ANNUAL
REPORT
October
31,
2022
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Janus
Detroit
Street
Trust
Table
of
Contents
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Performance
Overview
...........................
1
Disclosure
of
Fund
Expenses
.......................
4
Report
of
Independent
Registered
Public
Accounting
Firm
...
5
Schedule
of
Investments
..........................
6
Statement
of
Assets
and
Liabilities
...................
15
Statement
of
Operations
..........................
16
Statement
of
Changes
in
Net
Assets
.................
17
Financial
Highlights
..............................
18
Notes
to
Financial
Statements
......................
19
Additional
Information
............................
30
Trustees
and
Officers
............................
31
Janus
Henderson
Sustainable
Corporate
Bond
ETF
(unaudited)
Janus
Detroit
Street
Trust
1
INVESTMENT
OBJECTIVE
The
Janus
Henderson
Sustainable
Corporate
Bond
ETF
(SCRD)
seeks
total
return
consisting
of
income
and
capital
appreciation,
while
giving
special
consideration
to
certain
environmental,
social
and
governance
(ESG)
factors.
PERFORMANCE
OVERVIEW
For
the
12-month
period
ended
October
31,
2022,
Janus
Henderson
Sustainable
Corporate
Bond
ETF
(the
“Fund”)
returned
-19.08%
net
of
fees
(based
on
NAV),
outperforming
its
benchmark,
the
Bloomberg
U.S.
Corporate
Investment
Grade
Bond
Index,
which
returned
-19.57%.
The
period
was
characterized
by
rising
interest
rates
and
widening
spreads,
which
pressured
returns
on
risk
assets.
In
its
fight
against
inflation,
the
Federal
Reserve
hiked
rates
by
3.00%
over
the
period,
while
the
yield
on
10-year
U.S.
Treasuries
increased
from
1.56%
to
4.05%.
The
Fund’s
duration
positioning
remained
below
that
of
the
benchmark
for
the
majority
of
the
period,
and
this
was
the
key
contributor
to
relative
outperformance
as
rates
rose.
Dynamic
management
of
interest
rate
risk
exposure
(by
actively
adding
and
reducing
duration
as
market
volatility
provided
opportunities
to
do
so)
further
contributed
to
relative
returns.
The
Fund’s
overweight
position
to
credit
risk
early
in
the
period,
as
well
as
a
strategic
overweight
to
the
banking
sector,
detracted
somewhat
from
relative
performance.
Despite
corporate
credit
fundamentals
continuing
to
exhibit
strength,
we
believe
the
risk
of
further
widening
in
corporate
credit
spreads
remains
high.
Therefore,
the
Fund
maintains
a
cautious
stance
within
spread
products
and
has
repositioned
into
higher-quality
credit.
Please
see
the
Derivative
Instruments
section
in
the
“Notes
to
Financial
Statements”
for
a
discussion
of
derivatives
used
by
the
Fund.
The
Janus
Henderson
Sustainable
Corporate
Bond
ETF
is
an
actively
managed,
investment
grade-focused
corporate
credit
ETF
seeking
to
generate
risk-adjusted
excess
returns,
while
aligning
with
positive
environmental
and
societal
outcomes.
Through
our
investment
framework,
we
aim
to
invest
in
issuers
with
strong
or
improving
ESG
characteristics
and
identify
opportunities
on
the
right
side
of
disruption.
Michael
Keough
Brad
Smith
co-portfolio
manager
co-portfolio
manager
Janus
Henderson
Sustainable
Corporate
Bond
ETF
(unaudited)
Fund
At
A
Glance
October
31,
2022
2
October
31,
2022
Holdings
are
subject
to
change
without
notice.
Sector
Allocation
–
(%
of
Net
Assets)
Financials
35.4%
Health
Care
18.6%
Information
Technology
12.1%
Industrials
9.2%
Consumer
Discretionary
5.3%
Consumer
Staples
5.3%
Real
Estate
4.3%
Investment
Companies
3.8%
Utilities
2.5%
Materials
2.3%
Communication
Services
2.0%
Energy
0.6%
101.4%
Janus
Henderson
Sustainable
Corporate
Bond
ETF
(unaudited)
Performance
Janus
Detroit
Street
Trust
3
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.
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.
Average
Annual
Total
Return
for
the
periods
ended
October
31,
2022
Prospectus~
Expense
Ratio
One
Year
Since
Inception
*
Total
Annual
Fund
Operating
Expenses
‡
Janus
Henderson
Sustainable
Corporate
Bond
ETF
-
NAV
-19.08%
-17.52%
0.35%
Janus
Henderson
Sustainable
Corporate
Bond
ETF
-
Market
Price
-18.96%
-17.37%
–
Bloomberg
U.S.
Corporate
Bond
Index
-19.57%
-17.74%
–
*
The
Fund
commenced
operations
on
September
8,
2021.
‡
As
stated
in
the
prospectus.
See
Financial
Highlights
for
actual
expense
ratios
during
the
reporting
period.
Janus
Henderson
Sustainable
Corporate
Bond
ETF
(unaudited)
Disclosure
of
Fund
Expenses
4
October
31,
2022
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
(5/1/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
Period
(5/1/22
-
10/31/22)
†
Beginning
Account
Value
(5/1/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
Period
(5/1/22
-
10/31/22)
†
Net
Annualized
Expense
Ratio
(5/1/22
-
10/31/22)
$1,000.00
$924.50
$1.70
$1,000.00
$1,023.44
$1.79
0.35%
†
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
Sustainable
Corporate
Bond
ETF
Report
of
Independent
Registered
Public
Accounting
Firm
Janus
Detroit
Street
Trust
5
To
the
Board
of
Trustees
of
Janus
Detroit
Street
Trust
and
Shareholders
of
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Janus
Henderson
Sustainable
Corporate
Bond
ETF
(one
of
the
funds
constituting
Janus
Detroit
Street
Trust
,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2022,
the
related
statement
of
operations
for
the
year
ended
October
31,
2022
and
the
statement
of
changes
in
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2022
and
for
the
period
September
8,
2021
(commencement
of
operations)
through
October
31,
2021,
including
the
related
notes
(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,
2022
,
the
results
of
its
operations
for
the
year
ended
October
31,
2022,
and
the
changes
in
its
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2022
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,
2022
by
correspondence
with
the
custodian,
transfer
agent
and
brokers
;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures
.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Denver,
Colorado
December
16,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Janus
Henderson
Funds
since
1990.
