SEMIANNUAL
REPORT
April
30,
2023
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Janus
Detroit
Street
Trust
Table
of
Contents
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Fund
At
A
Glance
...............................
3
Disclosure
of
Fund
Expenses
.......................
5
Schedule
of
Investments
..........................
6
Statement
of
Assets
and
Liabilities
...................
15
Statement
of
Operations
..........................
16
Statements
of
Changes
in
Net
Assets
.................
17
Financial
Highlights
..............................
18
Notes
to
Financial
Statements
......................
19
Additional
Information
............................
27
Board
Considerations
Regarding
Approval
of
Investment
Advisory
Agreements
...................................
28
Liquidity
Risk
Management
Program
..................
32
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
(unaudited)
Fund
At
A
Glance
April
30,
2023
Janus
Detroit
Street
Trust
3
Holdings
are
subject
to
change
without
notice.
5
Largest
Equity
Holdings
–
(%
of
Net
Assets)
Shockwave
Medical,
Inc.
Health
Care
Equipment
&
Supplies
4.3%
Fair
Isaac
Corp.
Software
3.3%
Repligen
Corp.
Life
Sciences
Tools
&
Services
2.7%
Medpace
Holdings,
Inc.
Life
Sciences
Tools
&
Services
2.6%
QuidelOrtho
Corp.
Health
Care
Equipment
&
Supplies
2.5%
15.4%
Sector
Allocation
–
(%
of
Net
Assets)
Consumer,
Non-cyclical
32.7%
Technology
22.0%
Industrial
15.3%
Consumer,
Cyclical
11.5%
Financial
6.5%
Basic
Materials
5.6%
Communications
3.1%
Energy
2.5%
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
0.8%
Utilities
0.8%
100.8%
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
(unaudited)
Performance
4
April
30,
2023
Total
annual
expense
ratio
as
stated
in
the
prospectus:
0.30%.
See
Financial
Highlights
for
actual
expense
ratios
during
the
reporting
period.
Returns
quoted
are
past
performance
and
do
not
guarantee
future
results;
current
performance
may
be
lower
or
higher.
Investment
returns
and
principal
value
will
vary;
there
may
be
a
gain
or
loss
when
shares
are
sold.
For
the
most
recent
month-end
performance
call
800.668.0434
or
visit
janushenderson.com/performance.
Shares
of
ETFs
are
bought
and
sold
at
market
price
(not
NAV)
and
are
not
individually
redeemed
from
the
Fund.
Market
returns
are
based
upon
the
midpoint
of
the
bid/ask
spread
at
4:00
p.m.
Eastern
time
(when
NAV
is
normally
determined
for
most
ETFs),
and
do
not
represent
the
returns
you
would
receive
if
you
traded
shares
at
other
times.
Ordinary
brokerage
commissions
apply
and
will
reduce
returns.
Investing
involves
risk,
including
the
possible
loss
of
principal
and
fluctuation
of
value.
There
is
no
assurance
the
stated
objective(s)
will
be
met.
Returns
include
reinvestment
of
dividends
and
capital
gains.
Returns
greater
than
one
year
are
annualized.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
redemptions
of
Fund
shares.
The
returns
do
not
include
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
the
period
end
for
financial
reporting
purposes.
See
Notes
to
Schedule
of
Investments
and
Other
Information
for
index
definitions.
Index
performance
does
not
reflect
the
expenses
of
managing
a
portfolio
as
an
index
is
unmanaged
and
not
available
for
direct
investment.
The
index
provider
is
Janus
Henderson
Indices
LLC.
Janus
Henderson
Indices
maintains
the
indices
and
calculates
the
index
levels
and
performance
shown
or
discussed
but
does
not
manage
actual
assets.
Janus
Henderson
Indices
receives
compensation
in
connection
with
licensing
its
indices
to
third
parties
including
the
provision
of
any
related
data.
Average
Annual
Total
Return
for
the
periods
ended
April
30,
2023
Fiscal
Year-to-
Date
One
Year
Five
Years
Since
Inception
*
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
-
NAV
5.91%
1.98%
7.43%
12.42%
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
-
Market
Price
5.68%
1.76%
7.40%
12.39%
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
Index
6.04%
2.23%
7.79%
12.82%
Russell
2500
TM
Growth
Index
1.88%
-0.07%
6.69%
11.37%
*
The
Fund
commenced
operations
on
February
23,
2016.
