# EDGAR Filing Document

**Accession Number:** 0001500604
**File Stem:** 0001500604-25-000009
**Filing Date:** 2025-12
**Character Count:** 1642761
**Document Hash:** 7c596b09b3a9531dbd78f3a8e8b99e4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001500604-25-000009.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001500604-25-000009

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Janus Detroit Street Trust
- **CENTRAL INDEX KEY:** 0001500604

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23112
- **FILM NUMBER:** 251606990

**BUSINESS ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 303-333-3863

**MAIL ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Janus ETF Trust
- **DATE OF NAME CHANGE:** 20100902

## Series and Classes Contracts Data

### Janus Henderson Small Cap Growth Alpha ETF (Series ID: S000052563)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000165024 | Janus Henderson Small Cap Growth Alpha ETF | JSML            |

### Janus Henderson Small/Mid Cap Growth Alpha ETF (Series ID: S000052564)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000165025 | Janus Henderson Small/Mid Cap Growth Alpha ETF | JSMD            |

### Janus Henderson Short Duration Income ETF (Series ID: S000055281)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000173876 | Janus Henderson Short Duration Income ETF | VNLA            |

### Janus Henderson Mortgage-Backed Securities ETF (Series ID: S000063007)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000204446 | Janus Henderson Mortgage-Backed Securities ETF | JMBS            |

### Janus Henderson AAA CLO ETF (Series ID: S000069705)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000222294 | Janus Henderson AAA CLO ETF | JAAA            |

### Janus Henderson U.S. Real Estate ETF (Series ID: S000071696)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000227173 | Janus Henderson U.S. Real Estate ETF | JRE             |

### Janus Henderson Corporate Bond ETF (Series ID: S000073434)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000230327 | Janus Henderson Corporate Bond ETF | JLQD            |

### Janus Henderson B-BBB CLO ETF (Series ID: S000074691)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000232781 | Janus Henderson B-BBB CLO ETF | JBBB            |

### Janus Henderson Securitized Income ETF (Series ID: S000082930)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000246278 | Janus Henderson Securitized Income ETF | JSI             |

### Janus Henderson Emerging Markets Debt Hard Currency ETF (Series ID: S000086372)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000251866 | Janus Henderson Emerging Markets Debt Hard Currency ETF | JEMB            |

### Janus Henderson Mid Cap Growth Alpha ETF (Series ID: S000087757)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000253667 | Janus Henderson Mid Cap Growth Alpha ETF | JMID            |

### Janus Henderson Income ETF (Series ID: S000088762)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000255137 | Janus Henderson Income ETF | JIII            |

### Janus Henderson Transformational Growth ETF (Series ID: S000089963)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000256831 | Janus Henderson Transformational Growth ETF | JXX             |

### Janus Henderson Asset-Backed Securities ETF (Series ID: S000093664)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000262100 | Janus Henderson Asset-Backed Securities ETF | JABS            |

### Janus Henderson Global Artificial Intelligence ETF (Series ID: S000094567)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000263100 | Janus Henderson Global Artificial Intelligence ETF | JHAI            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number 811-23112**

**Janus Detroit Street Trust**

(Exact name of registrant as specified in charter)

151 Detroit Street, Denver

Colorado 80206

(address of principal executive offices) (Zip code)

(Name and address of agent for service) Cara Owen 151 Detroit Street Denver, Colorado 80206 (Copy to:) Eric S. Purple Stradley Ronon Steven & Young LLP 2000 K Street, N.W. Suite 700 Washington, D.C. 20006

**Registrant's telephone number, including area code:** 303-333-3863 **Date of fiscal year end:** 10/31

**Date of reporting period:** 10/31/25

**Item 1. Reports to Shareholders.**

#### Janus Henderson Small/Mid Cap Growth Alpha ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JSMD - NASDAQ
This annual shareholder report contains important information about the Janus Henderson Small/Mid Cap Growth Alpha ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Small/Mid Cap Growth Alpha ETF | $33 | 0.30% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Small/Mid Cap Growth Alpha ETF returned 17.58%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. Its performance benchmark, the Russell 2500<sup>TM</sup> Growth Index, returned 15.78%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81%. Its additional benchmark, the Janus Henderson Small/Mid Cap Growth Alpha Index, returned 13.83%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the information technology and consumer discretionary sectors aided returns relative to the Russell 2500<sup>TM</sup> Growth Index. Among individual holdings, relative contributors included AppLovin, the developer of a mobile marketing platform that utilizes artificial intelligence (AI). The company's strong second quarter earnings growth gave investors increased confidence in its business model. Consumer finance company SoFi Technologies was also a contributor as the stock rose on strong financial performance and guidance. Investors have also been excited about the company's new cryptocurrency trading service.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the communication services sector detracted from returns relative to the Russell 2500<sup>TM</sup> Growth Index. An overweight in the financials sector also weighed on results. Relative performance was hindered by a lack of exposure to several stocks that were strong performers for the benchmark. The portfolio's underweight position in Astera Labs also detracted. Shares of this fabless semiconductor company rose early in the year on excitement over its connectivity solutions for cloud and AI infrastructure. An overweight position in electric utility NRG Energy also detracted as shares faced headwinds because of regulatory uncertainty, operational challenges, and higher capital expenditures that negatively impacted earnings.

Janus Henderson Small/Mid Cap Growth Alpha ETF

# **Total return based on a $10,000 investment** 
February 23, 2016, through October 31, 2025

![Growth of 10K Chart](i5038a04630de4812654a2c23.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Janus Henderson Small/Mid Cap Growth Alpha ETF - NAV 35,298** | **Russell 3000<sup>®</sup> Index - $40,557** | **Russell 2000<sup>®</sup> Growth Index - $29,385** | **Russell 2500™ Growth Index - $31,475** | **Janus Henderson Small/Mid Cap Growth Alpha Index - $35,239** |
| **2/23/16** | 10000.0 | 10000.0 | 10000.0 | 10000.0 | 10000 |
| **10/16** | 11659.976153 | 11321.582673 | 11639.876332 | 11445.18142 | 11706 |
| **10/17** | 14940.858267 | 14036.432786 | 15247.790748 | 14886.706093 | 15058 |
| **10/18** | 16639.500837 | 14962.271074 | 15877.884927 | 15708.041231 | 16835 |
| **10/19** | 18070.645741 | 16980.636591 | 16894.242177 | 17557.044984 | 18354 |
| **10/20** | 21506.765079 | 18703.845365 | 19152.60713 | 21368.214169 | 21924 |
| **10/21** | 27917.419471 | 26914.679476 | 26517.437258 | 29301.137776 | 28540 |
| **10/22** | 21887.755361 | 22468.979616 | 19616.986961 | 21278.305981 | 22435 |
| **10/23** | 22822.113388 | 24351.910645 | 18120.575705 | 20256.296574 | 23461 |
| **10/24** | 30021.102189 | 33570.372603 | 24732.862907 | 27185.136473 | 30958 |
| **10/25** | 35298.067093 | 40557.213963 | 29384.583483 | 31475.2324 | 35239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **5 years** | **Since Inception (2/23/16)** |
| Janus Henderson Small/Mid Cap Growth Alpha ETF - NAV | 17.58% | 10.42% | 13.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 15.55% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 11.77% |
| Russell 2500™ Growth Index | 15.78% | 8.05% | 12.57% |
| Janus Henderson Small/Mid Cap Growth Alpha Index<sup>Footnote Reference^</sup> | 13.83% | 9.96% | 13.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Effective May 12, 2025, the Fund removed its underlying benchmark, Janus Henderson Small/Mid Cap Growth Alpha Index, and added Russell 2000<sup>®</sup> Growth Index as a secondary performance benchmark. These changes are due to an update in the Fund's investment objective and principal investment strategy that shifts its focus from utilizing a passive strategy to an active, systematic strategy. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $752 |
| **Number of portfolio holdings** | 109 |
| **Total investment advisory fee paid (Millions)** | $1.5 |
| **Portfolio turnover rate** | 197% |

---

Janus Henderson Small/Mid Cap Growth Alpha ETF

# **What did the Fund invest in?** 

#### 5 Largest equity holdings - (% of net assets)

---

| | |
|:---|:---|
| Medpace Holdings, Inc. | 3.0 |
| BWX Technologies, Inc. | 2.8 |
| Sanmina Corp. | 2.4 |
| Frontdoor, Inc. | 2.3 |
| Jabil, Inc. | 2.2 |

---

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.3 |
| Investment Companies | 0.0 |
| Others | (2.3) |

---

#### What material changes have occurred since the beginning of the fiscal year?
Effective May 12, 2025, the Fund repositioned to shift its focus from utilizing a passive strategy that seeks investment results that correspond generally, before fees and expenses, to the performance of the Fund's underlying index to an active, systematic strategy designed to select equity securities of small cap growth companies using a proprietary quantitative methodology. Performance prior to May 12, 2025, reflects the Fund's former strategy, and its performance may have differed if the Fund's current strategy had been in place.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Small/Mid Cap Growth Alpha ETF

125-65-70938E 12-25

#### Janus Henderson Small Cap Growth Alpha ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JSML - NASDAQ
This annual shareholder report contains important information about the Janus Henderson Small Cap Growth Alpha ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Small Cap Growth Alpha ETF | $33 | 0.30% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Small Cap Growth Alpha ETF returned 17.80%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81%. Its additional benchmark, the Janus Henderson Small Cap Growth Alpha Index, returned 10.06%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the healthcare and energy sectors contributed to performance relative to the Russell 2000<sup><sup>®</sup></sup> Growth Index. Among individual holdings, relative contributors included Centrus Energy, a supplier of nuclear fuel to power plants, the federal government, and the national security complex. The stock rose on anticipation for increased government support for U.S. nuclear production. Hims & Hers Health, another contributor, provides a telehealth platform that connects consumers to licensed healthcare professionals. It has experienced strong subscriber and revenue growth, aided by its shift to personalized treatment plans.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the information technology and communication services sectors hindered performance relative to the Russell 2000<sup><sup>®</sup></sup> Growth Index. Relative detractors included Amphastar Pharmaceuticals, which has faced increased competition and margin pressures in key product areas. An underweight position in Credo Technology Group also detracted as the stock was a strong performer for the Index. CREDO has experienced strong demand for its high-speed connectivity and optical solutions, tied in part to advancements in artificial intelligence infrastructure.

Janus Henderson Small Cap Growth Alpha ETF

# **Total return based on a $10,000 investment** 
February 23, 2016, through October 31, 2025

![Growth of 10K Chart](i0902cda0c347774f7602f574.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Janus Henderson Small Cap Growth Alpha ETF - NAV 31,821** | **Russell 3000<sup>®</sup> Index - $40,557** | **Russell 2000<sup>®</sup> Growth Index - $29,385** | **Janus Henderson Small Cap Growth Alpha Index - $30,504** |
| **2/23/16** | 10000.0 | 10000.0 | 10000.0 | 10000 |
| **10/16** | 11354.077645 | 11321.58 | 11639.876332 | 11397 |
| **10/17** | 14626.297854 | 14036.43 | 15247.790748 | 14717 |
| **10/18** | 16164.393383 | 14962.27 | 15877.884927 | 16253 |
| **10/19** | 17689.357706 | 16980.64 | 16894.242177 | 17892 |
| **10/20** | 19774.578537 | 18703.85 | 19152.60713 | 20077 |
| **10/21** | 27743.094127 | 26914.68 | 26517.437258 | 28227 |
| **10/22** | 19666.804507 | 22468.98 | 19616.986961 | 20065 |
| **10/23** | 20102.170111 | 24351.91 | 18120.575705 | 20569 |
| **10/24** | 27012.372646 | 33570.372603 | 24732.862907 | 27717 |
| **10/25** | 31821.448057 | 40557.213963 | 29384.583483 | 30504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **5 years** | **Since Inception (2/23/16)** |
| Janus Henderson Small Cap Growth Alpha ETF - NAV | 17.80% | 9.98% | 12.69% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 15.55% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 11.77% |
| Janus Henderson Small Cap Growth Alpha Index<sup>Footnote Reference^</sup> | 10.06% | 8.72% | 12.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Effective May 12, 2025, the Fund removed its underlying benchmark, Janus Henderson Small Cap Growth Alpha Index. This change is due to an update in the Fund's investment objective and principal investment strategy that shifts its focus from utilizing a passive strategy to an active, systematic strategy. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $247 |
| **Number of portfolio holdings** | 116 |
| **Total investment advisory fee paid (Millions)** | $0.7 |
| **Portfolio turnover rate** | 170% |

---

Janus Henderson Small Cap Growth Alpha ETF

# **What did the Fund invest in?** 

#### 5 Largest equity holdings - (% of net assets)

---

| | |
|:---|:---|
| Sterling Infrastructure, Inc. | 3.1 |
| Primoris Services Corp. | 2.9 |
| Centrus Energy Corp. | 2.2 |
| Napco Security Technologies, Inc. | 2.2 |
| Aurinia Pharmaceuticals, Inc. | 2.2 |

---

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investments Purchased with Cash Collateral from Securities Lending | 3.0 |
| Investment Companies | 0.0 |
| Others | (3.0) |

---

#### What material changes have occurred since the beginning of the fiscal year?
Effective May 12, 2025, the Fund repositioned to shift its focus from utilizing a passive strategy that seeks investment results that correspond generally, before fees and expenses, to the performance of the Fund's underlying index to an active, systematic strategy designed to select equity securities of small cap growth companies using a proprietary quantitative methodology. Performance prior to May 12, 2025, reflects the Fund's former strategy, and its performance may have differed if the Fund's current strategy had been in place.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Small Cap Growth Alpha ETF

125-65-70937E 12-25

#### Janus Henderson Short Duration Income ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: VNLA - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson Short Duration Income ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Short Duration Income ETF | $24 | 0.23% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Short Duration Income ETF returned 5.64%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the ICE Bofa U.S. 3-Month U.S. Treasury Bill Index, returned 4.34%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The Fund seeks to generate consistent returns by focusing on higher-quality, shorter-dated credits that tend to offer attractive income generation – or carry – as they near maturity. The period's gains relative to the ICE BofA U.S. 3-Month Treasury Bill Total Return Index were driven by a combination of carry and the prevalence of falling yields across the front end of global yield curves during the period.

#### TOP DETRACTORS FROM PERFORMANCE
The Fund utilizes derivatives in an attempt to dampen the risk posed by interest rate volatility. While these positions, in aggregate, ultimately contributed to performance, certain hedges generated modestly negative returns given the period's decline in interest rates. The Fund also utilizes foreign currency exchange contracts to hedge foreign currency exposures back to the Fund's base currency; these positions detracted from performance during the period.

