
Clough
Global
Equity
Fund (closed-
end fund)
(since
2017),
and
Independent
Trustee,
Global
X
Funds
(investment
company)
(since
2018).
Formerly,
Chairman,
Clough
Funds
Trust
(investment
company)
(2015-2023),
and
Chairman,
Elevation
ETF
Trust
(investment
company)
(2016-
2018).
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Trustees
and
Officers
(unaudited)
Janus
Detroit
Street
Trust
23
*
Each
Trustee
also
serves
as
a
trustee
to
the
Clayton
Street
Trust,
which
is
currently
comprised
of
three
portfolios.
**
Ms.
Benz
is
an
Interested
Trustee
because
of
her
employment
with
Janus
Henderson
Investors.
Name,
Address,
and
Age
Positions
Held
with
the
Trust
Length
of
Time
Served
Principal
Occupations
During
the
Past
Five
Years
Number
of
Portfolios/Funds
in
Fund
Complex
Overseen
by
Trustee*
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Maureen
T.
Upton
151
Detroit
Street
Denver,
CO
80206
DOB:
1965
Trustee
2/16-Present
Principal,
Maureen
Upton
Ltd.
(consulting
services
to
multinational
companies
(since
2017).
14
Independent
Director,
Cascadia
Minerals
Ltd.
(mineral
exploration
company);
Independent
Director,
ATAC
Resources
Ltd.
(mineral
exploration
company)
(2022-
2023).
Jeffrey
B.
Weeden
151
Detroit
Street
Denver,
CO
80206
DOB:
1956
Trustee
2/16-Present
Senior
Advisor,
Bay
Boston
Capital
LP
(investment
fund
in
banks
and
bank
holdings
companies)
(since
2015).
14
Director,
West
Travis
County
Municipal
Utility
District
No. 6
(municipal
utility)
(since
2020).
Formerly,
Director,
State
Farm
Bank
(banking)
(2014-2021).
Interested
Trustee
Carrie
Benz**
151
Detroit
Street
Denver,
CO
80206
DOB:
1975
Trustee
1/21-Present
Global
Investment
COO
(since
2023).
Formerly,
Global
Head
of
Investment
Services,
Janus
Henderson
Investors
(2017-
2023).
14
Janus
Henderson
U.S.
Sustainable
Equity
ETF
Trustees
and
Officers
(unaudited)
24
October
31,
2023
OFFICERS
*
Officers
are
elected
at
least
annually
by
the
Trustees
for
a
one-year
term
and
may
also
be
elected
from
time
to
time
by
the
Trustees
for
an
interim
period.
Name,
Address,
and
Age
Positions
Held
with
the
Trust
Term
of
Office*
and
Length
of
Time
Served
Principal
Occupations
During
the
Past
Five
Years
Nicholas
Cherney
151
Detroit
Street
Denver,
CO
80206
DOB:
1981
President
and
Chief
Executive
Officer
10/22-Present
Head
of
Innovation
at
Janus
Henderson
(since
2023),
Head
of
Exchange
Traded
Products
at
Janus
Henderson
Distributors
US
LLC,
Janus
Henderson
Indices
LLC,
Velocity
Shares
Holdings
Inc.
(since
2019).
Formerly,
Senior
Vice
President,
Janus
Henderson
Distributors
US
LLC,
Janus
Henderson
Indices
LLC
(2015-2019),
Janus
Henderson
Investors
US
LLC
(2015-2017),
and
Velocity
Shares
Holdings
Inc.
(2014-2019).
Kristin
Mariani
151
Detroit
Street
Denver,
CO
80206
DOB:
1966
Vice
President
and
Chief
Compliance
Officer
7/20-Present
Head
of
Compliance,
North
America
at
Janus
Henderson
Investors
(since
September
2020)
and
Chief
Compliance
Officer
at
Janus
Henderson
Investors
US
LLC
(since
September
2017).
Formerly,
Anti-Money
Laundering
Officer
for
the
Trust
(July
2020-December
2022),
and
Global
Head
of
Investment
Management
Compliance
at
Janus
Henderson
Investors
(February
2019-August
2020).
Jesper
Nergaard
151
Detroit
Street
Denver,
CO
80206
DOB:
1962
Vice
President,
Chief
Financial
Officer,
Treasurer,
and
Principal
Accounting
Officer
2/16-Present
Head
of
U.S.
Fund
Administration,
Janus
Henderson
Investors
and
Janus
Henderson
Services
LLC.
Cara
Owen
151
Detroit
Street
Denver,
CO
80206
DOB:
1981
Vice
President,
Secretary,
and
Chief
Legal
Officer
1/23-Present
Senior
Legal
Counsel
of
Janus
Henderson
Investors
US
LLC
(since
2021).
Formerly,
Assistant
Secretary
of
the
Trust
and
Clayton
Street
Trust
(2021-2023);
Vice
President
and
Principal
Legal
Counsel,
ALPS
Fund
Services,
Inc.
(fund
administrator)
(2019-2021);
and
Senior
Counsel,
Corporate
&
Investments,
Great-West
Life
&
Annuity
Insurance
Company
(insurance
company)
(2014-2019).
Ciaran
Askin
151
Detroit
Street
Denver,
CO
80206
DOB:
1978
Anti-Money
Laundering
Officer
1/23-Present
Global
Head
of
Financial
Crime,
Janus
Henderson
Investors
(since
2022).
Formerly,
Global
Head
of
Financial
Crime
at
Invesco
Ltd.
(2017-2022).
125-02-93093
12-23
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.