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
(unaudited)
Disclosure
of
Fund
Expenses
Janus
Detroit
Street
Trust
5
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
which
may
include
creation
and
redemption
fees
or
brokerage
charges
and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
Funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
example
is
based
upon
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
six-months
indicated,
unless
noted
otherwise
in
the
table
and
footnotes
below. 
Actual
Expenses 
The
information
in
the
table
under
the
heading
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes 
The
information
in
the
table
under
the
heading
“Hypothetical
(5%
return
before
expenses)”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
upon
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
determine
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Additionally,
for
an
analysis
of
the
fees
associated
with
an
investment
or
other
similar
funds,
please
visit 
www.finra.org/
fundanalyzer.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs,
such
as
creation
and
redemption
fees,
or
brokerage
charges.
These
fees
are
fully
described
in
the
Fund’s
prospectus.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
(5%
return
before
expenses)
Beginning
Account
Value
(11/1/22)
Ending
Account
Value
(4/30/23)
Expenses
Paid
During
Period
(11/1/22
-
4/30/23)
†
Beginning
Account
Value
(11/1/22)
Ending
Account
Value
(4/30/23)
Expenses
Paid
During
Period
(11/1/22
-
4/30/23)
†
Net
Annualized
Expense
Ratio
(11/1/22
-
4/30/23)
$1,000.00
$1,059.10
$1.53
$1,000.00
$1,023.31
$1.51
0.30%
†
Expenses
Paid
During
Period
is
equal
to
the
Net
Annualized
Expense
Ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
6
April
30,
2023
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Common
Stocks
-
100.0%
Air
Freight
&
Logistics
-
0.4%
Forward
Air
Corp.
3,648
$
384,901
Hub
Group,
Inc.
-
Class
A*
4,480
337,792
Radiant
Logistics,
Inc.*
6,612
43,639
766,332
Automobile
Components
-
0.4%
Fox
Factory
Holding
Corp.*
2,873
318,529
LCI
Industries
1,728
195,195
Patrick
Industries,
Inc.
1,524
104,592
XPEL,
Inc.*
1,876
137,061
755,377
Automobiles
-
0.2%
Thor
Industries,
Inc.
3,638
287,475
Winnebago
Industries,
Inc.
2,076
120,698
408,173
Banks
-
2.2%
Amalgamated
Financial
Corp.
3,564
58,022
Bancorp,
Inc.
(The)*
6,473
206,553
Bridgewater
Bancshares,
Inc.*
3,225
32,089
Business
First
Bancshares,
Inc.
2,916
44,965
Capstar
Financial
Holdings,
Inc.
2,547
34,079
Coastal
Financial
Corp.*
1,507
54,629
ConnectOne
Bancorp,
Inc.
4,560
71,957
Customers
Bancorp,
Inc.*
3,778
82,511
Esquire
Financial
Holdings,
Inc.
946
36,572
First
Bank
2,282
22,158
First
Citizens
BancShares,
Inc.
-
Class
A
1,676
1,688,034
First
Foundation,
Inc.
6,552
41,212
Five
Star
Bancorp
2,003
42,584
John
Marshall
Bancorp,
Inc.
1,639
29,862
Live
Oak
Bancshares,
Inc.
5,111
120,415
Metropolitan
Bank
Holding
Corp.*
1,272
40,818
Northeast
Bank
968
35,671
Origin
Bancorp,
Inc.
3,574
105,183
Pathward
Financial,
Inc.
3,204
142,674
QCR
Holdings,
Inc.
1,954
80,896
ServisFirst
Bancshares,
Inc.
6,347
320,523
SmartFinancial,
Inc.
1,964
42,304
Southern
Missouri
Bancorp,
Inc.
1,313
47,636
Triumph
Financial,
Inc.*
2,684
139,461
Western
Alliance
Bancorp
12,656
469,791
3,990,599
Beverages
-
1.5%
Coca-Cola
Consolidated,
Inc.
3,235
1,906,903
MGP
Ingredients,
Inc.
8,500
838,780
2,745,683
Biotechnology
-
0.2%
iTeos
Therapeutics,
Inc.*
26,908
369,716
Building
Products
-
3.6%
Advanced
Drainage
Systems,
Inc.
11,148
955,606
Builders
FirstSource,
Inc.*
20,197
1,914,070
Insteel
Industries,
Inc.
2,673
73,588
Owens
Corning
12,457
1,330,532
Simpson
Manufacturing
Co.,
Inc.
5,846
735,310
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
Janus
Detroit
Street
Trust
7
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Building
Products
-
(continued)
Trex
Co.,
Inc.*
15,060
$
823,180
UFP
Industries,
Inc.