Janus Henderson Short Duration Income ETF

# **Total return based on a $10,000 investment** 
November 16, 2016, through October 31, 2025

![Growth of 10K Chart](i2487b9922e68d3371134042a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Janus Henderson Short Duration Income ETF - NAV 13,114** | **Bloomberg U.S. Aggregate Bond Index - $11,773** | **ICE BofA U.S. 3-Month U.S. Treasury Bill Index - $12,297** | **FTSE 3-Month U.S. Treasury Bill Index - $12,353** |
| **11/16/16** | 10000.0 | 10000.0 | 10000.0 | 10000.0 |
| **10/17** | 10186.65 | 10271.479251 | 10073.215331 | 10069.370485 |
| **10/18** | 10376.38 | 10060.560712 | 10242.06593 | 10237.186873 |
| **10/19** | 10786.42 | 11218.464946 | 10488.381674 | 10477.323269 |
| **10/20** | 11108.94 | 11912.586148 | 10584.493961 | 10567.168934 |
| **10/21** | 11125.76 | 11855.645095 | 10590.348297 | 10572.866091 |
| **10/22** | 10994.52 | 9996.3820986 | 10672.800468 | 10665.832706 |
| **10/23** | 11570.678418 | 10031.965529 | 11182.31557 | 11192.233115 |
| **10/24** | 12411.217738 | 11089.962885 | 11784.632731 | 11817.748405 |
| **10/25** | 13113.617864 | 11773.008606 | 12296.663029 | 12352.883684 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **5 years** | **Since Inception (11/16/16)** |
| Janus Henderson Short Duration Income ETF - NAV | 5.64% | 3.37% | 3.07% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.84% |
| ICE BofA U.S. 3-Month U.S. Treasury Bill Index | 4.34% | 3.04% | 2.33% |
| FTSE 3-Month U.S. Treasury Bill Index<sup>Footnote Reference^</sup> | 4.53% | 3.17% | 2.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Effective October 7, 2025, the Fund's investment objective, principal investment strategy, and performance benchmark index changed. The benchmark index changed from the FTSE 3-Month U.S. Treasury Bill Index to the ICE BofA U.S. 3-Month Treasury Bill Total Return Index. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $2779 |
| **Number of portfolio holdings<sup>Footnote Reference#</sup>** | 290 |
| **Total investment advisory fee paid (Millions)** | $5.8 |
| **Portfolio turnover rate** | 45% |
| **Weighted average maturity** | 1.74 Years |
| **Effective duration** | 0.63 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Does not include derivatives, except purchased options, if any. |

---

Janus Henderson Short Duration Income ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 74.8 |
| Asset-Backed Securities | 8.5 |
| Mortgage-Backed Securities | 6.5 |
| Commercial Paper | 6.5 |
| Foreign Government Bonds | 1.6 |
| Exchange Traded Funds | 1 |
| Investment Companies | 0.1 |
| Purchased Swaptions | 0 |
| Others | 1 |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aaa | 5.68 |
| AA | 1.85 |
| AA- | 1.26 |
| A+ | 8.71 |
| A | 3.01 |
| A- | 17.04 |
| BBB+ | 16.71 |
| BBB | 21.9 |
| BBB- | 16.14 |
| Derivatives | 0.01 |
| Other | 7.69 |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### What material changes have occurred since the beginning of the fiscal year?
Effective October 7, 2025, the Fund's investment objective, principal investment strategy, and performance benchmark index changed. The benchmark index changed from the FTSE 3-Month U.S. Treasury Bill Index to the ICE BofA U.S. 3-Month Treasury Bill Total Return Index. Performance prior to October 7, 2025, reflects the Fund's former objective, strategy, and benchmark, and its performance may have differed if the current objective, strategy, and benchmark had been in place.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Short Duration Income ETF

125-65-70936E 12-25

#### Janus Henderson Mortgage-Backed Securities ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JMBS - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson Mortgage-Backed Securities ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Mortgage-Backed Securities ETF | $22 | 0.21% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Mortgage-Backed Securities ETF returned 7.56%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the Bloomberg U.S. MBS Index, returned 7.32%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Mortgage-backed securities (MBS) benefited from falling yields, a re-steepening of the yield curve, and declining interest rate volatility during the period. MBS spreads also tightened on the back of stronger technicals, healthy economic data, and positive investor sentiment. Security selection within agency MBS contributed to returns relative to the Bloomberg U.S. MBS Index. We continued to focus on borrower stories within specified mortgage pools, as we aim to acquire mortgages offering attractive yields without elevated levels of prepayment risk.

#### TOP DETRACTORS FROM PERFORMANCE
Overall yield curve exposure detracted from returns relative to the Bloomberg U.S. MBS Index. An allocation to non-agency mortgages with strong fundamentals also detracted as the sector underperformed agency MBS. The Fund employed derivatives – futures, swaps, and to-be-announced (TBA) sales commitments – to manage and hedge portfolio risk, including interest rate risk, and to manage duration. Overall, the use of derivatives detracted from relative returns.

Janus Henderson Mortgage-Backed Securities ETF

# **Total return based on a $10,000 investment** 
September 12, 2018, through October 31, 2025

![Growth of 10K Chart](ib3b7f7738ffb44dd9a2a60e1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson Mortgage-Backed Securities ETF - NAV 11,765** | **Bloomberg U.S. Aggregate Bond Index - $11,587** | **Bloomberg U.S. Mortgage Backed Securities (MBS) Index - $11,243** |
| **9/12/18** | 10000.0 | 10000.0 | 10000.0 |
| **10/18** | 9906.0 | 9901.5973364 | 9916.5702947 |
| **10/19** | 10802.384632 | 11041.205933 | 10795.860655 |
| **10/20** | 11411.963258 | 11724.359571 | 11222.005935 |
| **10/21** | 11512.112259 | 11668.318223 | 11157.075911 |
| **10/22** | 9798.0524017 | 9838.4327866 | 9478.5330139 |
| **10/23** | 9742.2374787 | 9873.4539755 | 9400.6183976 |
| **10/24** | 10934.032971 | 10914.734289 | 10475.886946 |
| **10/25** | 11765.286448 | 11586.987445 | 11242.649167 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **5 years** | **Since Inception (9/12/18)** |
| Janus Henderson Mortgage-Backed Securities ETF - NAV | 7.56% | 0.61% | 2.30% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 2.09% |
| Bloomberg U.S. Mortgage Backed Securities (MBS) Index | 7.32% | 0.04% | 1.66% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $6665 |
| **Number of portfolio holdings<sup>Footnote Reference#</sup>** | 596 |
| **Total investment advisory fee paid (Millions)** | $11.6 |
| **Portfolio turnover rate** | 102% |
| **Weighted average maturity** | 8.86 Years |
| **Effective duration** | 6.62 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Does not include derivatives, except purchased options, if any. |

---

Janus Henderson Mortgage-Backed Securities ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 159.8 |
| Asset-Backed Securities | 7.5 |
| Investment Companies | 1.3 |
| Corporate Bond | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Others | (68.7) |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aaa | 11.99 |
| Aa | 104.33 |
| A | 3.61 |
| Baa | 2.80 |
| Ba | 0.33 |
| B | 0.56 |
| Caa | 0.04 |
| Other | (23.66) |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### What material changes have occurred since the beginning of the fiscal year?
Effective February 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.23% to 0.22%. The cap excludes distribution fees, brokerage expenses or commissions, interest, dividends, taxes, litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Mortgage-Backed Securities ETF

125-65-70934E 12-25

#### Janus Henderson AAA CLO ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JAAA - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson AAA CLO ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson AAA CLO ETF | $21 | 0.20% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson AAA CLO ETF returned 5.54%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the J.P. Morgan CLOIE AAA Index, returned 5.64%.

#### TOP CONTRIBUTORS TO PERFORMANCE
As yields fell on the back of cooling inflation and a resumption in the Federal Reserve's (Fed) rate-cutting cycle, the Fund's slightly longer duration aided returns versus the J.P. Morgan CLOIE AAA Index. Spreads on AAA collateralized loan obligations (CLOs) continued to tighten as investor sentiment remained upbeat amid robust corporate profitability, expected Fed easing, and economic growth supported by artificial intelligence (AI)-driven investments and tax cuts. While spreads within AAA CLOs are trading around their cyclical tight levels, we consider the sector attractively priced relative to corporate bonds. Robust demand technicals – driven by attractive overall yields and money flows into CLOs – also contributed to spreads narrowing.

#### TOP DETRACTORS FROM PERFORMANCE
Security selection within AAA rated CLOs weighed on returns relative to the J.P. Morgan CLOIE AAA Index. An overweight to the highest-quality CLO managers detracted as lower-rated managers rallied amid the risk-on trade. A small cash balance, typically used for transactional needs within the portfolio, detracted as risk assets outperformed cash.

Janus Henderson AAA CLO ETF

# **Total return based on a $10,000 investment** 
October 16, 2020, through October 31, 2025

![Growth of 10K Chart](i57e7dcdd67a8063314539e31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson AAA CLO ETF - NAV 12,491** | **Bloomberg U.S. Aggregate Bond Index - $9,837** | **J.P. Morgan CLOIE AAA Index - $12,585** |
| **10/16/20** | 10000.0 | 10000.0 | 10000.0 |
| **10/20** | 9958.0 | 9953.921558 | 9979.0327346 |
| **10/21** | 10210.019764 | 9906.3427394 | 10222.925878 |
| **10/22** | 10061.327479 | 8352.7793241 | 10130.91479 |
| **10/23** | 10947.327335 | 8382.5121351 | 11050.803336 |
| **10/24** | 11833.344422 | 9266.5538172 | 11912.925899 |
| **10/25** | 12490.962267 | 9837.2933226 | 12584.631136 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **5 years** | **Since Inception (10/16/20)** |
| Janus Henderson AAA CLO ETF - NAV | 5.54% | 4.64% | 4.51% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | -0.32% |
| J.P. Morgan CLOIE AAA Index | 5.64% | 4.75% | 4.67% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $25207 |
| **Number of portfolio holdings** | 478 |
| **Total investment advisory fee paid (Millions)** | $41.9 |
| **Portfolio turnover rate** | 94% |
| **Weighted average maturity** | 4.66 Years |
| **Effective duration** | 0.24 Years |

---

Janus Henderson AAA CLO ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Collateralized Loan Obligations | 100.4 |
| Investment Companies | 0.8 |
| Others | (1.2) |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aaa | 101.35 |
| Other | (1.35) |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### What material changes have occurred since the beginning of the fiscal year?
Effective February 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.21% to 0.20%. The cap excludes distribution fees, brokerage expenses or commissions, interest, dividends, taxes, litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson AAA CLO ETF

125-65-70931E 12-25

#### Janus Henderson U.S. Real Estate ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JRE - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson U.S. Real Estate ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson U.S. Real Estate ETF | $65 | 0.65% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson U.S. Real Estate ETF returned -0.76%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. Its performance benchmark, the FTSE Nareit Equity REITs Index, returned -0.68%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in data center REITs contributed to returns relative to the FTSE NAREIT Equity REITs Index. Data center owners such as Digital Realty have experienced strong leasing trends tied to the buildout of artificial intelligence. Healthcare REIT Ventas, another contributor, reported robust financial results as favorable demographic trends have driven demand for its senior living properties. CBRE Group also contributed. The real estate services company has demonstrated strong business resilience in a fluctuating real estate market, supported by improved leasing transaction activity.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection among multi-family residential REITs detracted from returns relative to the FTSE NAREIT Equity REITs Index. This was due in part to a position in AvalonBay Communities, which owns multi-family residential properties in suburban markets. The stock underperformed on concerns that leasing trends may slow in a less certain economic environment. Lineage, another detractor, owns temperature-controlled warehouses. The stock declined as macroeconomic uncertainty pressured its leasing outlook. An underweight in Welltower also weighed on performance as shares of this healthcare REIT rose on expectations for continued strong fundamentals for its senior housing properties.

Janus Henderson U.S. Real Estate ETF

# **Total return based on a $10,000 investment** 
June 22, 2021, through October 31, 2025

![Growth of 10K Chart](ia9a936367428a5d86e058e6d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson U.S. Real Estate ETF - NAV 10,734** | **Russell 3000<sup>®</sup> Index - $16,260** | **FTSE Nareit Equity REITs Index - $11,165** |
| **6/22/21** | 10000.0 | 10000.0 | 10000.0 |
| **10/21** | 10790.260133 | 10790.65454 | 10740.448974 |
| **10/22** | 8755.9953723 | 9008.2810433 | 8752.3400913 |
| **10/23** | 8213.8644764 | 9763.1872377 | 8218.0844807 |
| **10/24** | 10816.463616 | 13459.060283 | 11242.266585 |
| **10/25** | 10734.000716 | 16260.230236 | 11165.392298 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **Since Inception (6/22/21)** |
| Janus Henderson U.S. Real Estate ETF - NAV | -0.76% | 1.64% |
| Russell 3000<sup>®</sup> Index | 20.81% | 11.80% |
| FTSE Nareit Equity REITs Index | -0.68% | 2.56% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $4 |
| **Number of portfolio holdings** | 25 |
| **Total investment advisory fee paid (Millions)** | $0.2 |
| **Portfolio turnover rate** | 65% |

---

Janus Henderson U.S. Real Estate ETF

# **What did the Fund invest in?** 

#### 5 Largest equity holdings - (% of net assets)

---

| | |
|:---|:---|
| Equinix, Inc. | 10.2 |
| Prologis, Inc. | 9.7 |
| Welltower, Inc. | 7.9 |
| Digital Realty Trust, Inc. | 6.8 |
| Public Storage | 6.3 |

---

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 8.8 |
| Others | (8.5) |

---

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson U.S. Real Estate ETF

125-65-70940E 12-25

#### Janus Henderson Corporate Bond ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JLQD - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson Corporate Bond ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Corporate Bond ETF | $29 | 0.28% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Corporate Bond ETF returned 6.73%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the Bloomberg U.S. Corporate Bond Index, returned 6.62%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Security selection within corporate investment-grade holdings, particularly within BBB rated securities, was the key contributor to returns relative to the Bloomberg U.S. Corporate Bond Index. On an industry basis, security selection within technology and media entertainment contributed. Notable individual issuers included Electronic Arts and Sun Communities. Out-of-index allocations to high-yield corporate bonds and government-related securities also aided results as spreads in risk assets tightened.

#### TOP DETRACTORS FROM PERFORMANCE
Overall yield curve positioning, including the use of futures contracts to help with risk, duration, and yield-curve management, detracted from returns relative to the Bloomberg U.S. Corporate Bond Index; the Fund was underweight duration through the first half of 2025 when yields were generally falling. An out-of-index allocation to asset-backed securities also weighed on results. On an industry level, exposure to home construction and automotive hindered performance. Individual issuers Warner Bros Discovery and General Motors also detracted.