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Schedule
of
Investments
October
31,
2022
6
October
31,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
97.5%
Basic
Materials
-
1.3%
Ecolab,
Inc.,
2.7000%, 11/1/26
$
410,000
$
375,460
Communications
-
2.3%
Amazon.com,
Inc.,
3.0000%, 4/13/25
230,000
221,329
Comcast
Corp.,
4.1500%, 10/15/28
87,000
81,619
FactSet
Research
Systems,
Inc.,
2.9000%, 3/1/27
73,000
65,288
FactSet
Research
Systems,
Inc.,
3.4500%, 3/1/32
132,000
105,936
Netflix,
Inc.,
4.8750%, 6/15/30
(144A)
206,000
190,753
664,925
Consumer,
Cyclical
-
4.6%
Aptiv
plc,
4.3500%, 3/15/29
78,000
69,697
Hasbro,
Inc.,
3.5000%, 9/15/27
209,000
187,633
Home
Depot,
Inc.
(The),
2.7000%, 4/1/23
368,000
365,039
Home
Depot,
Inc.
(The),
2.8750%, 4/15/27
27,000
24,809
Home
Depot,
Inc.
(The),
3.2500%, 4/15/32
46,000
39,695
Lowe's
Cos.,
Inc.,
3.7500%, 4/1/32
34,000
29,349
Marriott
International,
Inc.,
4.1500%, 12/1/23
95,000
93,875
Marriott
International,
Inc.,
4.0000%, 4/15/28
93,000
83,863
Whirlpool
Corp.,
4.0000%, 3/1/24
300,000
295,092
Whirlpool
Corp.,
4.6000%, 5/15/50
213,000
154,015
1,343,067
Consumer,
Non-cyclical
-
28.4%
Abbott
Laboratories,
2.9500%, 3/15/25
261,000
250,184
Abbott
Laboratories,
6.1500%, 11/30/37
93,000
99,845
AbbVie,
Inc.,
2.9000%, 11/6/22
27,000
26,990
AbbVie,
Inc.,
2.9500%, 11/21/26
114,000
104,108
AbbVie,
Inc.,
3.2000%, 11/21/29
113,000
98,769
AbbVie,
Inc.,
4.2500%, 11/21/49
120,000
93,097
Amgen,
Inc.,
2.3000%, 2/25/31
100,000
80,048
Amgen,
Inc.,
2.7700%, 9/1/53
151,000
86,331
Boston
Scientific
Corp.,
1.9000%, 6/1/25
110,000
101,508
Boston
Scientific
Corp.,
2.6500%, 6/1/30
150,000
123,884
Bristol-Myers
Squibb
Co.,
4.5500%, 2/20/48
183,000
156,337
Centene
Corp.,
4.2500%, 12/15/27
81,000
74,723
Centene
Corp.,
2.6250%, 8/1/31
162,000
123,967
Cigna
Corp.,
3.0000%, 7/15/23
301,000
296,773
Cigna
Corp.,
2.3750%, 3/15/31
141,000
111,786
Cigna
Corp.,
3.4000%, 3/15/50
297,000
197,233
Coca-Cola
Co.
(The),
2.9000%, 5/25/27
131,000
120,848
Coca-Cola
Co.
(The),
2.8750%, 5/5/41
200,000
143,573
Coca-Cola
Femsa
SAB
de
CV,
1.8500%, 9/1/32
223,000
161,683
CoStar
Group,
Inc.,
2.8000%, 7/15/30
(144A)
475,000
374,434
CSL
Finance
plc,
3.8500%, 4/27/27
(144A)
45,000
42,403
CSL
Finance
plc,
4.2500%, 4/27/32
(144A)
112,000
101,264
CSL
Finance
plc,
4.6250%, 4/27/42
(144A)
210,000
177,082
CVS
Health
Corp.,
3.3750%, 8/12/24
154,000
149,604
CVS
Health
Corp.,
3.7500%, 4/1/30
203,000
179,253
Elevance
Health,
Inc.,
1.5000%, 3/15/26
80,000
70,650
Elevance
Health,
Inc.,
2.5500%, 3/15/31
140,000
113,173
Elevance
Health,
Inc.,
5.5000%, 10/15/32
145,000
144,426
Elevance
Health,
Inc.,
3.6000%, 3/15/51
90,000
63,315
Elevance
Health,
Inc.,
6.1000%, 10/15/52
100,000
101,933
General
Mills,
Inc.,
2.2500%, 10/14/31
206,000
159,437
GSK
Consumer
Healthcare
Capital
US
LLC,
3.3750%, 3/24/29
(144A)
250,000
218,027
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Schedule
of
Investments
October
31,
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)
Consumer,
Non-cyclical
-
(continued)
HCA,
Inc.,
5.2500%, 6/15/26
$
87,000
$
84,314
HCA,
Inc.,
3.5000%, 9/1/30
172,000
142,485
Humana,
Inc.,
3.1500%, 12/1/22
199,000
198,770
Humana,
Inc.,
3.1250%, 8/15/29
95,000
81,138
Humana,
Inc.,
3.9500%, 8/15/49
85,000
62,654
Illumina,
Inc.,
0.5500%, 3/23/23
102,000
100,110
Illumina,
Inc.,
2.5500%, 3/23/31
162,000
123,628
JBS
USA
LUX
SA,
3.6250%, 1/15/32
(144A)
200,000
155,000
Laboratory
Corp.