8,458
664,122
6,496,408
Capital
Markets
-
1.8%
Bridge
Investment
Group
Holdings,
Inc.
-
Class
A
3,399
33,956
Hamilton
Lane,
Inc.
-
Class
A
4,401
324,266
Houlihan
Lokey,
Inc.
-
Class
A
5,794
529,456
Interactive
Brokers
Group,
Inc.
-
Class
A
11,953
930,541
Open
Lending
Corp.
-
Class
A*
14,679
103,193
PJT
Partners,
Inc.
-
Class
A
2,802
192,694
StepStone
Group,
Inc.
-
Class
A
7,295
160,709
Stifel
Financial
Corp.
12,352
740,749
Victory
Capital
Holdings,
Inc.
-
Class
A
7,962
243,159
3,258,723
Chemicals
-
2.8%
Hawkins,
Inc.
4,565
184,152
Olin
Corp.
28,689
1,589,371
Origin
Materials,
Inc.
#
,*
30,947
122,241
Westlake
Corp.
27,658
3,146,927
5,042,691
Commercial
Services
&
Supplies
-
1.7%
Aris
Water
Solutions,
Inc.
-
Class
A
3,676
26,724
Bridger
Aerospace
Group
Holdings,
Inc.*
6,006
26,907
Heritage-Crystal
Clean,
Inc.*
3,316
115,927
Rollins,
Inc.
67,583
2,855,382
3,024,940
Communications
Equipment
-
0.1%
Clearfield,
Inc.*
5,082
221,982
Construction
&
Engineering
-
1
.4%
Ameresco,
Inc.
-
Class
A*
4,654
193,606
Comfort
Systems
USA,
Inc.
4,905
733,249
MYR
Group,
Inc.*
2,287
292,713
WillScot
Mobile
Mini
Holdings
Corp.*
28,240
1,282,096
2,501,664
Construction
Materials
-
0.6%
Eagle
Materials,
Inc.
7,832
1,160,781
Consumer
Staples
Distribution
&
Retail
-
2.5%
BJ's
Wholesale
Club
Holdings,
Inc.*
51,963
3,968,414
Ingles
Markets,
Inc.
-
Class
A
5,561
511,835
4,480,249
Diversified
REITs
-
0.1%
Essential
Properties
Realty
Trust,
Inc.
7,818
193,495
Electric
Utilities
-
0.3%
NRG
Energy,
Inc.
13,041
445,611
Otter
Tail
Corp.
2,364
170,090
615,701
Electrical
Equipment
-
1.3%
Atkore,
Inc.*
5,422
684,961
Encore
Wire
Corp.
2,516
393,326
Generac
Holdings,
Inc.*
8,492
868,052
Shoals
Technologies
Group,
Inc.
-
Class
A*
15,577
325,404
2,271,743
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
8
April
30,
2023
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Electronic
Equipment,
Instruments
&
Components
-
4.0%
Insight
Enterprises,
Inc.*
11,290
$
1,365,525
Jabil,
Inc.
44,505
3,478,066
Littelfuse,
Inc.
8,273
2,004,052
Napco
Security
Technologies,
Inc.*
12,270
380,370
7,228,013
Entertainment
-
0.7%
Sciplay
Corp.
-
Class
A*
5,485
93,684
World
Wrestling
Entertainment,
Inc.
-
Class
A
10,478
1,122,927
1,216,611
Financial
Services
-
0.7%
Essent
Group
Ltd.
12,564
533,593
International
Money
Express,
Inc.*
12,376
319,054
Merchants
Bancorp
5,011
116,255
NMI
Holdings,
Inc.
-
Class
A*
9,723
227,518
1,196,420
Gas
Utilities
-
0.3%
Chesapeake
Utilities
Corp.
1,008
124,488
National
Fuel
Gas
Co.
5,258
293,922
Southwest
Gas
Holdings,
Inc.
3,809
213,304
631,714
Ground
Transportation
-
3.9%
ArcBest
Corp.
3,351
316,334
Knight-Swift
Transportation
Holdings,
Inc.
-
Class
A
22,086
1,243,884
Landstar
System,
Inc.
4,930
867,828
Marten
Transport
Ltd.
11,169
225,502
Saia,
Inc.*
3,631
1,081,203
U-Haul
Holding
Co.
(Non-Voting)
27,323
1,478,174
U-Haul
Holding
Co.
(Voting)
23,672
1,445,412
Werner
Enterprises,
Inc.