Janus Henderson Corporate Bond ETF

# **Total return based on a $10,000 investment** 
September 8, 2021, through October 31, 2025

![Growth of 10K Chart](i2d0e1cc975157eab26c05ea1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson Corporate Bond ETF - NAV 10,017** | **Bloomberg U.S. Aggregate Bond Index - $9,855** | **Bloomberg U.S. Corporate Bond Index - $9,957** |
| **9/8/21** | 10000.0 | 10000.0 | 10000.0 |
| **10/21** | 9912.0 | 9924.6696874 | 9942.6415531 |
| **10/22** | 8021.030996 | 8368.2321463 | 7996.7846431 |
| **10/23** | 8127.4741482 | 8398.0199636 | 8218.4234771 |
| **10/24** | 9383.4997725 | 9283.697142 | 9338.6675135 |
| **10/25** | 10017.045191 | 9855.4925277 | 9956.7731878 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **Since Inception (9/8/21)** |
| Janus Henderson Corporate Bond ETF - NAV | 6.73% | 0.04% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.35% |
| Bloomberg U.S. Corporate Bond Index | 6.62% | -0.10% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $25 |
| **Number of portfolio holdings<sup>Footnote Reference#</sup>** | 153 |
| **Total investment advisory fee paid (Millions)** | $0.1 |
| **Portfolio turnover rate** | 185% |
| **Weighted average maturity** | 8.72 Years |
| **Effective duration** | 7.08 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Does not include derivatives, except purchased options, if any. |

---

Janus Henderson Corporate Bond ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 7.2 |
| Exchange Traded Funds | 5.0 |
| Investment Companies | 2.4 |
| Asset-Backed Securities | 1.6 |
| Bank Loans | 0.9 |
| Foreign Government Bonds | 0.7 |
| Others | (6.3) |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aaa | 1.96 |
| Aa | 2.56 |
| A | 16.62 |
| Baa | 61.91 |
| Ba | 10.86 |
| B | 3.71 |
| Other | 2.38 |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### What material changes have occurred since the beginning of the fiscal year?
Effective May 1, 2025, the Fund's contractual limit on total annual operating expenses is 0.20%. The cap excludes distribution fees, brokerage expenses or commissions, interest, dividends, taxes, litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Corporate Bond ETF

125-65-70939E 12-25

#### Janus Henderson B-BBB CLO ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JBBB - Cboe BZX Exchange
This annual shareholder report contains important information about the Janus Henderson B-BBB CLO ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson B-BBB CLO ETF | $47 | 0.46% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson B-BBB CLO ETF returned 5.58%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the J.P. Morgan CLO BBB Index, returned 7.50%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The Fund's slightly longer duration contributed to returns relative to the J.P. Morgan CLO BBB Index as yields fell on the back of cooling inflation and a resumption in the Federal Reserve's (Fed) rate-cutting cycle.

#### TOP DETRACTORS FROM PERFORMANCE
Security selection within BBB rated collateralized loan obligations (CLOs) resulted in underperformance relative to the J.P. Morgan CLO BBB Index. BBB CLO spreads generally tightened over the period as investor sentiment remained upbeat amid robust corporate profitability, expected Fed easing, and economic growth supported by artificial intelligence (AI)-driven investments and tax cuts. While spreads within BBB CLOs are trading near their cyclical tight levels, we consider the sector attractively priced relative to corporate bonds. Robust demand technicals – driven by attractive overall yields and money flows into CLOs – also contributed to spread narrowing. An overweight to the higher-quality CLO managers detracted as lower-rated managers rallied amid the period's risk-on trade. Small allocations to AAA and BB rated CLOs also detracted.

Janus Henderson B-BBB CLO ETF

# **Total return based on a $10,000 investment** 
January 11, 2022, through October 31, 2025

![Growth of 10K Chart](i96313d0bb16cf3422d9c1257.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson B-BBB CLO ETF - NAV 12,583** | **Bloomberg U.S. Aggregate Bond Index - $10,072** | **JP Morgan CLO BBB Index - $13,487** |
| **1/11/22** | 10000.0 | 10000.0 | 10000.0 |
| **10/22** | 9005.6285401 | 8552.1713107 | 9198.256041 |
| **10/23** | 10450.931648 | 8582.6138835 | 10867.999862 |
| **10/24** | 11913.263452 | 9487.7588201 | 12545.414046 |
| **10/25** | 12583.043978 | 10072.122639 | 13486.692433 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **Since Inception (1/11/22)** |
| Janus Henderson B-BBB CLO ETF - NAV | 5.58% | 6.23% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 0.19% |
| JP Morgan CLO BBB Index | 7.50% | 8.18% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $1283 |
| **Number of portfolio holdings** | 227 |
| **Total investment advisory fee paid (Millions)** | $6.8 |
| **Portfolio turnover rate** | 97% |
| **Weighted average maturity** | 7.56 Years |
| **Effective duration** | 0.28 Years |

---

Janus Henderson B-BBB CLO ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Collateralized Loan Obligations | 98.5 |
| Investment Companies | 3.1 |
| Others | (1.6) |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Baa | 97.56 |
| Ba | 1.73 |
| Other | 0.71 |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson B-BBB CLO ETF

125-65-70932E 12-25

#### Janus Henderson Securitized Income ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JSI - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson Securitized Income ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Securitized Income ETF | $50 | 0.48% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Securitized Income ETF returned 6.50%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the ICE BofA U.S. ABS & CMBS Index, returned 6.34%.

#### TOP CONTRIBUTORS TO PERFORMANCE
An overweight to credit spread risk contributed amid broad tightening in credit spreads. Investor sentiment remained upbeat due to robust corporate profitability, expected easing by the Federal Reserve, and economic growth supported by artificial intelligence (AI)-driven investments and tax cuts. Security selection decisions contributed to returns relative to the ICE BofA U.S. ABS & CMBS Index. Notably, security selection within commercial mortgage-backed securities and non-agency mortgages were the main contributors. The Fund employed "to be announced" or "TBA" sales commitments to purchase yet-to-be issued mortgage-backed securities at a fixed price, which also aided portfolio performance.

#### TOP DETRACTORS FROM PERFORMANCE
Asset allocation decisions detracted from returns compared to the ICE BofA U.S. ABS & CMBS Index. An out-of-index allocation to agency mortgage-backed securities detracted, as did security selection within asset-backed securities (ABS). Security selection within ABS detracted due to the Fund's exposure to auto ABS issued by Tricolor Auto, which filed for Chapter 7 bankruptcy liquidation in September following alleged fraud. While the Fund did not own any Tricolor debt, ABS previously originated by Tricolor experienced price volatility, despite being housed in special purpose vehicles and, therefore, being bankruptcy remote from the issuer.

Janus Henderson Securitized Income ETF

# **Total return based on a $10,000 investment** 
November 8, 2023, through October 31, 2025

![Growth of 10K Chart](i905ee9df16a1a6483716ac16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson Securitized Income ETF - NAV 11,683** | **Bloomberg U.S. Aggregate Bond Index $11,429** | **ICE BofA U.S. ABS & CMBS Index $11,536** |
| **11/8/23** | 10000.0 | 10000.0 | 10000.0 |
| **1/24** | 10435.447046 | 10540.861955 | 10412.22379 |
| **4/24** | 10425.969693 | 10222.987894 | 10383.999784 |
| **7/24** | 10825.83243 | 10739.85113 | 10722.417346 |
| **10/24** | 10965.434919 | 10766.266999 | 10847.667011 |
| **1/25** | 11194.281445 | 10758.813372 | 10987.659887 |
| **4/25** | 11378.053283 | 11042.893575 | 11207.635811 |
| **7/25** | 11567.11734 | 11103.045534 | 11319.179249 |
| **10/25** | 11683.083053 | 11429.375855 | 11535.68353 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **Since Inception (11/8/23)** |
| Janus Henderson Securitized Income ETF - NAV | 6.50% | 8.17% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 6.98% |
| ICE BofA U.S. ABS & CMBS Index | 6.34% | 7.48% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $1287 |
| **Number of portfolio holdings<sup>Footnote Reference#</sup>** | 483 |
| **Total investment advisory fee paid (Millions)** | $3.8 |
| **Portfolio turnover rate** | 60% |
| **Weighted average maturity** | 3.38 Years |
| **Effective duration** | 2.44 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Does not include derivatives, except purchased options, if any. |

---

Janus Henderson Securitized Income ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 82.7 |
| Asset-Backed Securities | 39.8 |
| Investment Companies | 5.4 |
| Collateralized Loan Obligations | 1.6 |
| Corporate Bonds | 0.9 |
| Common Stocks | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Others | (30.7) |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aaa | 23.56 |
| Aa | 22.30 |
| A | 16.33 |
| Baa | 24.85 |
| Ba | 9.31 |
| B | 3.53 |
| Caa | 0.25 |
| Equities | 0.17 |
| Other | (0.30) |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Securitized Income ETF

125-65-70935E 12-25

#### Janus Henderson Emerging Markets Debt Hard Currency ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JEMB - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson Emerging Markets Debt Hard Currency ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Emerging Markets Debt Hard Currency ETF | $55 | 0.52% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Emerging Markets Debt Hard Currency ETF returned 12.90%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 5.69%. Its performance benchmark, the J.P. Morgan EMBI Global Core Index, returned 12.37%.

#### TOP CONTRIBUTORS TO PERFORMANCE
For the period under review, overall sovereign credit spreads tightened by 65 basis points at the market level, as measured by the J.P. Morgan EMBI Global Core Index. As a result, a moderate overweight position in credit spread risk aided returns relative to the J.P. Morgan EMBI Global Core Index. However, the major contributors were country allocation and security selection, with the latter by far the largest. In terms of country allocation, overweight positions in EL Salvador, Zambia, Tunisia and Ghana, and underweight allocations to Indonesia and Brazil were beneficial. On the security selection side, the Fund benefited from bond picking in Ghana, Mexico, Ukraine and the Ivory Coast.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors from returns relative to the J.P. Morgan EMBI Global Core Index included overweight positions in Senegal and Cameroon and underweight allocations to Lebanon and Panama. Security selection in Zambia, Argentina and El Salvador also detracted from relative performance. Meanwhile, duration and yield curve effects, mainly stemming from the Fund's use of bond futures to manage interest rate risk, were a modest detractor.

Janus Henderson Emerging Markets Debt Hard Currency ETF

#### Total return based on a $10,000 investment
August 13, 2024, through October 31, 2025

![Growth of 10K Chart](i8686639b230cf331924e62bb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson Emerging Markets Debt Hard Currency ETF - NAV 11,558** | **Bloomberg Global Aggregate Bond Index $10,460** | **JPM EMBI Global Core Index $11,399** |
| **8/13/24** | 10000.0 | 10000.0 | 10000.0 |
| **10/24** | 10235.536363 | 9896.9241219 | 10143.917781 |
| **1/25** | 10400.544413 | 9772.9199376 | 10242.128407 |
| **4/25** | 10438.679491 | 10266.845711 | 10308.433451 |
| **7/25** | 10975.017856 | 10268.968086 | 10803.931099 |
| **10/25** | 11558.002601 | 10459.671174 | 11398.552013 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **Since Inception (8/13/24)** |
| Janus Henderson Emerging Markets Debt Hard Currency ETF - NAV | 12.90% | 12.64% |
| Bloomberg Global Aggregate Bond Index | 5.69% | 3.77% |
| JPM EMBI Global Core Index | 12.37% | 11.37% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $425 |
| **Number of portfolio holdings<sup>Footnote Reference#</sup>** | 313 |
| **Total investment advisory fee paid (Millions)** | $1.5 |
| **Portfolio turnover rate** | 53% |
| **Weighted average maturity** | 9.56 Years |
| **Effective duration** | 7.02 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Does not include derivatives, except purchased options, if any. |

---

Janus Henderson Emerging Markets Debt Hard Currency ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Foreign Government Bonds | 79.9 |
| Corporate Bonds | 13.3 |
| Investment Companies | 4.6 |
| Others | 2.2 |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aa | 4.13 |
| A | 8.29 |
| Baa | 19.26 |
| Ba | 34.66 |
| B | 13.61 |
| Caa | 11.94 |
| C | 0.81 |
| D | 0.13 |
| Other | 7.17 |

---

#### Top Country Allocations - (% of total investments)

---

| | |
|:---|:---|
| Mexico | 6.1 |
| Turkey | 5.5 |
| United States | 4.7 |
| Dominican Republic | 4.6 |
| Saudi Arabia | 4.5 |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Emerging Markets Debt Hard Currency ETF

125-65-71250E 12-25

#### Janus Henderson Mid Cap Growth Alpha ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JMID - NASDAQ
This annual shareholder report contains important information about the Janus Henderson Mid Cap Growth Alpha ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Mid Cap Growth Alpha ETF | $32 | 0.30% |

---

#### What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Mid Cap Growth Alpha ETF returned 15.01%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. Its performance benchmark, the Russell Midcap Growth Index, returned 19.59%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection and an underweight in the energy sector contributed to returns relative to the Russell Midcap Growth Index. Stock selection in the consumer discretionary sector was also beneficial. Among individual holdings, relative contributors included technology company Palantir Technologies. The technology company has signed sizable contracts with government and military enterprises seeking to capitalize on its artificial intelligence (AI) platforms. This has resulted in strong financial performance. Vertiv Holdings, another contributor, designs and services power and cooling systems for data centers. It has experienced very strong demand for its solutions, bolstered by strategic partnerships with companies such as NVIDIA.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the information technology and financials sectors detracted from returns relative to the Russell Midcap Growth Index. Relative performance was hindered by the portfolio's underweight positions in several stocks that were strong performers for the benchmark. These included an underweight position in information technology company Cloudflare, which has experienced growing demand for its data security, networking, and edge computing solutions. The portfolio was also underweight in Roblox, which has delivered strong revenue growth tied to an AI-enabled digital ecosystem that targets major industry verticals. Both stocks were strong performers for the Index.

Janus Henderson Mid Cap Growth Alpha ETF

# **Total return based on a $10,000 investment** 
September 17, 2024, through October 31, 2025

![Growth of 10K Chart](ibfe6c9df9b0b82932808a538.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson Mid Cap Growth Alpha ETF - NAV 11,952** | **Russell 3000<sup>®</sup> Index $12,259** | **Russell Midcap Growth Index $12,431** |
| **9/17/24** | 10000.0 | 10000.0 | 10000.0 |
| **10/24** | 10392.0 | 10147.072817 | 10394.139119 |
| **1/25** | 11739.629099 | 10822.510065 | 11752.208728 |
| **4/25** | 10348.627178 | 9928.8611191 | 10605.446262 |
| **7/25** | 11892.415319 | 11338.931297 | 12374.819997 |
| **10/25** | 11952.03294 | 12258.934632 | 12430.695827 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 year** | **Since Inception (9/17/24)** |
| Janus Henderson Mid Cap Growth Alpha ETF - NAV | 15.01% | 17.25% |
| Russell 3000<sup>®</sup> Index | 20.81% | 19.95% |
| Russell Midcap Growth Index | 19.59% | 21.45% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $25 |
| **Number of portfolio holdings** | 82 |
| **Total investment advisory fee paid (Millions)** | $0.1 |
| **Portfolio turnover rate** | 213% |

---

Janus Henderson Mid Cap Growth Alpha ETF

# **What did the Fund invest in?** 

#### 5 Largest equity holdings - (% of net assets)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.2 |
| Vertiv Holdings Co. | 3.5 |
| Royal Caribbean Cruises Ltd. | 3.1 |
| Ameriprise Financial, Inc. | 2.9 |
| Howmet Aerospace, Inc. | 2.7 |

---

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.0 |
| Others | 0.0 |

---

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Mid Cap Growth Alpha ETF

125-65-71261E 12-25

#### Janus Henderson Income ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JIII - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson Income ETF ("Fund") for the period of November 12, 2024 (inception) to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Income ETF | $50 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operations for the full period. |

---

#### What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Income ETF returned 7.46%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
From inception on November 12, 2024 through October 31, 2025, an overweight allocation to credit spread risk was the key contributor to returns relative to the Bloomberg U.S. Aggregate Bond Index. Spreads tightened on robust corporate profitability, expected easing by the Federal Reserve (Fed), and economic growth fueled, in part, by Artificial Intelligence (AI)-driven investments. Specifically, overweight exposure to high-yield corporate bonds, non-agency mortgage-backed securities, collateralized loan obligations, and leveraged loans aided performance. Security selection within investment-grade corporate bonds and commercial mortgage-backed securities also helped, as did an underweight to Treasuries.