of
America
Holdings,
2.7000%, 6/1/31
201,000
160,051
Medtronic,
Inc.,
4.0000%, 4/1/43
71,000
56,331
Moody's
Corp.,
4.2500%, 8/8/32
320,000
288,204
Novartis
Capital
Corp.,
2.2000%, 8/14/30
106,000
87,691
Novartis
Capital
Corp.,
2.7500%, 8/14/50
139,000
91,123
PayPal
Holdings,
Inc.,
2.6500%, 10/1/26
194,000
176,815
PayPal
Holdings,
Inc.,
3.2500%, 6/1/50
91,000
59,114
PepsiCo,
Inc.,
3.9000%, 7/18/32
160,000
148,162
Pfizer,
Inc.,
2.9500%, 3/15/24
305,000
297,766
Pfizer,
Inc.,
3.6000%, 9/15/28
89,000
83,095
Pilgrim's
Pride
Corp.,
5.8750%, 9/30/27
(144A)
194,000
189,623
Pilgrim's
Pride
Corp.,
4.2500%, 4/15/31
(144A)
295,000
245,679
S&P
Global,
Inc.,
2.7000%, 3/1/29
(144A)
112,000
96,243
S&P
Global,
Inc.,
3.7000%, 3/1/52
(144A)
83,000
60,410
S&P
Global,
Inc.,
2.3000%, 8/15/60
181,000
90,855
Tenet
Healthcare
Corp.,
6.1250%, 6/15/30
(144A)
156,000
144,010
UnitedHealth
Group,
Inc.,
5.0000%, 10/15/24
217,000
217,095
UnitedHealth
Group,
Inc.,
3.7000%, 5/15/27
79,000
74,660
UnitedHealth
Group,
Inc.,
4.2000%, 5/15/32
79,000
72,720
UnitedHealth
Group,
Inc.,
5.3500%, 2/15/33
144,000
144,461
UnitedHealth
Group,
Inc.,
4.7500%, 5/15/52
79,000
69,104
Verisk
Analytics,
Inc.,
3.6250%, 5/15/50
248,000
162,868
8,310,867
Energy
-
0.5%
Cheniere
Corpus
Christi
Holdings
LLC,
3.7000%, 11/15/29
23,000
20,032
Enbridge,
Inc.,
2.5000%, 8/1/33
193,000
144,319
164,351
Financial
-
39.0%
AerCap
Ireland
Capital
DAC,
1.7500%, 1/30/26
310,000
263,976
Alexandria
Real
Estate
Equities,
Inc.,
3.8000%, 4/15/26
187,000
177,070
Alexandria
Real
Estate
Equities,
Inc.,
2.9500%, 3/15/34
197,000
148,259
American
Express
Co.,
3.3750%, 5/3/24
208,000
201,739
American
Express
Co.,
5.8500%, 11/5/27
207,000
206,851
American
Express
Co.,
4.0500%, 5/3/29
208,000
188,937
American
Homes
4
Rent
LP,
3.3750%, 7/15/51
205,000
120,246
American
Tower
Corp.,
2.4000%, 3/15/25
79,000
73,057
American
Tower
Corp.,
3.1000%, 6/15/50
168,000
98,907
Aon
Corp.,
5.0000%, 9/12/32
390,000
367,719
Banco
Santander
SA,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.0000%,
4.1750%, 3/24/28
‡
375,000
330,558
Bank
of
America
Corp.,
5.2000%, 6/1/23
μ
228,000
221,730
Bank
of
America
Corp.,
SOFR
+
1.0600%,
2.0870%, 6/14/29
‡
145,000
117,335
Bank
of
America
Corp.,
SOFR
+
1.2200%,
2.2990%, 7/21/32
‡
315,000
233,264
Bank
of
America
Corp.,
SOFR
+
1.2100%,
2.5720%, 10/20/32
‡
203,000
153,152
Bank
of
America
Corp.,
SOFR
+
1.3300%,
2.9720%, 2/4/33
‡
197,000
152,667
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Schedule
of
Investments
October
31,
2022
8
October
31,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
Berkshire
Hathaway
Finance
Corp.,
3.8500%, 3/15/52
$
98,000
$
71,881
BlackRock,
Inc.,
3.2000%, 3/15/27
284,000
265,188
BNP
Paribas
SA,
SOFR
+
1.5610%,
3.1320%, 1/20/33
(144A)
‡
200,000
148,147
Boston
Properties
LP,
4.5000%, 12/1/28
85,000
76,463
Brown
&
Brown,
Inc.,
4.9500%, 3/17/52
95,000
72,191
Charles
Schwab
Corp.
(The),
3.2000%, 3/2/27
92,000
84,515
Charles
Schwab
Corp.
(The),
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.0790%,
4.0000%, 12/1/30
‡,μ
163,000
121,068
Citigroup,
Inc.,
SOFR
+
2.1070%,
2.5720%, 6/3/31
‡
202,000
157,961
Citigroup,
Inc.,
SOFR
+
1.3510%,
3.0570%, 1/25/33
‡
71,000
55,312
Citigroup,
Inc.,
ICE
LIBOR
USD
3
Month
+
1.1680%,
3.8780%, 1/24/39
‡
87,000
66,857
CME
Group,
Inc.,
3.7500%, 6/15/28
272,000
254,667
Commonwealth
Bank
of
Australia,
3.7840%, 3/14/32
(144A)
205,000
159,006
Cooperatieve
Rabobank
UA,
3.7500%, 7/21/26
481,000
437,445
Corebridge
Financial,
Inc.,
3.8500%, 4/5/29
(144A)
34,000
29,702
Corebridge
Financial,
Inc.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.8460%,
6.8750%, 12/15/52
(144A)
‡
158,000
142,407
Crown
Castle,
Inc.,
2.9000%, 4/1/41
126,000
79,923
Digital
Realty
Trust
LP,
4.4500%, 7/15/28
124,000
114,367
Equinix,
Inc.,
1.5500%, 3/15/28
105,000
83,743
Equinix,
Inc.,
3.4000%, 2/15/52
138,000
86,891
Goldman
Sachs
Group,
Inc.
(The),
5.7000%, 11/1/24
500,000
500,034
Goldman
Sachs
Group,
Inc.
(The),
2.6400%, 2/24/28
156,000
134,835
Goldman
Sachs
Group,
Inc.