8,674
391,805
7,050,142
Health
Care
Equipment
&
Supplies
-
8.9%
Cue
Health,
Inc.
#
,*
113,026
88,940
Figs,
Inc.
-
Class
A*
120,330
866,376
QuidelOrtho
Corp.*
50,303
4,524,755
Semler
Scientific,
Inc.*
5,174
145,286
Shockwave
Medical,
Inc.*
27,336
7,931,814
STAAR
Surgical
Co.*
36,461
2,569,406
16,126,577
Health
Care
Providers
&
Services
-
4.7%
AdaptHealth
Corp.
-
Class
A*
101,906
1,210,643
AMN
Healthcare
Services,
Inc.*
31,061
2,682,117
Clover
Health
Investments
Corp.
#
,*
290,101
214,269
Cross
Country
Healthcare,
Inc.*
28,209
620,034
DocGo,
Inc.*
77,459
658,401
Fulgent
Genetics,
Inc.*
22,265
658,376
Joint
Corp.
(The)*
10,988
173,501
Progyny,
Inc.*
70,253
2,335,210
8,552,551
Health
Care
Technology
-
1.8%
Doximity,
Inc.
-
Class
A
#
,*
89,783
3,299,525
Hotels,
Restaurants
&
Leisure
-
0.3%
Rush
Street
Interactive,
Inc.*
4,360
13,560
Wingstop,
Inc.
2,035
407,224
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
Janus
Detroit
Street
Trust
9
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Hotels,
Restaurants
&
Leisure
-
(continued)
Xponential
Fitness,
Inc.
-
Class
A*
1,951
$
64,539
485,323
Household
Durables
-
2.7%
Cavco
Industries,
Inc.*
589
176,830
Century
Communities,
Inc.
2,160
145,454
Cricut,
Inc.
-
Class
A
#
2,966
27,080
Dream
Finders
Homes,
Inc.
-
Class
A
#
,*
2,201
33,565
Green
Brick
Partners,
Inc.*
3,129
116,618
Installed
Building
Products,
Inc.
1,944
241,581
KB
Home
5,709
250,168
Lovesac
Co.
(The)*
1,033
27,158
M/I
Homes,
Inc.*
1,879
127,096
MDC
Holdings,
Inc.
4,934
202,146
Meritage
Homes
Corp.
2,485
318,204
PulteGroup,
Inc.
15,379
1,032,700
Skyline
Champion
Corp.*
3,878
287,631
Sonos,
Inc.*
8,657
183,009
Taylor
Morrison
Home
Corp.
-
Class
A*
7,366
317,401
Tempur
Sealy
International,
Inc.
11,699
438,361
Toll
Brothers,
Inc.
7,517
480,411
TopBuild
Corp.*
2,173
489,968
4,895,381
Industrial
REITs
-
0.5%
Innovative
Industrial
Properties,
Inc.
1,534
105,156
Rexford
Industrial
Realty,
Inc.
10,606
591,497
Terreno
Realty
Corp.
4,418
272,104
968,757
Insurance
-
1.2%
F&G
Annuities
&
Life,
Inc.
14,692
269,304
Kinsale
Capital
Group,
Inc.
2,681
875,910
Palomar
Holdings,
Inc.*
2,933
147,413
RLI
Corp.
5,290
735,574
Stewart
Information
Services
Corp.
3,152
131,281
2,159,482
Interactive
Media
&
Services
-
0.7%
Cargurus,
Inc.
-
Class
A*
24,881
409,044
Shutterstock,
Inc.
8,664
580,488
ZipRecruiter,
Inc.
-
Class
A*
19,294
326,840
1,316,372
IT
Services
-
0.4%
Perficient,
Inc.*
11,563
750,670
Leisure
Products
-
0.1%
AMMO,
Inc.
#
,*
8,011
15,782
Malibu
Boats,
Inc.
-
Class
A*
1,383
78,485
MasterCraft
Boat
Holdings,
Inc.*
1,207
35,329
129,596
Life
Sciences
Tools
&
Services
-
6.0%
Maravai
LifeSciences
Holdings,
Inc.
-
Class
A*
99,492
1,371,994
Medpace
Holdings,
Inc.*
23,484
4,700,088
Repligen
Corp.*
32,019
4,855,041
10,927,123
Machinery
-
2.6%
Franklin
Electric
Co.,
Inc.
6,338
567,061
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
10
April
30,
2023
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Machinery
-
(continued)
Graco,
Inc.