#### TOP DETRACTORS FROM PERFORMANCE
For the since inception period, security selection within agency mortgage-backed securities and asset-backed securities detracted from returns relative to the Bloomberg U.S. Aggregate Bond Index. The Fund's positioning on the short end of the yield curve also weighed on results as Treasury rates ended the period lower. In our view, this short-duration positioning may better shield the portfolio from increases in term premiums on the long end due to potential concerns surrounding Fed independence, large and continued fiscal deficit spending, and tariff effects, with the Fed seemingly willing to let inflation run higher than target.

Janus Henderson Income ETF

# **Total return based on a $10,000 investment** 
November 12, 2024, through October 31, 2025

![Growth of 10K Chart](i4f0c7a8ba3edd3c0fbab4f5e.jpg)

---

| | | |
|:---|:---|:---|
| | **Janus Henderson Income ETF - NAV 10,746** | **Bloomberg U.S. Aggregate Bond Index $10,656** |
| **11/12/24** | 10000.0 | 10000.0 |
| **11/24** | 10086.0 | 10144.04 |
| **12/24** | 10048.39 | 9978.0267924 |
| **1/25** | 10140.79 | 10030.962041 |
| **2/25** | 10276.09 | 10251.661122 |
| **3/25** | 10215.52 | 10255.518917 |
| **4/25** | 10208.7 | 10295.823753 |
| **5/25** | 10292.76 | 10222.104817 |
| **6/25** | 10457.06 | 10379.283625 |
| **7/25** | 10492.73 | 10351.906334 |
| **8/25** | 10648.12 | 10475.719591 |
| **9/25** | 10688.04 | 10589.997012 |
| **10/25** | 10745.97 | 10656.159875 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **Since Inception (11/12/24)** |
| Janus Henderson Income ETF - NAV | 7.46% |
| Bloomberg U.S. Aggregate Bond Index | 6.56% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $145 |
| **Number of portfolio holdings<sup>Footnote Reference#</sup>** | 377 |
| **Total investment advisory fee paid (Millions)** | $0.5 |
| **Portfolio turnover rate** | 126% |
| **Weighted average maturity** | 6.47 Years |
| **Effective duration** | 3.87 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Does not include derivatives, except purchased options, if any. |

---

Janus Henderson Income ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 45.8 |
| Corporate Bonds | 34.0 |
| Bank Loans | 15.1 |
| Asset-Backed Securities | 13.5 |
| Collateralized Loan Obligations | 6.2 |
| Exchange Traded Funds | 4.7 |
| Investment Companies | 2.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.8 |
| Common Stocks | 1.4 |
| Convertible Bonds | 0.5 |
| Others | (25.2) |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aaa | 7.15 |
| Aa | 22.98 |
| A | 6.18 |
| Baa | 17.03 |
| Ba | 23.70 |
| B | 31.74 |
| Caa | 2.46 |
| Equities | 1.41 |
| Other | (12.65) |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Income ETF

125-65-71293E 12-25

#### Janus Henderson Transformational Growth ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JXX - Cboe BZX Exchange
This annual shareholder report contains important information about the Janus Henderson Transformational Growth ETF ("Fund") for the period of February 4, 2025 (inception) to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Transformational Growth ETF | $45 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operations for the full period. |

---

#### What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Transformational Growth ETF returned 13.70%. Its broad-based benchmark, the S&P 500<sup><sup>®</sup></sup> Index, returned 14.38%. Its performance benchmark, the Russell 1000<sup><sup>®</sup></sup> Growth Index, returned 18.99%.

#### TOP CONTRIBUTORS TO PERFORMANCE
From Fund inception on February 4, 2025 through October 31, 2025, top contributors relative to the Russell 1000 Growth Index included Oracle and Taiwan Semiconductor Manufacturing. Information technology company Oracle has emerged as a leading hyperscaler in the artificial intelligence (AI) ecosystem. It has delivered strong financial results and exceptional forward guidance. Taiwan Semiconductor Manufacturing is a leading supplier of graphic processing units that are integral to AI. The company reported robust earnings growth and positive guidance, aiding its stock performance.

#### TOP DETRACTORS FROM PERFORMANCE
For the period February 4, 2025 through October 31, 2025, performance relative to the Russell 1000 Growth Index was hindered by an investment in Vaxcyte. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Chipotle Mexican Grill was another detractor. Shares declined after the fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance.

Janus Henderson Transformational Growth ETF

# **Total return based on a $10,000 investment** 
February 4, 2025, through October 31, 2025

![Growth of 10K Chart](i13c5141a6d94b361a1ebf80d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Janus Henderson Transformational Growth ETF - NAV 11,370** | **S&P 500<sup>®</sup> Index $11,438** | **Russell 1000<sup>®</sup> Growth Index $11,899** |
| **2/4/25** | 10000.0 | 10000.0 | 10000.0 |
| **2/25** | 9736.0 | 9873.19 | 9628.09 |
| **3/25** | 8723.2128 | 9316.8922683 | 8817.0238923 |
| **4/25** | 8843.2570128 | 9253.7150433 | 8973.1800907 |
| **5/25** | 9443.4780771 | 9836.1874197 | 9767.1326031 |
| **6/25** | 10345.313027 | 10336.383566 | 10389.85387 |
| **7/25** | 10561.424015 | 10568.362874 | 10782.09355 |
| **8/25** | 10649.469232 | 10782.599532 | 10902.635361 |
| **9/25** | 11245.775476 | 11176.165479 | 11481.817406 |
| **10/25** | 11369.84 | 11437.839782 | 11898.89549 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **Since Inception (2/4/25)** |
| Janus Henderson Transformational Growth ETF - NAV | 13.70% |
| S&P 500<sup>®</sup> Index | 14.38% |
| Russell 1000<sup>®</sup> Growth Index | 18.99% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and 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.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $34 |
| **Number of portfolio holdings** | 26 |
| **Total investment advisory fee paid (Millions)** | $0.1 |
| **Portfolio turnover rate** | 31% |

---

Janus Henderson Transformational Growth ETF

# **What did the Fund invest in?** 

#### 5 Largest equity holdings - (% of net assets)

---

| | |
|:---|:---|
| Oracle Corp. | 9.6 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5 |
| Amazon.com, Inc. | 9.5 |
| Broadcom, Inc. | 9.2 |
| Madrigal Pharmaceuticals, Inc. | 4.6 |

---

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investment Companies | 0.2 |
| Others | 0.0 |

---

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Transformational Growth ETF

125-65-71309E 12-25

#### Janus Henderson Asset-Backed Securities ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JABS - NYSE Arca
This annual shareholder report contains important information about the Janus Henderson Asset-Backed Securities ETF ("Fund") for the period of July 22, 2025 (inception) to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Asset-Backed Securities ETF | $9 | 0.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operations for the full period. |

---

#### What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Asset-Backed Securities ETF returned 1.26%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.96%. Its performance benchmark, the ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index, returned 1.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
For the period from inception on July 22, 2025 to October 31, 2025, overall yield curve exposure contributed to returns relative to the ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index. Asset allocation decisions also helped performance, with out-of-index exposure to collateralized loan obligations and commercial mortgage-backed securities being notable contributors. Security selection within an allocation to non-agency mortgage-backed securities also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
For the since inception period, security selection within asset-backed securities (ABS) detracted from returns relative to the ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index. Specifically, security selection within auto ABS detracted, largely due to the Fund's exposure to auto ABS issued by Tricolor Auto. Tricolor filed for Chapter 7 bankruptcy liquidation in September following alleged fraud. While the Fund did not own any Tricolor debt, ABS previously originated by Tricolor experienced price volatility, despite being housed in special purpose vehicles and, therefore, being bankruptcy remote from the issuer.

Janus Henderson Asset-Backed Securities ETF

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **Since Inception (7/22/25)** |
| Janus Henderson Asset-Backed Securities ETF - NAV | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.96% |
| ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index | 1.56% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The table includes reinvestment of all dividends and distributions and 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. For certain periods, the Fund's performance may reflect the effects of expense waivers.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $132 |
| **Number of portfolio holdings<sup>Footnote Reference#</sup>** | 95 |
| **Total investment advisory fee paid (Millions)** | $0.1 |
| **Portfolio turnover rate** | 24% |
| **Weighted average maturity** | 3.41 Years |
| **Effective duration** | 2.04 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Does not include derivatives, except purchased options, if any. |

---

Janus Henderson Asset-Backed Securities ETF

# **What did the Fund invest in?** 

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed Securities | 85.5 |
| Collateralized Loan Obligations | 5.1 |
| Mortgage-Backed Securities | 4.7 |
| Exchange Traded Funds | 3.7 |
| Investment Companies | 0.6 |
| Others | 0.4 |

---

#### Ratings <sup>†</sup> Summary – (% of net assets)

---

| | |
|:---|:---|
| Aaa | 13.9 |
| Aa | 11.42 |
| A | 71.45 |
| Baa | 2.44 |
| B | 0.22 |
| Other | 0.57 |

---

<sup>†</sup> Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Asset-Backed Securities ETF

125-65-71352E 12-25

#### Janus Henderson Global Artificial Intelligence ETF
![Image](i4d83c944dbeed70a2f1db620.jpg)

#### Annual Shareholder Report

#### October 31, 2025

#### ETF: JHAI - NASDAQ
This annual shareholder report contains important information about the Janus Henderson Global Artificial Intelligence ETF ("Fund") for the period of August 19, 2025 (inception) to October 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

# What were the costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment** |
| Janus Henderson Global Artificial Intelligence ETF | $13 | 0.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operations for the full period. |

---

#### What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Global Artificial Intelligence ETF returned 14.34%. Its broad-based benchmark, the S&P 500<sup><sup>®</sup></sup> Index, returned 6.93%. Its performance benchmark, the 50% MSCI AC World IT/50% MSCI AC World Growth Index, returned 12.77%.

#### TOP CONTRIBUTORS TO PERFORMANCE
For the period from the Fund's inception on August 19, 2025, through October 31, 2025, stock selection in the information technology and industrials sectors contributed to performance relative to the blended benchmark, 50% MSCI ACWI Information Technology Index/50% MSCI ACWI Growth Index. Individual contributors included several companies that have benefited from the buildout of the artificial intelligence (AI) ecosystem. Taiwan Semiconductor Manufacturing is a leading supplier of graphic processing units, while Lam Research manufactures specialized deposition and etching tools that are critical to producing the advanced semiconductors needed for AI. Both companies have delivered strong financial performance and revenue guidance.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and financials sectors detracted from performance relative to the blended benchmark, 50% MSCI ACWI Information Technology Index and 50% MSCI ACWI Growth Index, from inception through October 31, 2025. Progressive was a relative detractor in the financials sector. Shares of the insurer declined as investors questioned the sustainability of its policy growth and pricing power in a more competitive landscape. Social media company Meta Platforms was another detractor despite reporting strong third quarter earnings growth. Concerns over the company's capital spending plans pressured the stock, as Meta has invested aggressively to deploy AI across its platforms.

Janus Henderson Global Artificial Intelligence ETF

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **Since Inception (8/19/25)** |
| Janus Henderson Global Artificial Intelligence ETF - NAV | 14.34% |
| S&P 500<sup>®</sup> Index | 6.93% |
| 50% MSCI AC World IT/50% MSCI AC World Growth Index | 12.77% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The table includes reinvestment of all dividends and distributions and 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.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| **Net assets (Millions)** | $15 |
| **Number of portfolio holdings** | 51 |
| **Total investment advisory fee paid (Millions)** | $0 |
| **Portfolio turnover rate** | 14% |

---

Janus Henderson Global Artificial Intelligence ETF

# **What did the Fund invest in?** 

#### 5 Largest equity holdings - (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.4 |
| Broadcom, Inc. | 7.2 |
| Microsoft Corp. | 6.8 |
| Alphabet, Inc. | 4.8 |

---

#### Sector Allocation - (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.1 |
| Investment Companies | 0.5 |
| Others | (0.6) |

---

#### Top Country Allocations - (% of total investments)

---

| | |
|:---|:---|
| United States | 75.4 |
| Taiwan | 14.3 |
| Uruguay | 2.6 |
| Netherlands | 1.3 |
| Israel | 1.3 |

---

#### Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-668-0434.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://janushenderson.com/info](iaecb58cc7a6776555d910b39.jpg)

Janus Henderson Global Artificial Intelligence ETF

125-65-71371E 12-25

**Item 2 - Code of Ethics**

**Code of Ethics**

(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Fund Code of Ethics for Principal Executive Officer and Senior Financial Officers") that applies to the Registrant's Principal Executive Officer and Principal Financial Officer; the Registrant's Principal Financial Officer also serves as the Principal Accounting Officer.

(c) There was no amendment to the Registrant's code of ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit, from a provision to the Registrant's code of ethics described in Item 2(a) above during the period covered by the report.

(e) Not applicable.

(f)(3) The Registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the Registrant at 1-877-335-2687, and ask for a copy of the Registrant's Code of Ethics for its Principal Executive Officer and Senior Financial Officers.

**Item 3 - Audit Committee Financial Expert**

The Registrant's Board of Trustees has determined that Jeffrey B. Weeden, the Chairman of the Board's Audit and Pricing Committee is an "audit committee financial expert" as defined in Item 3 to Form N-CSR. Jeffery B. Weeden is "independent" under the standards set forth in Item 3 to Form N-CSR.

**Item 4 - Principal Accountant Fees and Services**

**(a) Audit Fees**

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $642,347 in the fiscal year ended 2025 and $500,908 in the fiscal year ended 2024.

**(b) Audit-Related Fees**

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's' financial statements and are not reported under paragraph (a) of this Item were $0 in the fiscal year ended 2025 and $0 in the fiscal year ended 2024.

**(c) Tax Fees**

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $0 in the fiscal year ended 2025 and $0 in the fiscal year ended 2024.

The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, tax advice, and corporate actions review.

**(d) All Other Fees**

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in the fiscal year ended 2025 and $0 in the fiscal year ended 2024.

**(e)** **Pre-Approval Policies and Procedures**

(1) The Registrant's Audit Committee Charter requires the Registrant's Audit Committee to pre-approve any engagement of the principal accountant (i) to provide audit or non-audit services to the Registrant or (ii) to provide non-audit services to the Registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X. The Chairman of the Audit Committee or, if the Chairman is unavailable, another member of the Audit Committee who is an independent Trustee, may grant the pre-approval. All such delegated pre-approvals must be presented to the Audit Committee no later than the next Audit Committee meeting.