(The),
SOFR
+
1.4100%,
3.1020%, 2/24/33
‡
172,000
134,709
Healthpeak
Properties,
Inc.,
2.8750%, 1/15/31
2,000
1,598
HSBC
Holdings
plc,
SOFR
+
2.8700%,
5.4020%, 8/11/33
‡
480,000
416,155
JPMorgan
Chase
&
Co.,
SOFR
+
3.1250%,
4.6000%, 2/1/25
‡,μ
205,000
182,942
JPMorgan
Chase
&
Co.,
SOFR
+
1.8900%,
2.1820%, 6/1/28
‡
228,000
192,868
JPMorgan
Chase
&
Co.,
SOFR
+
2.5150%,
2.9560%, 5/13/31
‡
312,000
245,461
JPMorgan
Chase
&
Co.,
SOFR
+
1.2600%,
2.9630%, 1/25/33
‡
231,000
180,466
Lloyds
Banking
Group
plc,
4.6500%, 3/24/26
483,000
443,900
Mastercard,
Inc.,
3.3750%, 4/1/24
260,000
255,109
Mastercard,
Inc.,
3.5000%, 2/26/28
89,000
82,880
Mitsubishi
UFJ
Financial
Group,
Inc.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.7000%,
4.7880%, 7/18/25
‡
234,000
229,536
Morgan
Stanley,
SOFR
+
1.2900%,
2.9430%, 1/21/33
‡
313,000
243,794
Nasdaq,
Inc.,
1.6500%, 1/15/31
222,000
163,590
National
Australia
Bank
Ltd.,
2.9900%, 5/21/31
(144A)
299,000
224,409
NatWest
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.3500%,
3.0320%, 11/28/35
‡
449,000
311,615
Nordea
Bank
Abp,
5.3750%, 9/22/27
(144A)
200,000
192,718
PNC
Financial
Services
Group,
Inc.
(The),
2.6000%, 7/23/26
135,000
121,817
PNC
Financial
Services
Group,
Inc.
(The),
2.5500%, 1/22/30
98,000
79,347
Raymond
James
Financial,
Inc.,
3.7500%, 4/1/51
182,000
123,700
State
Street
Corp.,
ICE
LIBOR
USD
3
Month
+
0.7700%,
3.7760%, 12/3/24
‡
234,000
230,186
Sun
Communities
Operating
LP,
2.7000%, 7/15/31
266,000
195,811
SVB
Financial
Group,
1.8000%, 2/2/31
216,000
147,800
Toronto-Dominion
Bank
(The),
3.5000%, 7/19/23
312,000
308,792
Truist
Bank,
2.2500%, 3/11/30
418,000
325,100
Visa,
Inc.,
2.8000%, 12/14/22
156,000
155,740
Visa,
Inc.,
2.0000%, 8/15/50
92,000
51,066
11,439,179
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Schedule
of
Investments
October
31,
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)
Industrial
-
9.2%
Ball
Corp.,
4.0000%, 11/15/23
$
299,000
$
292,791
Canadian
Pacific
Railway
Co.,
1.7500%, 12/2/26
207,000
179,929
FedEx
Corp.,
3.2500%, 4/1/26
132,000
124,029
FedEx
Corp.,
3.2500%, 5/15/41
200,000
132,645
General
Electric
Co.,
6.7500%, 3/15/32
204,000
221,636
Johnson
Controls
International
plc,
1.7500%, 9/15/30
323,000
247,857
Norfolk
Southern
Corp.,
3.1500%, 6/1/27
94,000
85,707
Norfolk
Southern
Corp.,
2.3000%, 5/15/31
23,000
18,275
Otis
Worldwide
Corp.,
2.0560%, 4/5/25
201,000
185,960
Otis
Worldwide
Corp.,
2.5650%, 2/15/30
2,000
1,630
Trane
Technologies
Luxembourg
Finance
SA,
3.5500%, 11/1/24
251,000
242,091
Trimble,
Inc.,
4.9000%, 6/15/28
263,000
247,312
Waste
Management,
Inc.,
2.4000%, 5/15/23
301,000
297,341
Waste
Management,
Inc.,
2.5000%, 11/15/50
96,000
55,855
Westinghouse
Air
Brake
Technologies
Corp.,
3.4500%, 11/15/26
194,000
174,510
Xylem,
Inc.,
1.9500%, 1/30/28
125,000
104,912
Xylem,
Inc.,
4.3750%, 11/1/46
121,000
94,962
2,707,442
Technology
-
9.7%
Adobe,
Inc.,
3.2500%, 2/1/25
358,000
346,194
Apple,
Inc.,
3.0000%, 11/13/27
83,000
76,730
Apple,
Inc.,
2.7000%, 8/5/51
254,000
159,606
Apple,
Inc.,
2.8500%, 8/5/61
226,000
135,405
Autodesk,
Inc.,
2.8500%, 1/15/30
96,000
80,276
Broadcom
Corp.,
3.8750%, 1/15/27
92,000
84,545
Marvell
Technology,
Inc.,
2.9500%, 4/15/31
408,000
316,612
Micron
Technology,
Inc.,
4.1850%, 2/15/27
145,000
134,514
Micron
Technology,
Inc.,
6.7500%, 11/1/29
147,000
147,085
NXP
BV,
2.7000%, 5/1/25
138,000
127,708
Oracle
Corp.,
2.8750%, 3/25/31
38,000
29,948
Salesforce,
Inc.,
2.9000%, 7/15/51
161,000
103,678
Salesforce,
Inc.,
3.0500%, 7/15/61
98,000
59,714
Take-Two
Interactive
Software,
Inc.,
3.3000%, 3/28/24
335,000
325,223
TSMC
Arizona
Corp.,
3.8750%, 4/22/27
200,000
187,295
TSMC
Arizona
Corp.,
4.1250%, 4/22/29
200,000
184,812
VMware,
Inc.,
4.5000%, 5/15/25
167,000
162,972
VMware,
Inc.,
4.7000%, 5/15/30
84,000
75,850
Workday,
Inc.,
3.5000%, 4/1/27
37,000
34,129
Workday,
Inc.,
3.7000%, 4/1/29
28,000
24,932
Workday,
Inc.,
3.8000%, 4/1/32
43,000
36,736
2,833,964
Utilities
-
2.5%
AES
Corp.