23,026
$
1,825,731
Kadant,
Inc.
1,600
297,328
Mueller
Industries,
Inc.
7,836
563,017
Toro
Co.
(The)
14,274
1,488,207
Velo3D,
Inc.
#
,*
25,584
59,867
4,801,211
Marine
Transportation
-
0.2%
Matson,
Inc.
5,185
352,736
Media
-
0.9%
Nexstar
Media
Group,
Inc.
-
Class
A
9,114
1,580,823
PubMatic,
Inc.
-
Class
A*
10,434
142,529
1,723,352
Metals
&
Mining
-
3.3%
Alpha
Metallurgical
Resources,
Inc.
3,289
482,036
Commercial
Metals
Co.
25,484
1,189,848
MP
Materials
Corp.*
38,502
834,338
Reliance
Steel
&
Aluminum
Co.
12,748
3,158,955
Ryerson
Holding
Corp.
8,021
302,953
5,968,130
Oil,
Gas
&
Consumable
Fuels
-
2.0%
Callon
Petroleum
Co.*
9,217
305,451
Civitas
Resources,
Inc.
12,733
879,214
Evolution
Petroleum
Corp.
5,044
33,240
HighPeak
Energy,
Inc.
#
16,929
334,517
Matador
Resources
Co.
17,677
866,703
PDC
Energy,
Inc.
13,785
896,714
Viper
Energy
Partners
LP
11,250
331,200
Vitesse
Energy,
Inc.
4,267
78,513
3,725,552
Personal
Care
Products
-
1.0%
Beauty
Health
Co.
(The)*
51,104
585,652
Medifast,
Inc.
4,264
390,796
Olaplex
Holdings,
Inc.*
250,935
928,459
1,904,907
Pharmaceuticals
-
2.7%
Amphastar
Pharmaceuticals,
Inc.*
36,555
1,307,572
Corcept
Therapeutics,
Inc.*
81,423
1,834,460
Harmony
Biosciences
Holdings,
Inc.*
44,866
1,446,480
SIGA
Technologies,
Inc.
55,231
321,997
4,910,509
Professional
Services
-
4.6%
CBIZ,
Inc.*
6,976
367,565
Concentrix
Corp.
17,388
1,678,116
FTI
Consulting,
Inc.*
4,723
852,502
Heidrick
&
Struggles
International,
Inc.
2,725
68,425
Insperity,
Inc.
5,194
636,057
Korn
Ferry
7,255
348,385
Paylocity
Holding
Corp.*
18,623
3,599,640
TriNet
Group,
Inc.*
8,231
763,672
8,314,362
Real
Estate
Management
&
Development
-
0.0%
Douglas
Elliman,
Inc.
4,423
14,109
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
Janus
Detroit
Street
Trust
11
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Semiconductors
&
Semiconductor
Equipment
-
8.1%
ACM
Research,
Inc.
-
Class
A*
18,158
$
169,777
Alpha
&
Omega
Semiconductor
Ltd.*
9,227
220,341
Amkor
Technology,
Inc.
81,806
1,830,000
Axcelis
Technologies,
Inc.*
10,968
1,297,514
Diodes,
Inc.*
15,190
1,210,643
Lattice
Semiconductor
Corp.*
45,877
3,656,397
Navitas
Semiconductor
Corp.
#
,*
51,240
273,109
Onto
Innovation,
Inc.*
16,280
1,318,354
Photronics,
Inc.*
20,615
298,093
Power
Integrations,
Inc.
19,029
1,384,931
Qorvo,
Inc.*
33,355
3,071,329
14,730,488
Software
-
7.2%
Bentley
Systems,
Inc.
-
Class
B
92,424
3,933,565
Fair
Isaac
Corp.*
8,241
5,999,036
Qualys,
Inc.*
12,358
1,395,713
SPS
Commerce,
Inc.*
12,125
1,786,012
13,114,326
Specialized
REITs
-
0.1%
National
Storage
Affiliates
Trust
4,865
187,546
Specialty
Retail
-
3.2%
Academy
Sports
&
Outdoors,
Inc.
5,319
337,863
America's
Car-Mart,
Inc.*
432
34,729
Asbury
Automotive
Group,
Inc.*
1,505
291,157
AutoNation,
Inc.*
3,186
419,596
Boot
Barn
Holdings,
Inc.*
2,027
146,897
Dick's
Sporting
Goods,
Inc.
4,094
593,671
Five
Below,
Inc.*
3,773
744,639
Floor
&
Decor
Holdings,
Inc.