(2) No services described in paragraphs (b) through (d) of this Item were approved by the Registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**(f)** Not applicable as less than 50%

**(g)** The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $0 in the fiscal year ended 2025 and $0 in the fiscal year ended 2024.

**(h)** The Registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c) (7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**(i)** Not applicable.

**(j)** Not applicable.

**Item 5 - Audit Committee of Listed Registrants**

The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent trustees of the Registrant. The members of the committee are Jeffrey B Weeden, Maureen T. Upton and Clifford J. Weber.

**Item 6 - Investments**

(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 7 of this Form N-CSR.

(b) Not applicable.

**Item 7 - Financial Statements and Financial Highlights for Open-Ended Management Investment Companies**

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

2.8%

BWX

Technologies,

Inc.

97,255

$

20,774,641

Automobile

Components

-

1.1%

Patrick

Industries,

Inc.

81,368

8,492,378

Banks

-

3.9%

Axos

Financial,

Inc.\*

80,783

6,299,458

Bancorp,

Inc.

(The)\*

137,393

8,981,380

Coastal

Financial

Corp.\*

30,455

3,243,458

Customers

Bancorp,

Inc.\*

55,298

3,711,602

First

Bancorp

101,710

1,982,328

Live

Oak

Bancshares,

Inc.

57,967

1,805,092

ServisFirst

Bancshares,

Inc.

45,591

3,203,680

29,226,998

Beverages

-

1.3%

Celsius

Holdings,

Inc.\*

160,887

9,690,224

Biotechnology

-

5.6%

Alkermes

plc\*

184,059

5,650,611

Aurinia

Pharmaceuticals,

Inc.\*

597,219

7,865,374

Catalyst

Pharmaceuticals,

Inc.\*

100,629

2,140,379

Halozyme

Therapeutics,

Inc.\*

241,049

15,713,984

Rigel

Pharmaceuticals,

Inc.

#

,\*

184,837

5,837,153

Stoke

Therapeutics,

Inc.\*

176,305

5,296,202

42,503,703

Building

Products

-

1.5%

AZZ,

Inc.

64,957

6,485,956

Janus

International

Group,

Inc.\*

528,441

5,073,034

11,558,990

Capital

Markets

-

8.9%

Acadian

Asset

Management,

Inc.

54,445

2,618,804

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

328,366

14,336,460

Hamilton

Lane,

Inc.

-

Class

A

98,094

11,178,792

Lazard,

Inc.

-

Class

A

175,582

8,568,402

Moelis

&

Co.

-

Class

A

#

150,426

9,526,479

PJT

Partners,

Inc.

-

Class

A

50,506

8,137,022

StoneX

Group,

Inc.\*

133,859

12,304,319

66,670,278

Commercial

Services

&

Supplies

-

1.4%

Brink's

Co.

(The)

78,275

8,701,049

Healthcare

Services

Group,

Inc.\*

93,515

1,671,113

10,372,162

Construction

&

Engineering

-

5.9%

Argan,

Inc.

41,908

12,832,649

IES

Holdings,

Inc.\*

8,105

3,176,187

Primoris

Services

Corp.

118,127

16,717,333

Sterling

Infrastructure,

Inc.\*

30,577

11,555,048

44,281,217

Consumer

Finance

-

2.6%

Dave,

Inc.\*

7,049

1,686,967

Enova

International,

Inc.\*

56,396

6,743,270

SoFi

Technologies,

Inc.\*

371,861

11,036,834

19,467,071

Diversified

Consumer

Services

-

3.0%

Frontdoor,

Inc.\*

261,135

17,347,198

Laureate

Education,

Inc.\*

151,737

4,404,925

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

(continued)

Diversified

Consumer

Services

-

(continued)

Stride,

Inc.\*

13,067

$

889,079

22,641,202

Electrical

Equipment

-

3.2%

Array

Technologies,

Inc.\*

359,548

3,113,686

NEXTracker,

Inc.

-

Class

A\*

109,653

11,099,077

Powell

Industries,

Inc.

25,493

9,773,761

23,986,524

Electronic

Equipment,

Instruments

&

Components

-

6.4%

Itron,

Inc.\*

16,571

1,662,568

Jabil,

Inc.

76,122

16,814,588

Napco

Security

Technologies,

Inc.

267,005

11,788,271

Sanmina

Corp.\*

133,212

18,256,705

48,522,132

Energy

Equipment

&

Services

-

1.6%

Tidewater,

Inc.\*

232,203

11,747,150

Financial

Services

-

0.8%

Affirm

Holdings,

Inc.

-

Class

A\*

26,852

1,930,122

International

Money

Express,

Inc.\*

267,726

3,986,440

5,916,562

Food

Products

-

1.7%

Cal-Maine

Foods,

Inc.

141,695

12,440,821

Health

Care

Providers

&

Services

-

0.9%

Aveanna

Healthcare

Holdings,

Inc.\*

327,163

2,960,825

Community

Health

Systems,

Inc.\*

520,016

2,017,662

Concentra

Group

Holdings

Parent,

Inc.

71,806

1,430,376

6,408,863

Health

Care

Technology

-

0.6%

Doximity,

Inc.

-

Class

A\*

73,464

4,848,624

Hotels,

Restaurants

&

Leisure

-

1.6%

Red

Rock

Resorts,

Inc.

-

Class

A

205,581

10,959,523

Vail

Resorts,

Inc.

9,057

1,343,425

12,302,948

Household

Durables

-

4.7%

Installed

Building

Products,

Inc.

64,520

16,015,800

Somnigroup

International,

Inc.

50,187

3,981,836

TopBuild

Corp.\*

35,835

15,139,571

35,137,207

Household

Products

-

0.2%

Energizer

Holdings,

Inc.

#

74,673

1,734,654

Insurance

-

0.9%

HCI

Group,

Inc.

8,647

1,764,074

Skyward

Specialty

Insurance

Group,

Inc.\*

29,720

1,354,935

Universal

Insurance

Holdings,

Inc.

125,950

3,881,779

7,000,788

Interactive

Media

&

Services

-

1.8%

Bumble,

Inc.

-

Class

A\*

366,623

2,034,758

fuboTV,

Inc.\*

905,158

3,421,497

MediaAlpha,

Inc.

-

Class

A\*

387,399

4,939,337

TripAdvisor,

Inc.\*

207,862

3,338,264

13,733,856

Leisure

Products

-

0.7%

Peloton

Interactive,

Inc.

-

Class

A\*

694,152

5,039,544

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

(continued)

Life

Sciences

Tools

&

Services

-

4.1%

10X

Genomics,

Inc.

-

Class

A\*

620,999

$

8,470,427

Medpace

Holdings,

Inc.\*

38,697

22,634,262

31,104,689

Machinery

-

2.4%

Blue

Bird

Corp.\*

176,056

8,795,758

Douglas

Dynamics,

Inc.

75,706

2,288,593

REV

Group,

Inc.

137,768

7,063,365

18,147,716

Media

-

2.2%

Gannett

Co.,

Inc.\*

363,009

1,923,948

Nexstar

Media

Group,

Inc.

-

Class

A

72,825

14,254,037

16,177,985

Metals

&

Mining

-

0.5%

Coeur

Mining,

Inc.

#

,\*

218,120

3,745,120

Oil,

Gas

&

Consumable

Fuels

-

1.7%

Centrus

Energy

Corp.

-

Class

A

#

,\*

34,407

12,643,196

Pharmaceuticals

-

2.2%

ANI

Pharmaceuticals,

Inc.\*

73,506

6,659,643

Avadel

Pharmaceuticals

plc

(ADR)\*

151,284

2,857,755

Collegium

Pharmaceutical,

Inc.\*

86,948

3,130,128

CorMedix,

Inc.

#

,\*

123,198

1,371,194

Supernus

Pharmaceuticals,

Inc.\*

50,432

2,780,316

16,799,036

Professional

Services

-

2.0%

Legalzoom.com,

Inc.\*

867,683

8,650,799

Willdan

Group,

Inc.\*

69,088

6,529,507

15,180,306

Real

Estate

Management

&

Development

-

0.3%

eXp

World

Holdings,

Inc.

201,530

2,063,667

Semiconductors

&

Semiconductor

Equipment

-

6.8%

Astera

Labs,

Inc.\*

74,724

13,949,476

Axcelis

Technologies,

Inc.

#

,\*

168,893

13,437,127

Credo

Technology

Group

Holding

Ltd.\*

76,790

14,407,340

Rambus,

Inc.\*

94,130

9,680,329

51,474,272

Software

-

9.3%

Appfolio,

Inc.

-

Class

A\*

61,097

15,544,910

Clear

Secure,

Inc.

-

Class

A

438,075

13,348,145

Gen

Digital,

Inc.

#

514,341

13,558,029

InterDigital,

Inc.

10,527

3,810,353

Manhattan

Associates,

Inc.\*

30,113

5,482,674

Pegasystems,

Inc.

176,320

11,222,768

Sapiens

International

Corp.

NV

42,705

1,838,450

Unity

Software,

Inc.\*

78,170

2,962,643

Zeta

Global

Holdings

Corp.

-

Class

A\*

110,363

1,985,430

69,753,402

Specialty

Retail

-

3.0%

Arhaus,

Inc.

-

Class

A

#

,\*

426,026

4,268,780

Buckle,

Inc.

(The)

120,340

6,594,632

Build-A-Bear

Workshop,

Inc.

56,639

3,070,967

Sonic

Automotive,

Inc.

-

Class

A

#

46,807

2,973,649

Victoria's

Secret

&

Co.\*

65,449

2,307,077

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

(continued)

Specialty

Retail

-

(continued)

Wayfair,

Inc.

-

Class

A\*

32,183

$

3,331,262

22,546,367

Technology

Hardware,

Storage

&

Peripherals

-

0.7%

CompoSecure,

Inc.

-

Class

A\*

253,755

5,039,574

Textiles,

Apparel

&

Luxury

Goods

-

1.7%

Kontoor

Brands,

Inc.

40,797

3,301,293

Tapestry,

Inc.

78,810

8,654,914

Wolverine

World

Wide,

Inc.

46,777

1,061,838

13,018,045

Total

Common

Stocks

(cost

$694,498,722)

752,191,912

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$101,829)

101,817

101,838

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.3%

Investment

Companies

-

1.8%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

£,∞

13,974,572

13,974,572

Time

Deposits

-

0.5%

Royal

Bank

of

Canada,

3.8500%,

11/3/25

$

3,493,643

3,493,643

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$17,468,215)

17,468,215

Total

Investments

(total

cost

$

712,068,766)

-

102.3%

769,761,965

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.3%)

(17,426,181)

Net

Assets

-

100.0%

$752,335,784

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

749,567,447

97.4 %

Ireland

8,508,366

1.1 Canada

7,865,374

1.0 Puerto

Rico

1,982,328

0.3 Israel

1,838,450

0.2 Total

$769,761,965

100.0%

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

118,891

$

89,968,247

$

(89,985,302)

$

(7) $

$

101,838

101,817

$

51,179

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.3%

Investment

Companies

-

1.8%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

1,965,177

163,611,159

(151,601,764)

–

–

13,974,572

13,974,572

9,843

Δ

Total

Affiliated

Investments

-

1.8%

$2,084,068

$253,579,406

$(241,587,066)

$(7)

$9

$14,076,410

$61,022

*Counterparty*

*Gross* 

*Amounts* 

*of* 

*Recognized* 

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral* 

*Pledged*

(b) *Net* 

*Amount*

JPMorgan

Chase

Bank

NA

$

16,671,802

$

—

$

(16,671,802)

$

—

(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

#### October

#### 31,

#### 2025

October

31,

2025

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

\*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2025. ∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Common* 

*Stocks*

$

752,191,912

$

—

$

—

$

752,191,912

*Investment* 

*Companies*

—

101,838

—

101,838

*Investments* 

*Purchased* 

*with* 

*Cash* 

*Collateral* 

*from* 

*Securities* 

*Lending*

—

17,468,215

—

17,468,215

#### Total

#### Assets
$

752,191,912

$

17,570,053

$

—

$

769,761,965

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$697,992,365)

(1) $

755,685,555

Affiliated

investments,

at

value

(cost

$14,076,401)

14,076,410

Receivables:

Fund

units

sold

2,095,143

Dividends

216,922

Affiliated

securities

lending

income,

net

2,354

Total

Assets

772,076,384

Liabilities:

Collateral

on

securities

loaned

(Note

2)

17,468,215

Due

to

custodian

653

Payables:

Investments

purchased

2,095,459

Management

fees

176,273

Total

Liabilities

19,740,600

Commitments

and

contingent

liabilities

Net

Assets

$

752,335,784

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

730,814,598

Total

distributable

earnings

(loss)

21,521,186

Total

Net

Assets

$

752,335,784

Net

Assets

$

752,335,784

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

8,977,000

Net

Asset

Value

Per

Share

$

.81

(1) Includes

$16,671,802

of

securities

on

loan.

See

Note

in

Notes

to

Financial

Statements.

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

4,043,292

Income

from

non-cash

dividends

226,185

Unaffiliated

securities

lending

income,

net

55,580

Dividends

from

affiliates

51,179

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

9,843

Foreign

tax

withheld

(18,673)

Total

Investment

Income

4,367,406

Expenses:

Management

Fees

1,510,431

Total

Expenses

1,510,431

Net

Investment

Income/(Loss)

2,856,975

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

77,344,029

Investments

in

affiliates

(7)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

77,344,022

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

5,251,052

Investments

in

affiliates

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

5,251,061

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

85,452,058

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

2,856,975

$

1,337,661

Net

realized

gain/(loss)

on

investments

77,344,022

20,417,438

Change

in

unrealized

net

appreciation/depreciation

5,251,061

62,009,458

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

85,452,058

83,764,557

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(4,509,553)

(1,323,273)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(4,509,553)

(1,323,273)

Capital

Share

Transactions

288,095,491

55,022,363

Net

Increase/(Decrease)

in

Net

Assets

369,037,996

137,463,647

Net

Assets:

—

—

Beginning

of

Year

383,297,788

245,834,141

End

of

Year

$

752,335,784

$

383,297,788

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Financial

#### Highlights

October

31,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$71.95

$54.91

$52.92

$67.73

$52.35

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1) 0.43 0.26 0.30 0.21 0.21 Net

realized

and

unrealized

gain/(loss)

12.15 17.04 1.97 (2) (14.83)

15.38 Total

from

Investment

Operations

12.58 17.30 2.27 (2) (14.62)

15.59 Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.72)

(0.26)

(0.28)

(0.19)

(0.21)

Total

Dividends

and

Distributions

(0.72)

(0.26)

(0.28)

(0.19)

(0.21)

Net

Asset

Value,

End

of

Period

$83.81

$71.95

$54.91

$52.92

$67.73

Total

Return

17.58%

31.54%

4.27%

(21.60)%

29.81%

Net

assets,

End

of

Period

(in

thousands)

$752,336

$383,298

$245,834

$172,098

$201,635

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.30%

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.56%

0.39%

0.51%

0.36%

0.33%

Portfolio

Turnover

Rate

(3) 197%

102%

91%

89%

102%

(1) Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2) The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund's

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

fluctuating

market

values

for

the

Fund's

securities.