(The),
1.3750%, 1/15/26
102,000
88,093
American
Water
Capital
Corp.,
3.8500%, 3/1/24
301,000
295,607
American
Water
Capital
Corp.,
2.3000%, 6/1/31
8,000
6,264
American
Water
Capital
Corp.,
3.2500%, 6/1/51
135,000
88,819
Dominion
Energy,
Inc.,
2.2500%, 8/15/31
213,000
164,495
Xcel
Energy,
Inc.,
4.6000%, 6/1/32
85,000
78,286
721,564
Total
Corporate
Bonds
(cost
$34,198,300)
28,560,819
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Schedule
of
Investments
October
31,
2022
10
October
31,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Investment
Companies
-
3.9%
Money
Market
Funds
-
3.9%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.1496%
£,∞
(cost
$1,125,370)
1,125,320
$
1,125,433
Total
Investments
(total
cost
$35,323,670
)
-
101.4%
29,686,252
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(1.4%)
(401,783)
Net
Assets
-
100.0%
$29,284,469
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
24,734,686
83.2
%
United
Kingdom
1,171,670
4.0
Australia
704,164
2.4
Canada
633,040
2.1
Netherlands
437,445
1.5
Taiwan
372,107
1.3
Spain
330,558
1.1
Ireland
263,976
0.9
Japan
229,536
0.7
Finland
192,718
0.7
Switzerland
178,814
0.6
Mexico
161,683
0.6
France
148,147
0.5
China
127,708
0.4
Total
$
29,686,252
100.0
%
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
10/31/22
Investment
Company
-
3.8%
Money
Market
Funds
-
3.8%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.1496%
∞
$
2,326
$
(63)
$
63
$
1,125,433
Market
Value
at
10/31/21
Purchases
Sales
Market
Value
at
10/31/22
Investment
Company
-
3.8%
Money
Market
Funds
-
3.8%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.1496%
∞
$
–
$
6,407,999
$
(5,282,566)
$
1,125,433
Schedule
of
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
Futures
Long:
U.S.
Treasury
Long
Bonds
32
12/20/22
$
3,856,000
$
(505,483)
U.S.
Treasury
Ultra
Bonds
16
12/20/22
2,042,500
(249,037)
Total
-
Futures
Long
(754,520)
Futures
Short:
U.S.
Treasury
10
Year
Notes
5
12/20/22
(552,969)
12,745
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Schedule
of
Investments
October
31,
2022
Janus
Detroit
Street
Trust
11
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
October
31,
2022.
The
following
tables
provide
information
about
the
effect
of
derivatives
and
hedging
activities
on
the
Fund’s
Statement
of
Operations
for
the year
ended
October
31,
2022.
Please
see
the
“Net
realized
and
change
in
unrealized
gain/(loss)
on
investments”
sections
of
the
Fund’s
Statement
of
Operations.
Schedule
of
Futures
Contracts
(continued)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10
Year
Ultra
Notes
33
12/20/22
(3,827,484)
280,656
U.S.
Treasury
2
Year
Notes
28
12/30/22
(5,722,719)
37,809
U.S.
Treasury
5
Year
Notes
29
12/30/22
(3,091,219)
116,057
Total
-
Futures
Short
447,267
Total
$(307,253)
Fair
Value
of
Derivative
Instruments
(not
accounted
for
as
hedging
instruments)
as
of
October
31,
2022
Interest
Rate
Contracts
Asset
Derivatives:
Futures
contracts
$447,267
Liability
Derivatives:
Futures
contracts
754,520
The
effect
of
Derivative
Instruments
(not
accounted
for
as
hedging
instruments)
on
the
Statement
of
Operations
for
the
year
ended
October
31,
2022
Amount
of
Realized
Gain/(Loss)
Recognized
on
Derivatives
Derivative
Credit
Contracts
Interest
Rate
Contracts
Total
Futures
contracts
$—
$347,191
$347,191
Swap
contracts
(4,598)
—
(4,598)
Total
$(4,598)
$347,191
$342,593
Amount
of
Change
in
Unrealized
Appreciation/(Depreciation)
Recognized
on
Derivatives
Derivative
Interest
Rate
Contracts
Futures
contracts
$(412,047)
Average
ending
Monthly
Value
of
Derivative
Instruments
During
the
Year
Ended
October
31,
2022
Futures
contracts:
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Schedule
of
Investments
October
31,
2022
12
October
31,
2022
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Average
ending
Monthly
Value
of
Derivative
Instruments
During
the
Year
Ended
October
31,
2022
Average
notional
amount
of
contracts
-
long
$6,966,881
Average
notional
amount
of
contracts
-
short
10,348,747
Credit
default
swaps:
Average
notional
amount
-
buy
protection
260,417
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
October
31,
2022
Janus
Detroit
Street
Trust
13
Bloomberg
U.S.
Corporate
Bond
Index
Bloomberg
U.S.
Corporate
Bond
Index
measures
the
investment
grade,
US
dollar-denominated,
fixed-rate,
taxable
corporate
bond
market.
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
∞
Rate
shown
is
the
7-day
yield
as
of
October
31,
2022.
£
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.
‡
The
interest
rate
on
floating
rate
notes
is
based
on
an
index
or
market
interest
rates
and
is
subject
to
change.
Rate
in
the
security
description
is
as
of
October
31,
2022.
μ
Perpetual
security.
Perpetual
securities
have
no
stated
maturity
date,
but
they
may
be
called/redeemed
by
the
issuer.
The
date
indicated,
if
any,
represents
the
next
call
date.
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
year
ended
October
31,
2022
is
$2,891,317
which
represents
9.9%
of
net
assets.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
October
31,
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:
Corporate
Bonds
$
—
$
28,560,819
$
—
Investment
Companies
—
1,125,433
—
Total
Investments
in
Securities
$
—
$
29,686,252
$
—
Other
Financial
Instruments
(a)
:
Futures
Contracts
$
447,267
$
—
$
—
Total
Assets
$
447,267
$
29,686,252
$
—
Liabilities
Other
Financial
Instruments
(a)
:
Futures
Contracts
$
754,520
$
—
$
—
Total
Liabilities
$
754,520
$
—
$
—
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
October
31,
2022
14
October
31,
2022
(a)
Other
financial
instruments
include
futures
contracts.