-
Class
A*
7,212
716,440
Group
1
Automotive,
Inc.
965
216,623
Hibbett,
Inc.
869
47,213
Leslie's,
Inc.*
12,485
135,462
Lithia
Motors,
Inc.
-
Class
A
1,857
410,193
MarineMax,
Inc.*
1,484
43,214
OneWater
Marine,
Inc.
-
Class
A*
973
25,687
Penske
Automotive
Group,
Inc.
4,695
650,633
Revolve
Group,
Inc.
-
Class
A*
2,768
57,159
RH*
1,627
415,097
Sportsman's
Warehouse
Holdings,
Inc.*
2,563
15,942
Williams-Sonoma,
Inc.
4,525
547,706
5,849,921
Technology
Hardware,
Storage
&
Peripherals
-
3.0%
Dell
Technologies,
Inc.
-
Class
C
80,912
3,518,863
Super
Micro
Computer,
Inc.*
17,911
1,888,357
5,407,220
Textiles,
Apparel
&
Luxury
Goods
-
0.8%
Crocs,
Inc.*
4,197
519,043
Deckers
Outdoor
Corp.*
1,792
858,977
1,378,020
Trading
Companies
&
Distributors
-
2.3%
BlueLinx
Holdings,
Inc.*
1,240
86,874
Boise
Cascade
Co.
5,415
369,899
Custom
Truck
One
Source,
Inc.*
33,840
212,515
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
12
April
30,
2023
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Trading
Companies
&
Distributors
-
(continued)
GMS,
Inc.*
5,712
$
331,639
Rush
Enterprises,
Inc.
-
Class
A
7,570
402,043
SiteOne
Landscape
Supply,
Inc.*
6,190
914,511
Watsco,
Inc.
5,312
1,839,970
4,157,451
Total
Common
Stocks
(cost
$174,199,534)
181,778,354
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.8%
Investment
Companies
-
0.6%
Janus
Henderson
Cash
Collateral
Fund
LLC,
4.7254%
£,∞
1,155,217
1,155,217
Time
Deposits
-
0.2%
Royal
Bank
of
Canada,
4.8100%,
5/1/23
$
288,804
288,804
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$1,444,021)
1,444,021
Total
Investments
(total
cost
$175,643,555
)
-
100.8%
183,222,375
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(0.8%)
(1,436,116)
Net
Assets
-
100.0%
$181,786,259
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
183,222,375
100.0
%
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
4/30/23
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.8%
Investment
Companies
-
0.6%
Janus
Henderson
Cash
Collateral
Fund
LLC,
4.7254%
∞
$
26,610
Δ
$
–
$
–
$
1,155,217
Market
Value
at
10/31/22
Purchases
Sales
Market
Value
at
4/30/23
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.8%
Investment
Companies
-
0.6%
Janus
Henderson
Cash
Collateral
Fund
LLC,
4.7254%
∞
$
1,722,783
$
25,765,599
$
(26,333,165)
$
1,155,217
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
April
30,
2023
Janus
Detroit
Street
Trust
13
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Offsetting
of
Financial
Assets
and
Derivative
Assets
Counterparty
Gross
Amounts
of
Recognized
Assets
Offsetting
Asset
or
Liability
(a)
Collateral
Pledged
(b)
Net
Amount
JPMorgan
Chase
Bank
NA
$
1,347,085
$
—
$
(1,347,085)
$
—
(a)
Represents
the
amount
of
assets
or
liabilities
that
could
be
offset
with
the
same
counterparty
under
master
netting
or
similar
agreements
that
management
elects
not
to
offset
on
the
Statement
of
Assets
and
Liabilities.
(b)
Collateral
pledged
is
limited
to
the
net
outstanding
amount
due
to/from
an
individual
counterparty.
The
actual
collateral
amounts
pledged
may
exceed
these
amounts
and
may
fluctuate
in
value.
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
April
30,
2023
14
April
30,
2023
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
Index
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
Index
is
designed
to
systematically
identify
small-
and
mid-
capitalization
stocks
that
are
poised
for
sustainable
growth
(Smart
Growth
®
)
by
evaluating
each
company’s
performance
in
three
critical
areas:
growth,
profitability,
and
capital
efficiency.
A
proprietary
methodology
is
used
to
score
stocks
based
on
a
wide
range
of
fundamental
measures
and
select
the
top
10%
(“top-tier”)
of
such
eligible
stocks.
Stocks
are
market
cap-weighted
within
sectors
with
a
3%
maximum