(3) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Small/Mid

Cap

Growth

Alpha

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 fifteen

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

to

provide

long-term

growth

of

capital. The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on The

Nasdaq

Stock

Market

LLC

("Nasdaq")

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

days

or

less

may

be

evaluated

and

valued

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Dividends

#### and

#### Distributions
The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

("REITs")

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs'

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Small-

#### and

#### Mid-Sized

#### Companies

#### Risk
The

Fund's

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

As

of

October

31,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$16,671,802

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2025 is $17,468,215,

resulting

in

the

net

amount

due

to

the

counterparty

of

$796,413.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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:

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

For

the

year

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund's

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Fund's

Board

of

Trustees

("Board")

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i) the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii) the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund's

shareholders.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan.

As

of

October

31,

2025, the

Adviser

owned 2,000

shares

or 0.02%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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.

The

Fund

is

permitted

to

purchase

or

sell

securities

("cross-trade")

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

("Rule

17a-7"),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

and

amended by

the

Trust's

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended October

31,

2025,

the

Fund

engaged

in

cross

trades

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

amounting

to $9,783,140 in

purchases

and

$24,618,510 in

sales,

resulting

in

a

net

realized

loss

of

$417,416.

The

net

realized

gain/loss

is

included

within

the

"Net

Realized

Gain/(Loss)

on

Investments"

section

of

the

Fund's

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$210,752

$—

$(36,026,429)

$—

$—

$57,336,863

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(36,026,429)

$—

$(36,026,429)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$712,425,102

$91,569,279

$(34,232,416)

$57,336,863

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$4,509,553

$—

$—

$—

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5. #### Capital

#### Share

#### Transactions
6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

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:

For

the

year

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

had

net

realized

gain of $83,891,004 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$1,323,273

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

6,075,000

$

480,501,213

1,300,000

$

85,134,310

Shares

repurchased

(2,425,000)

(192,405,722)

(450,000)

(30,111,947)

Net

Increase/(Decrease)

3,650,000

$

288,095,491

850,000

$

55,022,363

*Purchases* 

*of*

*Securities*

*Proceeds* 

*from* 

*Sales*

*of* 

*Securities*

*Purchases* 

*of* 

*Long-*

*Term* 

*U.S.* 

*Government*

*Obligations*

*Proceeds* 

*from* 

*Sales*

*of* 

*Long-Term* 

*U.S.*

*Government* 

*Obligations*

$1,016,297,832

$1,014,291,836

$—

$—

*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*

$476,554,717

$192,130,917

$—

$—

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Janus

Detroit

Street

Trust

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(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,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

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

audits

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,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Designation

#### Requirements
(unaudited)

October

31,

2025

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Dividends

Received

Deduction

Percentage

78.97%

Qualified

Dividend

Income

Percentage

74.45%

#### Janus

#### Henderson

#### Small/Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93062

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

100.0%

Automobile

Components

-

0.9%

Modine

Manufacturing

Co.\*

9,007

$

1,379,963

Patrick

Industries,

Inc.

7,927

827,341

2,207,304

Banks

-

3.7%

Bancorp,

Inc.

(The)\*

34,063

2,226,698

Coastal

Financial

Corp.\*

6,814

725,691

Customers

Bancorp,

Inc.\*

10,801

724,963

First

Bancorp

158,453

3,088,249

Live

Oak

Bancshares,

Inc.

41,426

1,290,006

ServisFirst

Bancshares,

Inc.

16,424

1,154,115

9,209,722

Biotechnology

-

8.3%

Alkermes

plc\*

98,615

3,027,480

Aurinia

Pharmaceuticals,

Inc.\*

410,680

5,408,656

Catalyst

Pharmaceuticals,

Inc.\*

158,753

3,376,676

MiMedx

Group,

Inc.\*

169,426

1,296,109

Protagonist

Therapeutics,

Inc.\*

17,373

1,365,865

Rigel

Pharmaceuticals,

Inc.

#

,\*

52,186

1,648,034

Stoke

Therapeutics,

Inc.

#

,\*

143,639

4,314,916

20,437,736

Building

Products

-

2.0%

AZZ,

Inc.

#

15,007

1,498,449

Griffon

Corp.

21,407

1,584,332

Janus

International

Group,

Inc.\*

203,832

1,956,787

5,039,568

Capital

Markets

-

4.7%

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

110,940

4,843,640

Moelis

&

Co.

-

Class

A

68,893

4,362,994

StoneX

Group,

Inc.\*

27,135

2,494,249

11,700,883

Commercial

Services

&

Supplies

-

0.6%

Brink's

Co.

(The)

13,936

1,549,126

Construction

&

Engineering

-

9.4%

Argan,

Inc.

16,374

5,013,883

IES

Holdings,

Inc.\*

8,614

3,375,654

Primoris

Services

Corp.

50,893

7,202,377

Sterling

Infrastructure,

Inc.\*

19,971

7,547,041

23,138,955

Consumer

Finance

-

1.6%

Dave,

Inc.\*

8,415

2,013,878

Enova

International,

Inc.\*

7,807

933,483

FirstCash

Holdings,

Inc.

5,892

933,882

3,881,243

Diversified

Consumer

Services

-

5.3%

Adtalem

Global

Education,

Inc.\*

21,921

2,148,697

Coursera,

Inc.\*

99,391

836,872

Frontdoor,

Inc.\*

80,114

5,321,973

Laureate

Education,

Inc.\*

134,319

3,899,281

Stride,

Inc.\*

11,433

777,901

12,984,724

Diversified

Telecommunication

Services

-

0.2%

IDT

Corp.

-

Class

B

11,349

574,940

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

(continued)

Electrical

Equipment

-

2.9%

American

Superconductor

Corp.\*

18,881

$

1,118,322

Array

Technologies,

Inc.\*

128,344

1,111,459

NEXTracker,

Inc.

-

Class

A\*

27,267

2,759,966

Powell

Industries,

Inc.

5,999

2,299,956

7,289,703

Electronic

Equipment,

Instruments

&

Components

-

6.1%

Fabrinet\*

6,961

3,066,808

Itron,

Inc.\*

28,456

2,854,990

Napco

Security

Technologies,

Inc.

122,666

5,415,704

Sanmina

Corp.\*

27,657

3,790,392

15,127,894

Energy

Equipment

&

Services

-

1.7%

Tidewater,

Inc.\*

81,277

4,111,804

Financial

Services

-

3.0%

Federal

Agricultural

Mortgage

Corp.

-

Class

C

9,392

1,489,947

International

Money

Express,

Inc.\*

246,857

3,675,701

NCR

Atleos

Corp.\*

47,764

1,762,491

Sezzle,

Inc.\*

7,980

523,089

7,451,228

Food

Products

-

1.6%

Cal-Maine

Foods,

Inc.

45,120

3,961,536

Health

Care

Equipment

&

Supplies

-

1.1%

Alphatec

Holdings,

Inc.\*

51,152

971,377

Lantheus

Holdings,

Inc.\*

17,041

983,095

TransMedics

Group,

Inc.\*

5,954

783,189

2,737,661

Health

Care

Providers

&

Services

-

2.5%

Aveanna

Healthcare

Holdings,

Inc.\*

100,455

909,118

Community

Health

Systems,

Inc.\*

264,849

1,027,614

Guardant

Health,

Inc.\*

15,874

1,476,599

Hims

&

Hers

Health,

Inc.\*

25,652

1,166,140

Nutex

Health,

Inc.

#

,\*

7,348

904,245

Progyny,

Inc.\*

41,741

780,974

6,264,690

Health

Care

Technology

-

0.5%

OptimizeRx

Corp.\*

64,458

1,320,744

Hotels,

Restaurants

&

Leisure

-

0.5%

Cheesecake

Factory,

Inc.

(The)

#

23,630

1,176,774

Household

Durables

-

1.1%

Installed

Building

Products,

Inc.

11,202

2,780,673

Household

Products

-

0.2%

Energizer

Holdings,

Inc.

25,188

585,117

Insurance

-

3.5%

HCI

Group,

Inc.

16,412

3,348,212

Oscar

Health,

Inc.

-

Class

A\*

60,417

1,087,506

Palomar

Holdings,

Inc.\*

24,208

2,759,954

Root,

Inc.

-

Class

A\*

8,021

645,851

Universal

Insurance

Holdings,

Inc.

28,744

885,890

8,727,413

Interactive

Media

&

Services

-

2.0%

Bumble,

Inc.

-

Class

A\*

236,655

1,313,435

EverQuote,

Inc.

-

Class

A\*

36,055

776,625

fuboTV,

Inc.\*

547,747

2,070,484

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

(continued)

Interactive

Media

&

Services

-

(continued)

Grindr,

Inc.\*

58,504

$

810,865

4,971,409

IT

Services

-

0.4%

Rackspace

Technology,

Inc.

#

,\*

604,408

967,053

Leisure

Products

-

0.9%

Peloton

Interactive,

Inc.

-

Class

A\*

314,017

2,279,763

Life

Sciences

Tools

&

Services

-

1.6%

10X

Genomics,

Inc.

-

Class

A\*

281,519

3,839,919

Machinery

-

4.2%

Blue

Bird

Corp.\*

26,559

1,326,888

Douglas

Dynamics,

Inc.

33,026

998,376

Federal

Signal

Corp.

39,183

4,624,769

REV

Group,

Inc.

28,171

1,444,327

SPX

Technologies,

Inc.

#

,\*

4,239

949,070

Watts

Water

Technologies,

Inc.

-

Class

A

3,715

1,012,709

10,356,139

Metals

&

Mining

-

1.2%

Coeur

Mining,

Inc.\*

175,823

3,018,881

Oil,

Gas

&

Consumable

Fuels

-

2.2%

Centrus

Energy

Corp.

-

Class

A

#

,\*

14,888

5,470,745

Personal

Care

Products

-

0.3%

Beauty

Health

Co.

(The)\*

440,365

629,722

Pharmaceuticals

-

3.6%

ANI

Pharmaceuticals,

Inc.\*

8,031

727,609

Collegium

Pharmaceutical,

Inc.\*

68,726

2,474,136

CorMedix,

Inc.

#

,\*

52,150

580,429

Indivior

plc\*

33,625

987,566

SIGA

Technologies,

Inc.

264,887

2,193,264

Theravance

Biopharma,

Inc.\*

125,048

1,833,204

8,796,208

Professional

Services

-

2.0%

Legalzoom.com,

Inc.\*

308,823

3,078,965

Willdan

Group,

Inc.\*

19,276

1,821,775

4,900,740

Real

Estate

Management

&

Development

-

0.3%

eXp

World

Holdings,

Inc.

71,583

733,010

Retail

REITs

-

1.4%

Alexander's,

Inc.

15,458

3,415,136

Semiconductors

&

Semiconductor

Equipment

-

5.7%

Axcelis

Technologies,

Inc.\*

57,469

4,572,233

Credo

Technology

Group

Holding

Ltd.\*

27,629

5,183,753

Rambus,

Inc.\*

42,183

4,338,100

14,094,086

Software

-

7.1%

Appian

Corp.

-

Class

A\*

105,423

3,155,311

Clear

Secure,

Inc.

-

Class

A

149,896

4,567,331

Commvault

Systems,

Inc.\*

16,329

2,273,323

InterDigital,

Inc.

6,121

2,215,557

Mitek

Systems,

Inc.\*

67,892

625,285

Pagaya

Technologies

Ltd.

-

Class

A\*

34,959

940,048

Qualys,

Inc.\*

24,666

3,040,331

Rapid7,

Inc.\*

35,538

657,808

17,474,994

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

(continued)

Specialty

Retail

-

2.6%

Arhaus,

Inc.

-

Class

A\*

105,022

$

1,052,320

Buckle,

Inc.

(The)

51,889

2,843,517

Build-A-Bear

Workshop,

Inc.

25,976

1,408,419

Victoria's

Secret

&

Co.\*

33,135

1,168,009

6,472,265

Technology

Hardware,

Storage

&

Peripherals

-

1.9%

CompoSecure,

Inc.

-

Class

A\*

154,828

3,074,884

Turtle

Beach

Corp.\*

93,834

1,585,795

4,660,679

Textiles,

Apparel

&

Luxury

Goods

-

0.7%

Kontoor

Brands,

Inc.

11,028

892,386

Wolverine

World

Wide,

Inc.

39,546

897,694

1,790,080

Trading

Companies

&

Distributors

-

0.5%

Global

Industrial

Co.

43,897

1,247,553

Total

Common

Stocks

(cost

$220,441,441)

247,377,820

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$38,238)

38,235

38,243

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.0%

Investment

Companies

-

2.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

£,∞

6,036,545

6,036,545

Time

Deposits

-

0.6%

Royal

Bank

of

Canada,

3.8500%,

11/3/25

$

1,509,136

1,509,136

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$7,545,681)

7,545,681

Total

Investments

(total

cost

$

228,025,360)

-

103.0%

254,961,744

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.0%)

(7,536,275)

Net

Assets

-

100.0%

$247,425,469

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

237,549,781

93.2 %

Canada

5,408,656

2.1 Puerto

Rico

3,088,249

1.2 Thailand

3,066,808

1.2 Ireland

3,027,480

1.2 Cayman

Islands

1,833,204

0.7 United

Kingdom

987,566

0.4 Total

$254,961,744

100.0%

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

34,349

$

36,717,935

$

(36,714,042)

$

(4) $

$

38,243

38,235

$

17,067

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.0%

Investment

Companies

-

2.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

2,190,402

87,389,449

(83,543,306)

–

–

6,036,545

6,036,545

7,945

Δ

Total

Affiliated

Investments

-

2.4%

$2,224,751

$124,107,384

$(120,257,348)

$(4)

$5

$6,074,788

$25,012

*Counterparty*

*Gross* 

*Amounts* 

*of* 

*Recognized* 

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral* 

*Pledged*

(b) *Net* 

*Amount*

JPMorgan

Chase

Bank

NA

$

7,210,144

$

—

$

(7,210,144)

$

—

(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

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

\*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2025. ∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Common* 

*Stocks*

$

247,377,820

$

—

$

—

$

247,377,820

*Investment* 

*Companies*

—

38,243

—

38,243

*Investments* 

*Purchased* 

*with* 

*Cash* 

*Collateral* 

*from* 

*Securities* 

*Lending*

—

7,545,681

—

7,545,681

#### Total

#### Assets
$

247,377,820

$

7,583,924

$

—

$

254,961,744

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$221,950,577)

(1) $

248,886,956

Affiliated

investments,

at

value

(cost

$6,074,783)

6,074,788

Cash

Receivables:

Dividends

68,634

Affiliated

securities

lending

income,

net

1,730

Total

Assets

255,032,174

Liabilities:

Collateral

on

securities

loaned

(Note

2)

7,545,681

Payables:

Management

fees

61,024

Total

Liabilities

7,606,705

Commitments

and

contingent

liabilities

Net

Assets

$

247,425,469

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

276,938,614

Total

distributable

earnings

(loss)

(29,513,145)

Total

Net

Assets

$

247,425,469

Net

Assets

$

247,425,469

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

3,327,000

Net

Asset

Value

Per

Share

$

.37

(1) Includes

$7,210,144

of

securities

on

loan.