Futures
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
Sustainable
Corporate
Bond
ETF
Statement
of
Assets
and
Liabilities
October
31,
2022
Janus
Detroit
Street
Trust
15
See
Notes
to
Financial
Statements.
Assets:
Unaffiliated
investments,
at
value
(cost
$34,198,300)
$
28,560,819
Affiliated
investments,
at
value
(cost
$1,125,370)
1,125,433
Due
from
broker
for
futures
180,000
Receivables:
Investments
sold
408,232
Interest
270,302
Total
Assets
30,544,786
Liabilities:
Payable
for
variation
margin
on
futures
contracts
11,836
Payables:
—
Investments
purchased
1,239,726
Management
fees
8,755
Total
Liabilities
1,260,317
Net
Assets
$
29,284,469
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
38,805,619
Total
distributable
earnings
(loss)
(9,521,150)
Total
Net
Assets
$
29,284,469
Net
Assets
$
29,284,469
Shares
outstanding,
$0.001
Par
Value
(unlimited
shares
authorized)
750,001
Net
Asset
Value
Per
Share
$
39.05
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Statement
of
Operations
For
the
year
ended
October
31,
2022
16
October
31,
2022
See
Notes
to
Financial
Statements.
Investment
Income:
Interest
$
981,398
Dividends
10,173
Dividends
from
affiliates
2,326
Total
Investment
Income
993,897
Expenses:
Management
Fees
132,440
Total
Expenses
132,440
Net
Investment
Income/(Loss)
861,457
Net
Realized
Gain/(Loss)
on
Investments:
Investments
$
(3,850,051)
Investments
in
affiliates
(63)
Futures
contracts
347,191
Swap
contracts
(4,598)
Total
Net
Realized
Gain/(Loss)
on
Investments
$
(3,507,521)
Change
in
Unrealized
Net
Appreciation/Depreciation:
Investments
$
(4,851,259)
Investments
in
affiliates
63
Futures
contracts
(412,047)
Total
Change
in
Unrealized
Net
Appreciation/Depreciation
$
(5,263,243)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(7,909,307)
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Statement
of
Changes
in
Net
Assets
Janus
Detroit
Street
Trust
17
See
Notes
to
Financial
Statements.
Year
Ended
October
31,
2022
Period
Ended
October
31,
2021
(1)
Operations:
Net
investment
income/(loss)
$
861,457
$
123,790
Net
realized
gain/(loss)
on
investments
(
3,507,521
)
(
10,390
)
Change
in
unrealized
net
appreciation/depreciation
(
5,263,243
)
(
681,428
)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
(
7,909,307
)
(
568,028
)
Dividends
and
Distributions
to
Shareholders:
—
—
Dividends
and
Distributions
(
1,043,815
)
—
Net
Decrease
from
Dividends
and
Distributions
to
Shareholders
(
1,043,815
)
—
Capital
Share
Transactions
(
11,323,875
)
50,129,494
Net
Increase/(Decrease)
in
Net
Assets
(
20,276,997
)
49,561,466
Net
Assets:
—
—
Beginning
of
Year  
49,561,466
—
End
of
Year
$
29,284,469
$
49,561,466
(1)
Period
from
September
8,
2021
(commencement
of
operations)
through
October
31,
2021.
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Financial
Highlights
18
October
31,
2022
See
Notes
to
Financial
Statements.
For
a
share
outstanding
during
each
year
or
period
ended
October
31
2022
2021
(1)
Net
Asset
Value,
Beginning
of
Period
$49.56
$50.00
Income/(Loss)
from
Investment
Operations:
—
—
Net
investment
income/(loss)
(2)
1.02
0.13
Net
realized
and
unrealized
gain/(loss)
(10.33)
(0.57)
Total
from
Investment
Operations
(9.31)
(0.44)
Less
Dividends
and
Distributions:
—
—
Dividends
(from
net
investment
income)
(1.09)
—
Distributions
(from
capital
gains)
(0.11)
—
Total
Dividends
and
Distributions
(1.20)
—
Net
Asset
Value,
End
of
Period
$39.05
$49.56
Total
Return
*
(19.08)%
(0.88)%
Net
assets,
End
of
Period
(in
thousands)
$29,284
$49,561
Average
Net
Assets
for
the
Period
(in
thousands)
$37,765
$47,019
Ratios
to
Average
Net
Assets
**
Ratio
of
Gross
Expenses
0.35%
0.35%
Ratio
of
Net
Investment
Income/(Loss)
2.28%
1.81%
Portfolio
Turnover
Rate
(3)
92%
15%
*
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)
Portfolio
turnover
rate
excludes
securities
received
or
delivered
from
in-kind
processing
of
creation
or
redemptions.
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
19
1.
Organization
and
Significant
Accounting
Policies
Janus
Henderson
Sustainable Corporate
Bond
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
total
return
consisting
of
income
and
capital
appreciation,
while
giving
special
consideration
to
certain
environmental,
social
and
governance
(“ESG”)
factors. 
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 
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
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
20
October
31,
2022
on
an
amortized
cost
basis
provided
that
the
amortized
cost
determined
approximates
market
value.
Securities
for
which
market
quotations
or
evaluated
prices
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
determined
in
good
faith
by
the
Adviser
pursuant
to
the
Valuation
Procedures.
Circumstances
in
which
fair
valuation
may
be
utilized
include,
but
are
not
limited
to:
(i)
a
significant
event
that
may
affect
the
securities
of
a
single
issuer,
such
as
a
merger,
bankruptcy,
or
significant
issuer-specific
development;
(ii)
an
event
that
may
affect
an
entire
market,
such
as
a
natural
disaster
or
significant
governmental
action;
(iii)
a
nonsignificant
event
such
as
a
market
closing
early
or
not
opening,
or
a
security
trading
halt;
and
(iv)
pricing
of
a
non-valued
security
and
a
restricted
or
nonpublic
security.
Special
valuation
considerations
may
apply
with
respect
to
“odd-lot”
fixed-income
transactions
which,
due
to
their
small
size,
may
receive
evaluated
prices
by
pricing
services
which
reflect
a
large
block
trade
and
not
what
actually
could
be
obtained
for
the
odd-
lot
position.
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,
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
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
21
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
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
contracts,
options,
and
swaps.
Each
derivative
instrument
that
was
held
by
the
Fund
during
the year
ended
October
31,
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
derivatives
only
to
manage
or
hedge
portfolio
risk,
including
interest
rate
risk,
or
to
manage
duration.
The
Fund’s
exposure
to
derivatives
will
vary.
The
Fund
may
also
enter
into
short
positions
for
hedging
purposes.
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
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.
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: 
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
22
October
31,
2022
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,
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.
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
to
hedge
or
protect
itself
from
fluctuations
or
other
adverse
movement
in
the
value
of
individual
securities,
the
securities
markets
generally,
or
interest
rate
fluctuations,
without
actually
buying
or
selling
the
underlying
debt
security.
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
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
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
23
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. 
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
year,
the
Fund
purchased
interest
rate
futures
to
increase
exposure
to
interest
rate
risk.
During
the
year,
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
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
24
October
31,
2022
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
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.
During
the
year,
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. 
There
were
no
credit
default
swaps
held
as
of
October
31,
2022.
3.
Other
Investments
and
Strategies 
Additional
Investment
Risk 
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
in
response
to
the
COVID-19
pandemic.
This
and
other
government
intervention
into
the
economy
and
financial
markets
to
address
the
COVID-19
pandemic
may
not
work
as
intended,
particularly
if
the
efforts
are
perceived
by
investors
as
being
unlikely
to
achieve
the
desired
results.
Government
actions
to
mitigate
the
economic
impact
of
the
pandemic
have
resulted
in
a
large
expansion
of
government
deficits
and
debt,
the
long
term
consequences
of
which
are
not
known.
The
COVID-19
pandemic
could
adversely
affect
the
value
and
liquidity
of
a
fund’s
investments,
impair
a
fund’s
ability
to
satisfy
redemption
requests,
and
negatively
impact
a
fund’s
performance.
In
addition,
the
outbreak
of
COVID-19,
and
measures
taken
to
mitigate
its
effects,
could
result
in
disruptions
to
the
services
provided
to
a
fund
by
its
service
providers. 
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
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
25
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
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. 
Industry
and Sector
Risk
Although
the
Fund
does
not
concentrate
its
investments
in
specific
industries
or
industry
sectors,
it
emphasizes
certain
themes
and
megatrends.
As
a
result,
at
times,
it
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
megatrend.
Companies
in
the
same
industry
or
economic
sector
or
that
benefit
from
the
same
megatrend
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.
In
addition,
the
Fund
may
be
overweight
or
underweight
in
certain
industries
or
sectors
relative
to
its
benchmark
index
due
to
its
ESG
focus,
which
may
cause
the
Fund’s
performance
to
be
more
or
less
sensitive
to
developments
affecting
those
sectors. 
Sustainable
Investment
Risk
The
Fund
follows
a
sustainable
investment
approach
by
investing
in
companies
that
relate
to
certain
sustainable
development
themes
and
demonstrate
adherence
to Environmental,
Sustainability
and
Governance
("ESG") 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.
Additionally,
due
to
its
exclusionary
criteria,
the
Fund
may
not
be
invested
in
certain
industries
or
sectors.
As
a
result,
the
Fund
may
be
overweight
or
underweight
in
certain
industries
or
sectors
relative
to
its
benchmark
index,
which
may
cause
the
Fund’s
performance
to
be
more
or
less
sensitive
to
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
26
October
31,
2022
developments
affecting
those
sectors.
In
addition,
since
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.
There
is
no
guarantee
that
sustainable
investments
will
outperform
the
broader
market
on
either
an
absolute
or
relative
basis.
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: 
For
the
year ended
October
31,
2022,
the
Fund’s
actual
management
fee
rate
(expressed
as
an
annual
rate)
was
0.35% 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
Daily
Net
Assets
Fee
Rate
$0-$500
million
0.35%
Over
$500
million
0.30%
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
27
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,
2022, the
Adviser
owned 550,001
shares
or 73.33%
of
the
Fund.
Pursuant
to
the
provisions
of
the
1940
Act
and
related
rules,
the
Fund
may
participate
in
an
affiliated
or
non-affiliated
cash
sweep
program.
In
the
cash
sweep
program,
uninvested
cash
balances
of
the
Fund
may
be
used
to
purchase
shares
of
affiliated
or
non-affiliated
money
market
funds
or
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds.
The
Fund
is
eligible
to
participate
in
the
cash
sweep
program
(the
“Investing
Funds”).
The
Adviser
has
an
inherent
conflict
of
interest
because
of
its
fiduciary
duties
to
the
affiliated
money
market
funds
or
cash
management
pooled
investment
vehicles
and
the
Investing
Funds.
Janus
Henderson
Cash
Liquidity
Fund
LLC
(the
“Sweep
Vehicle”)
is
an
affiliated
unregistered
cash
management
pooled
investment
vehicle
that
invests
primarily
in
highly-rated
short-term
fixed-income
securities.
The
Sweep
Vehicle
operates
pursuant
to
the
provisions
of
the
1940
Act
that
govern
the
operation
of
money
market
funds
and
prices
its
shares
at
NAV
reflecting
market-based
values
of
its
portfolio
securities
(i.e.,
a
“floating”
NAV)
rounded
to
the
fourth
decimal
place
(e.g.,
$1.0000).
The
Sweep
Vehicle
is
permitted
to
impose
a
liquidity
fee
(of
up
to
2%)
on
redemptions
from
the
Sweep
Vehicle
or
a
redemption
gate
that
temporarily
suspends
redemptions
from
the
Sweep
Vehicle
for
up
to
10
business
days
during
a
90
day
period.
There
are
no
restrictions
on
the
Fund's
ability
to
withdraw
investments
from
the
Sweep
Vehicle
at
will,
and
there
are
no
unfunded
capital
commitments
due
from
the
Fund
to
the
Sweep
Vehicle.
The
Sweep
Vehicle
does
not
charge
any
management
fee,
sales
charge
or
service
fee. 