See

Note

in

Notes

to

Financial

Statements.

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

2,094,319

Unaffiliated

securities

lending

income,

net

40,866

Dividends

from

affiliates

17,067

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

7,945

Foreign

tax

withheld

(6,364)

Total

Investment

Income

2,153,833

Expenses:

Management

Fees

662,874

Total

Expenses

662,874

Net

Investment

Income/(Loss)

1,490,959

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

21,817,666

Investments

in

affiliates

(4)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

21,817,662

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

581,205

Investments

in

affiliates

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

581,210

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

23,889,831

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

1,490,959

$

1,064,510

Net

realized

gain/(loss)

on

investments

21,817,662

8,238,183

Change

in

unrealized

net

appreciation/depreciation

581,210

44,416,288

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

23,889,831

53,718,981

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(3,971,465)

(992,613)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(3,971,465)

(992,613)

Capital

Share

Transactions

(7,245,517)

43,734,959

Net

Increase/(Decrease)

in

Net

Assets

12,672,849

96,461,327

Net

Assets:

—

—

Beginning

of

Year

234,752,620

138,291,293

End

of

Year

$

247,425,469

$

234,752,620

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Financial

#### Highlights

October

31,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$64.28

$48.07

$47.37

$67.08

$48.06

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1) 0.46 0.31 0.25 0.28 0.32 Net

realized

and

unrealized

gain/(loss)

10.82 16.19 0.80 (2) (19.79)

19.03 Total

from

Investment

Operations

11.28 16.50 1.05 (2) (19.51)

19.35 Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.19)

(0.29)

(0.35)

(0.20)

(0.33)

Total

Dividends

and

Distributions

(1.19)

(0.29)

(0.35)

(0.20)

(0.33)

Net

Asset

Value,

End

of

Period

$74.37

$64.28

$48.07

$47.37

$67.08

Total

Return

17.80%

34.38%

2.21%

(29.11)%

40.30%

Net

assets,

End

of

Period

(in

thousands)

$247,425

$234,753

$138,291

$75,884

$147,706

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.30%

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.67%

0.51%

0.48%

0.52%

0.48%

Portfolio

Turnover

Rate

(3) 170%

91%

105%

107%

135%

(1) Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2) The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund's

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

fluctuating

market

values

for

the

Fund's

securities.

(3) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Small

Cap

Growth

Alpha

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 fifteen

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. The

Fund

seeks

to

provide

long-term

growth

of

capital. The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on The

Nasdaq

Stock

Market

LLC

("Nasdaq")

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

days

or

less

may

be

evaluated

and

valued

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Dividends

#### and

#### Distributions
The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

("REITs")

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs'

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Small-Sized

#### Companies

#### Risk
The

Fund's

investments

in

securities

issued

by

small-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

companies.

Securities

issued

by

micro-capitalization

companies

tend

to

be

significantly

more

volatile,

and

more

vulnerable

to

adverse

business

and

economic

developments,

than

those

of

larger

companies.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

As

of

October

31,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$7,210,144

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2025 is $7,545,681,

resulting

in

the

net

amount

due

to

the

counterparty

of

$335,537.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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:

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

For

the

year

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund's

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Fund's

Board

of

Trustees

("Board")

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i) the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii) the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund's

shareholders.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan.

As

of

October

31,

2025, the

Adviser

owned 9,625

shares

or 0.29%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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.

The

Fund

is

permitted

to

purchase

or

sell

securities

("cross-trade")

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

("Rule

17a-7"),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Cross

Trade

Procedures

adopted

and

amended by

the

Trust's

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended October

31,

2025,

the

Fund

engaged

in

cross

trades

amounting

to $24,618,510 in

purchases

and

$9,783,140 in

sales,

resulting

in

a

net

realized

loss

of

$1,219,280.

The

net

realized

gain/loss

is

included

within

the

"Net

Realized

Gain/(Loss)

on

Investments"

section

of

the

Fund's

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$98,577

$—

$(56,253,377)

$—

$—

$26,641,655

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(45,430,997)

$(10,822,380)

$(56,253,377)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$228,320,089

$38,493,866

$(11,852,211)

$26,641,655

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5. #### Capital

#### Share

#### Transactions
6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

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:

For

the

year

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

had

net

realized

gain of $37,178,919 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$3,971,465

$—

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$992,613

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

2,250,000

$

157,739,914

1,450,000

$

84,304,598

Shares

repurchased

(2,575,000)

(164,985,431)

(675,000)

(40,569,639)

Net

Increase/(Decrease)

(325,000)

$

(7,245,517)

775,000

$

43,734,959

*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*

$376,677,304

$379,146,662

$—

$—

*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*

$157,590,683

$164,326,540

$—

$—

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Janus

Detroit

Street

Trust

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(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,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

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

audits

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,

2025

by

correspondence

with

the

custodian,

broker

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Designation

#### Requirements
(unaudited)

October

31,

2025

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Dividends

Received

Deduction

Percentage

52.08%

Qualified

Dividend

Income

Percentage

55.72%

#### Janus

#### Henderson

#### Small

#### Cap

#### Growth

#### Alpha

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93061

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

8.5%

Ally

Bank

Auto

Credit-Linked

Notes,

5.6810%,

5/17/32

(144A)

$

2,590,236

$

2,624,796

Ally

Bank

Auto

Credit-Linked

Notes,

5.8270%,

5/17/32

(144A)

2,590,236

2,623,308

Ally

Bank

Auto

Credit-Linked

Notes,

4.9700%,

9/15/32

(144A)

2,130,193

2,144,012

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.1000%,

5.2828%,

12/26/31

(144A)

‡

3,289,818

3,294,265

Credabl

ABS

Trust,

Day

Australian

Bank

Bill

Rate

+

1.4500%,

4.9575%,

5/11/45

‡

AUD

11,803,636

7,762,704

Credabl

ABS

Trust,

Day

Australian

Bank

Bill

Rate

+

2.2000%,

5.7075%,

5/11/45

‡

AUD

1,882,438

1,240,047

DB

Master

Finance

LLC,

4.0300%,

11/20/47

(144A)

$

5,235,500

5,165,119

DB

Master

Finance

LLC,

2.0450%,

11/20/51

(144A)

5,130,125

4,997,948

DB

Master

Finance

LLC,

2.4930%,

11/20/51

(144A)

1,569,838

1,475,623

Domino's

Pizza

Master

Issuer

LLC,

2.6620%,

4/25/51

(144A)

10,198,608

9,621,158

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

8,114,611

8,226,913

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

9,472,550

9,562,633

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

8,193,964

8,233,128

Jersey

Mike's

Funding

LLC,

4.4330%,

2/15/50

(144A)

4,684,660

4,669,391

Liberty,

Day

Australian

Bank

Bill

Rate

+

1.2000%,

4.6425%,

5/25/32

‡

AUD

6,231,348

4,092,805

Metro

Finance

Trust,

Day

Australian

Bank

Bill

Rate

+

1.2500%,

4.7200%,

9/17/30

‡

AUD

10,373,154

6,815,508

NOW

Trust,

Day

Australian

Bank

Bill

Rate

+

1.4000%,

4.9025%,

6/14/32

‡

AUD

27,195,412

17,922,335

NOW

Trust,

Day

Australian

Bank

Bill

Rate

+

1.1500%,

4.6525%,

2/14/34

‡

AUD

22,287,541

14,628,691

Plenti

Auto

ABS,

Day

Australian

Bank

Bill

Rate

+

1.1000%,

4.6075%,

8/12/33

‡

AUD

3,185,695

2,092,865

Plenti

PL-Green

ABS

Trust,

Day

Australian

Bank

Bill

Rate

+

1.1800%,

4.6875%,

4/11/36

‡

AUD

15,246,256

10,009,782

Plenti

PL-Green

ABS

Trust,

Day

Australian

Bank

Bill

Rate

+

1.2000%,

4.7075%,

11/11/36

‡

AUD

7,483,942

4,913,513

Plenti

PL-Green

ABS

Trust,

Day

Australian

Bank

Bill

Rate

+

1.2000%,

4.7075%,

11/11/36

‡

AUD

8,756,212

5,751,592

RAF

ABS,

Day

Australian

Bank

Bill

Rate

+

0.9500%,

4.4765%,

12/9/31

‡

AUD

20,105,146

13,167,871

RCKT

Trust,

4.9000%,

7/25/34

(144A)

$

8,527,249

8,559,035

RCKT

Trust,

4.9900%,

7/25/34

(144A)

5,000,000

5,021,139

Santander

Bank

Auto

Credit-Linked

Notes,

4.9110%,

1/18/33

(144A)

2,915,473

2,942,108

Santander

Bank

Auto

Credit-Linked

Notes,

4.9650%,

1/18/33

(144A)

6,253,276

6,290,895

Subway

Funding

LLC,

5.2460%,

7/30/54

(144A)

9,765,360

9,731,908

Subway

Funding

LLC,

6.0280%,

7/30/54

(144A)

11,513,700

11,650,392

Taco

Bell

Funding

LLC,

4.9400%,

11/25/48

(144A)

23,251,403

23,215,219

Taco

Bell

Funding

LLC,

2.2940%,

8/25/51

(144A)

2,916,060

2,702,588

Truist

Bank

Auto

Credit-Linked

Notes,

4.7280%,

9/26/33

(144A)

13,808,187

13,821,141

United

Airlines

Pass-Through

Trust,

5.8750%,

10/15/27

2,030,148

2,079,177

Total

Asset-Backed

Securities

(cost

$235,199,105)

237,049,609

Corporate

Bonds

-

74.8%

Basic

Materials

-

0.7%

Glencore

Funding

LLC,

4.9070%, 4/1/28

(144A)

18,904,000

19,203,497

Communications

-

0.9%

NTT

Finance

Corp.,

4.5670%, 7/16/27

(144A)

5,692,000

5,734,778

NTT

Finance

Corp.,

4.6200%, 7/16/28

(144A)

4,347,000

4,395,094

Walt

Disney

Co.

(The),

3.0570%, 3/30/27

CAD

22,920,000

16,410,828

26,540,700

Consumer,

Cyclical

-

9.8%

Daimler

Truck

Finance

Canada,

Inc.,

2.4600%, 12/15/26

CAD

8,960,000

6,373,005

Daimler

Truck

Finance

North

America

LLC,

5.0000%, 1/15/27

(144A)

$

3,240,000

3,270,012

Daimler

Truck

Finance

North

America

LLC,

5.1250%, 9/25/27

(144A)

6,810,000

6,916,074

Delta

Air

Lines,

Inc.,

4.9500%, 7/10/28

7,346,000

7,446,815

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Delta

Air

Lines,

Inc.,

4.7500%, 10/20/28

(144A)

$

16,327,000

$

16,439,360

General

Motors

Co.,

5.3500%, 4/15/28

6,498,000

6,654,589

General

Motors

Financial

Co.,

Inc.,

5.4000%, 4/6/26

3,230,000

3,244,267

General

Motors

Financial

Co.,

Inc.,

5.1500%, 8/15/26

GBP

4,690,000

6,191,791

General

Motors

Financial

Co.,

Inc.,

5.4000%, 5/8/27

$

7,000,000

7,112,148

General

Motors

Financial

Co.,

Inc.,

5.0000%, 7/15/27

2,866,000

2,899,141

General

Motors

Financial

Co.,

Inc.,

5.3500%, 7/15/27

9,000,000

9,154,056

Gildan

Activewear,

Inc.,

4.7000%, 10/7/30

(144A)

5,556,000

5,532,022

Hasbro,

Inc.,

3.5500%, 11/19/26

5,972,000

5,931,835

Hyundai

Capital

America,

5.5000%, 3/30/26

(144A)

10,125,000

10,167,950

Hyundai

Capital

America,

5.6500%, 6/26/26

(144A)

7,645,000

7,709,650

Hyundai

Capital

America,

5.9500%, 9/21/26

(144A)

12,525,000

12,699,175

Hyundai

Capital

America,

4.8500%, 3/25/27

(144A)

5,000,000

5,037,473

Hyundai

Capital

America,

5.0000%, 1/7/28

(144A)

4,501,000

4,564,281

Hyundai

Capital

America,

4.2500%, 9/18/28

(144A)

4,640,000

4,629,581

Hyundai

Capital

America,

SOFR

+

1.0700%,

5.3615%, 9/18/28

(144A)‡

6,960,000

6,995,635

Marriott

International,

Inc.,

5.4500%, 9/15/26

16,885,000

17,074,334

McDonald's

Corp.,

3.4500%, 9/8/26

AUD

1,000,000

651,750

Mercedes-Benz

Finance

North

America

LLC,

5.2000%, 8/3/26

(144A)

$

12,100,000

12,204,143

Royal

Caribbean

Cruises

Ltd.,

5.5000%, 4/1/28

(144A)

13,050,000

13,271,799

Starbucks

Corp.,

4.5000%, 5/15/28

7,000,000

7,063,159

Stellantis

Financial

Services

US

Corp.,

4.9500%, 9/15/28

(144A)

14,263,000

14,323,196

Toyota

Motor

Credit

Corp.,

SOFR

+

0.7200%,

5.0183%, 9/5/28‡

20,600,000

20,748,916

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

4.9500%, 4/13/26

AUD

3,110,000

2,038,364

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

5.3000%, 2/9/27

AUD

1,670,000

1,100,273

Volkswagen

Group

of

America

Finance

LLC,

4.9000%, 8/14/26

(144A)

$

4,075,000

4,087,425

Volkswagen

Group

of

America

Finance

LLC,

5.7000%, 9/12/26

(144A)

14,575,000

14,760,744

Volkswagen

Group

of

America

Finance

LLC,

6.0000%, 11/16/26

(144A)

13,200,000

13,423,854

Volkswagen

Group

of

America

Finance

LLC,

4.4500%, 9/11/27

(144A)

8,026,000

8,042,249

Volkswagen

Group

of

America

Finance

LLC,

5.0500%, 3/27/28

(144A)

3,580,000

3,629,630

271,388,696

Consumer,

Non-cyclical

-

5.0%

CVS

Health

Corp.,

4.3000%, 3/25/28

8,975,000

8,987,097

EMD

Finance

LLC,

4.1250%, 8/15/28

(144A)

8,567,000

8,568,361

Icon

Investments

Six

DAC,

5.8090%, 5/8/27

11,520,000

11,758,377

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

22,881,894

Illumina,

Inc.,

4.6500%, 9/9/26

1,705,000

1,709,521

Illumina,

Inc.,

5.7500%, 12/13/27

5,630,000

5,787,774

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

29,300,000

18,853,246

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

AUD

3,800,000

2,381,646

Penske

Truck

Leasing

Canada,

Inc.,

5.4400%, 12/8/25

CAD

6,153,000

4,402,152

Smith

&

Nephew

plc,

5.1500%, 3/20/27

$

6,270,000

6,345,206

Solventum

Corp.,

5.4500%, 2/25/27

6,866,000

6,967,328

Solventum

Corp.,

5.4000%, 3/1/29

18,132,000

18,752,671

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

23,425,000

22,930,275

140,325,548

Energy

-

3.9%

Cheniere

Energy,

Inc.,

4.6250%, 10/15/28

8,814,000

8,794,796

Columbia

Pipelines

Holding

Co.