Any
purchases
and
sales,
realized
gains/losses
and
recorded
dividends
from
affiliated
investments
during
the
year
ended
October
31,
2022 can
be
found
in
a
table
located
in
the
Schedule
of
Investments.
5.
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. 
Accumulated
capital
losses
noted
below
represent
net
capital
loss
carryovers,
as
of
October
31,
2022,
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,
2022 are
noted
below.
The
primary
differences
between
book
and
tax
appreciation
or
depreciation
of
investments are
wash
sale
loss
deferrals
and
amortization
on
bonds.
Loss
Deferrals
Undistributed
Ordinary
Income
Undistributed
Long-Term
Gains
Accumulated
Capital
Losses
Late-Year
Ordinary
Loss
Post-October
Capital
Loss
Other
Book
to
Tax
Differences
Net
Tax
Appreciation/
(Depreciation)
$75,354
$—
$(3,934,256)
$—
$—
$—
$(5,662,248)
Capital
Loss
Carryover
Schedule
For
the
year
ended
October
31,
2022
No
Expiration
Short-Term
Long-Term
Accumulated
Capital
Losses
$(3,382,566)
$(551,690)
$(3,934,256)
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
28
October
31,
2022
Information
on
the
tax
components
of
derivatives
as
of October
31,
2022
is
as
follows: 
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.
The
following
reclassifications
have
been
made
to
the
Fund: 
6.
Capital
Share
Transactions 
Federal
Tax
Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Tax
Appreciation/
(Depreciation)
$35,348,500
$10,225
$(5,672,473)
$(5,662,248)
Federal
Tax
Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Tax
Appreciation/
(Depreciation)
$(307,253)
$—
$—
$—
For
the
year
ended
October
31,
2022
:
Distributions
From
Ordinary
Income
From
Long-Term
Capital
Gain
Tax
Return
of
Capital
Net
Investment
Loss
$979,337
$64,478
$—
$—
For
the
year
ended
October
31,
2021
:
Distributions
From
Ordinary
Income
From
Long-Term
Capital
Gain
Tax
Return
of
Capital
Net
Investment
Loss
$—
$—
$—
$—
Increase/(Decrease)
to
Capital
Increase/(Decrease)
to
Undistributed
Net
Investment
Income/Loss
Increase/(Decrease)
to
Undistributed
Net
realized
Gain/Loss
$—
$25,849
$(25,849)
Year
Ended
October
31,
2022
Period
Ended
October
31,
2021
(1)
Shares
Amount
Shares
Amount
Shares
sold
100,000
$
4,194,847
1,000,001
$
50,129,494
Shares
repurchased
(350,000)
(15,518,722
)
—
—
Net
Increase/(Decrease)
(250,000)
$
(11,323,875
)
1,000,001
$
50,129,494
(1)
Period
from
September
8,
2021
(commencement
of
operations)
through
October
31,
2021.
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Notes
to
Financial
Statements
Janus
Detroit
Street
Trust
29
7.
Purchases
and
Sales
of
Investment
Securities 
For
the year ended
October
31,
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: 
8.
Subsequent
Events 
Management
has
evaluated
whether
any
events
or
transactions
occurred
subsequent
to October
31,
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
$33,404,349
$45,544,881
$—
$—
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Additional
Information
(unaudited)
30
October
31,
2022
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
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;
(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
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,
2022.
Capital
Gain
Distributions
$64,478
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Trustees
and
Officers
(unaudited)
Janus
Detroit
Street
Trust
31
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
15
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).
15
Independent
Trustee,
Clough
Funds
Trust
(investment
company)
(since
2015),
Chairman,
Clough
Funds
Trust
(since
2017),
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,
Elevation
ETF
Trust
(investment
company)
(2016-2018)
and
Independent
Trustee,
Elevation
ETF
Trust
(2016-2018).
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Trustees
and
Officers
(unaudited)
32
October
31,
2022
*
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
developers
of
major
infrastructure
projects
and
investors)
(since
2017).
15
Independent
Director,
ATAC
Resources
Ltd.
(mineral
exploration
company)
(since
2022).
Jeffrey
B.
Weeden
151
Detroit
Street
Denver,
CO
80206
DOB:
1956
Trustee
2/16-Present
Senior
Advisor,
BayBoston
Capital
LP
(investment
fund
in
banks
and
bank
holdings
companies)
(since
2015).
15
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
Investments
Chief
Operating
Officer
(since
2022).
Formerly,
Global
Head
of
Investment
Services,
Janus
Henderson
Investors
(2017-
2022).
15
Janus
Henderson
Sustainable
Corporate
Bond
ETF
Trustees
and
Officers
(unaudited)
Janus
Detroit
Street
Trust
33
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
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,
Chief
Compliance
Officer,
and
Anti-
Money
Laundering
Officer
7/20-Present
Head
of
Compliance,
North
America
for
Janus
Henderson
Investors
(since
September
2020)
and
Chief
Compliance
Officer
for
Janus
Capital
Management
LLC
(since
September
2017).
Formerly,
Global
Head
of
Investment
Management
Compliance
for
Janus
Henderson
Investors
(February
2019
-
August
2020),
Vice
President,
Head
of
Global
Distribution
Compliance
and
Chief
Compliance
Officer
of
Janus
Henderson
Distributors
(May
2017
–
September
2017),
Vice
President,
Compliance
at
Janus
Capital
Group
Inc.,
Janus
Capital
Management
LLC,
and
Janus
Distributors
LLC
(2009-2017).
Jesper
Nergaard
151
Detroit
Street
Denver,
CO
80206
DOB:
1962
Chief
Financial
Officer,
Vice
President,
Treasurer,
and
Principal
Accounting
Officer
2/16-Present
Head
of
U.S.
Fund
Administration,
Janus
Henderson
Investors
and
Janus
Services
LLC.
Byron
D.
Hittle
151
Detroit
Street
Denver,
CO
80206
DOB:
1974
Vice
President,
Secretary,
and
Chief
Legal
Officer
7/18-Present
Managing
Counsel
of
Janus
Henderson
Investors
(2017-present).
125-02-93092
12-22
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.