LLC,

6.0550%, 8/15/26

(144A)

11,486,000

11,615,464

Columbia

Pipelines

Holding

Co.

LLC,

6.0420%, 8/15/28

(144A)

7,050,000

7,341,682

DT

Midstream,

Inc.,

4.1250%, 6/15/29

(144A)

13,840,000

13,544,610

Enbridge,

Inc.,

5.9000%, 11/15/26

5,000,000

5,083,276

Enbridge,

Inc.,

3.2000%, 6/8/27

CAD

14,500,000

10,380,930

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Energy

-

(continued)

Energy

Transfer

LP,

6.0500%, 12/1/26

$

13,440,000

$

13,669,046

Energy

Transfer

LP,

4.9500%, 6/15/28

5,000,000

5,076,511

Energy

Transfer

LP,

6.0000%, 2/1/29

(144A)

5,000,000

5,062,535

ONEOK,

Inc.,

5.5500%, 11/1/26

6,600,000

6,679,237

Repsol

E&P

Capital

Markets

US

LLC,

4.8050%, 9/16/28

(144A)

5,150,000

5,162,259

Williams

Cos.,

Inc.

(The),

5.4000%, 3/2/26

15,050,000

15,106,369

107,516,715

Financial

-

41.4%

AerCap

Ireland

Capital

DAC,

6.1000%, 1/15/27

8,375,000

8,544,975

AerCap

Ireland

Capital

DAC,

6.4500%, 4/15/27

19,617,000

20,195,449

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

3,066,738

Air

Lease

Corp.,

5.3000%, 6/25/26

10,020,000

10,083,968

Air

Lease

Corp.,

5.4000%, 6/1/28

CAD

14,985,000

11,206,639

Air

Lease

Corp.,

5.1000%, 3/1/29

$

19,000,000

19,265,952

American

Express

Co.,

SOFRINDX

+

0.7500%,

5.6450%, 4/23/27‡

5,375,000

5,410,799

American

Express

Co.,

SOFR

+

1.0000%,

5.0980%, 2/16/28‡

1,950,000

1,974,243

American

Express

Co.,

SOFR

+

1.2600%,

4.7310%, 4/25/29‡

12,750,000

12,943,859

American

Tower

Corp.,

3.5500%, 7/15/27

12,000,000

11,879,802

Aon

North

America,

Inc.,

5.1250%, 3/1/27

12,795,000

12,951,970

Arthur

J

Gallagher

&

Co.,

4.6000%, 12/15/27

14,940,000

15,079,345

Athene

Global

Funding,

5.6840%, 2/23/26

(144A)

9,660,000

9,697,316

Athene

Global

Funding,

5.6200%, 5/8/26

(144A)

11,500,000

11,580,581

Athene

Global

Funding,

4.9500%, 1/7/27

(144A)

11,000,000

11,085,140

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

654,774

Athene

Global

Funding,

2.5000%, 3/24/28

(144A)

$

9,677,000

9,249,119

Athene

Global

Funding,

4.8300%, 5/9/28

(144A)

20,000,000

20,176,122

Atlas

Warehouse

Lending

Co.

LP,

6.0500%, 1/15/28

(144A)

25,655,000

26,383,646

Atlas

Warehouse

Lending

Co.

LP,

6.2500%, 1/15/30

(144A)

5,700,000

5,969,959

Australia

&

New

Zealand

Banking

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

0.8300%,

4.4064%, 3/31/26‡

AUD

1,000,000

656,005

Australia

&

New

Zealand

Banking

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.3981%, 2/26/31‡

AUD

150,000

98,558

Australia

&

New

Zealand

Banking

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

2.7000%,

5.9060%, 8/12/32‡

AUD

10,000,000

6,703,289

Australia

&

New

Zealand

Banking

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.5200%,

5.5450%, 1/15/35‡

AUD

34,400,000

23,024,182

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

13,168,000

13,084,345

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

14,928,335

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.6500%,

6.5270%, 11/7/27‡

9,600,000

9,820,369

Bank

Australia

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.1547%, 11/24/25‡

AUD

8,150,000

5,337,318

Bank

Australia

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.2716%, 2/21/28‡

AUD

38,220,000

25,427,810

Bank

of

America

Corp.,

SOFR

+

1.5800%,

4.3760%, 4/27/28‡

$

3,644,000

3,655,432

Bank

of

America

Corp.,

SOFR

+

1.9900%,

6.2040%, 11/10/28‡

12,356,000

12,850,706

Bank

of

America

Corp.,

SOFR

+

0.8300%,

4.9790%, 1/24/29‡

24,707,000

25,147,359

Bank

of

America

Corp.,

SOFR

+

1.1100%,

4.6230%, 5/9/29‡

9,500,000

9,614,297

Bank

of

New

York

Mellon

(The),

SOFR

+

1.1350%,

4.7290%, 4/20/29‡

14,180,000

14,409,936

Bank

of

New

Zealand,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.3000%,

5.6980%, 1/28/35

(144A)‡

6,035,000

6,218,850

Barclays

plc,

SOFR

+

0.9600%,

5.0860%, 2/25/29‡

8,066,000

8,203,420

Barclays

plc,

Day

Australian

Bank

Bill

Rate

+

2.0000%,

6.1580%, 5/28/35‡

AUD

2,230,000

1,504,950

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Bendigo

&

Adelaide

Bank

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.2500%,

4.8665%, 5/15/26‡

AUD

13,600,000

$

8,940,188

Bendigo

&

Adelaide

Bank

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.0393%, 10/14/31‡

AUD

800,000

525,935

Blackstone

Holdings

Finance

Co.

LLC,

5.9000%, 11/3/27

(144A)

$

12,525,000

12,936,720

BNP

Paribas

SA,

4.6250%, 3/13/27

(144A)

11,800,000

11,808,308

Brown

&

Brown,

Inc.,

4.7000%, 6/23/28

3,036,000

3,062,844

Canadian

Imperial

Bank

of

Commerce,

CAONINDX

+

0.7800%,

4.9000%, 4/2/27‡

CAD

12,300,000

8,854,262

Capital

One

Financial

Corp.,

3.7500%, 7/28/26

$

17,744,000

17,680,610

Capital

One

Financial

Corp.,

SOFR

+

2.4400%,

7.1490%, 10/29/27‡

7,823,000

8,036,016

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.2470%, 7/26/30‡

5,353,000

5,500,259

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

2,010,915

Citadel

Securities

Global

Holdings

LLC,

5.5000%, 6/18/30

(144A)

$

2,839,000

2,905,437

Commonwealth

Bank

of

Australia,

Day

Australian

Bank

Bill

Rate

+

1.3200%,

4.8925%, 8/20/31‡

AUD

16,600,000

10,920,765

Commonwealth

Bank

of

Australia,

Day

Australian

Bank

Bill

Rate

+

2.7000%,

6.3577%, 11/9/32‡

AUD

10,000,000

6,777,984

Commonwealth

Bank

of

Australia,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.0500%,

3.6100%, 9/12/34‡

$

6,000,000

5,777,698

Computershare

US,

Inc.,

3.1470%, 11/30/27

AUD

1,070,000

677,696

Corebridge

Financial,

Inc.,

3.6500%, 4/5/27

$

9,833,000

9,749,726

Credit

Union

Australia

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.5800%,

5.1425%, 12/1/25‡

AUD

2,350,000

1,539,812

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.9500%,

5.4270%, 3/1/28

(144A)‡

$

13,400,000

13,623,765

F&G

Global

Funding,

4.6500%, 9/8/28

(144A)

7,744,000

7,769,041

Goldman

Sachs

Bank

USA,

SOFR

+

0.7770%,

5.2830%, 3/18/27‡

33,575,000

33,699,497

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.3190%,

4.9370%, 4/23/28‡

17,010,000

17,193,641

Heritage

and

People's

Choice

Ltd.,

Day

Australian

Bank

Bill

Rate

+

2.4000%,

5.9600%, 9/16/31‡

AUD

1,000,000

657,360

Insurance

Australia

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.0302%, 12/15/36‡

AUD

8,550,000

5,678,642

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

5.5710%, 4/22/28‡

$

15,500,000

15,815,248

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

4.9790%, 7/22/28‡

13,500,000

13,694,403

JPMorgan

Chase

&

Co.,

SOFR

+

0.8000%,

4.9150%, 1/24/29‡

7,459,000

7,591,480

Liberty

Financial

Pty.

Ltd.,

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.1047%, 5/25/26‡

AUD

19,100,000

12,612,598

Liberty

Financial

Pty.

Ltd.,

Day

Australian

Bank

Bill

Rate

+

3.8000%,

7.3600%, 3/16/28‡

AUD

5,010,000

3,457,037

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.4800%,

5.9850%, 8/7/27‡

$

3,600,000

3,645,669

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.8500%,

5.0870%, 11/26/28‡

1,260,000

1,280,924

Lloyds

Banking

Group

plc,

Day

Australian

Bank

Bill

Rate

+

1.6800%,

5.2550%, 3/6/30‡

AUD

5,240,000

3,480,724

Logicor

UK

plc,

1.8750%, 11/17/26

GBP

656,000

841,485

LPL

Holdings,

Inc.,

5.7000%, 5/20/27

$

16,965,000

17,285,513

LPL

Holdings,

Inc.,

4.6250%, 11/15/27

(144A)

23,156,000

23,081,476

LPL

Holdings,

Inc.,

4.9000%, 4/3/28

6,548,000

6,627,361

Lseg

US

Fin

Corp.,

4.8750%, 3/28/27

(144A)

7,725,000

7,803,127

LSEGA

Financing

plc,

4.5000%, 10/19/28

GBP

3,000,000

3,973,504

Macquarie

Bank

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.1075%, 6/17/31‡

AUD

6,980,000

4,588,969

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Macquarie

Bank

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.9500%,

5.5125%, 3/1/34‡

AUD

12,190,000

$

8,175,299

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)‡

$

2,100,000

2,051,345

Marsh

&

McLennan

Cos.,

Inc.,

4.5500%, 11/8/27

15,100,000

15,252,913

Morgan

Stanley

Bank

NA,

SOFR

+

1.0800%,

4.9520%, 1/14/28‡

43,610,000

43,995,546

Morgan

Stanley

Private

Bank

NA,

SOFR

+

0.7700%,

4.4660%, 7/6/28‡

12,047,000

12,107,222

National

Australia

Bank

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.2900%, 11/18/30‡

AUD

24,275,000

15,898,939

Nationwide

Building

Society,

4.0000%, 9/14/26

(144A)

$

19,530,000

19,478,346

Nationwide

Building

Society,

SOFR

+

1.0600%,

4.6490%, 7/14/29

(144A)‡

12,049,000

12,144,601

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.8500%,

7.4720%, 11/10/26‡

13,942,000

13,949,883

Newcastle

Greater

Mutual

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.4620%, 2/14/29‡

AUD

20,400,000

13,704,757

Permanent

TSB

Group

Holdings

plc,

EURIBOR

ICE

Swap

Rate

Year

+

3.5000%,

6.6250%, 6/30/29‡

EUR

10,100,000

12,767,554

Pershing

Square

Holdings

Ltd.,

3.2500%, 11/15/30

(144A)

$

7,500,000

6,918,340

PNC

Bank

NA,

5.9000%, 4/1/26

2,750,000

2,763,450

Royal

Bank

of

Canada,

CAONINDX

+

2.1200%,

5.0100%, 2/1/33‡

CAD

15,500,000

11,495,875

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26‡

$

14,190,000

14,205,530

Santander

UK

Group

Holdings

plc,

SOFRINDX

+

1.0700%,

4.3200%, 9/22/29‡

4,756,000

4,746,381

Societe

Generale

SA,

5.2500%, 2/19/27

(144A)

17,440,000

17,614,426

Sumitomo

Mitsui

Trust

Bank

Ltd.,

SOFR

+

0.7500%,

5.0150%, 9/11/28

(144A)‡

6,800,000

6,814,552

Suncorp

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

2.3000%,

5.8625%, 6/1/37‡

AUD

17,200,000

11,458,268

Suncorp

Group

Ltd.,

Day

Australian

Bank

Bill

Rate

+

2.6500%,

6.2125%, 12/1/38‡

AUD

4,500,000

3,056,220

Teachers

Mutual

Bank

Ltd.,

Day

Australian

Bank

Bill

Rate

+

1.3000%,

4.8468%, 6/21/27‡

AUD

16,140,000

10,665,055

Trinity

Acquisition

plc,

4.4000%, 3/15/26

$

17,097,000

17,100,477

UBS

Group

AG,

4.2530%, 3/23/28

(144A)

15,000,000

15,000,948

UBS

Group

AG,

SOFR

+

0.8400%,

5.1289%, 12/23/29

(144A)‡

7,000,000

6,992,090

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,366,686

VICI

Properties

LP,

5.7500%, 2/1/27

(144A)

$

12,699,000

12,847,321

VICI

Properties

LP,

3.7500%, 2/15/27

(144A)

8,000,000

7,921,919

VICI

Properties

LP,

4.7500%, 4/1/28

4,638,000

4,682,462

Vicinity

Centres

Trust,

4.0000%, 4/26/27

AUD

150,000

97,982

Wells

Fargo

&

Co.,

SOFR

+

0.7800%,

4.9000%, 1/24/28‡

$

14,586,000

14,707,288

Wells

Fargo

&

Co.,

SOFR

+

1.0700%,

5.7070%, 4/22/28‡

7,870,000

8,042,366

Wells

Fargo

&

Co.,

SOFR

+

1.3700%,

4.9700%, 4/23/29‡

12,639,000

12,868,995

Wells

Fargo

&

Co.,

SOFR

+

0.8800%,

5.1731%, 9/15/29‡

13,820,000

13,831,677

Westpac

Banking

Corp.,

4.6000%, 2/16/26

AUD

3,100,000

2,032,567

Westpac

Banking

Corp.,

Day

Australian

Bank

Bill

Rate

+

0.7500%,

4.4077%, 8/10/26‡

AUD

1,400,000

919,305

Westpac

Banking

Corp.,

Day

Australian

Bank

Bill

Rate

+

1.2300%,

4.8877%, 11/11/27‡

AUD

3,300,000

2,189,704

Westpac

Banking

Corp.,

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.1076%, 1/29/31‡

AUD

11,800,000

7,740,783

Westpac

Banking

Corp.,

Day

Australian

Bank

Bill

Rate

+

1.8800%,

5.4650%, 4/3/34‡

AUD

9,500,000

6,378,573

Westpac

Banking

Corp.,

Day

Australian

Bank

Bill

Rate

+

1.6700%,

5.2566%, 7/10/34‡

AUD

14,300,000

9,544,419

Westpac

Banking

Corp.,

Day

Australian

Bank

Bill

Rate

+

1.6700%,

5.9720%, 7/10/34‡

AUD

6,500,000

4,412,966

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Westpac

Banking

Corp.,

Day

Australian

Bank

Bill

Rate

+

1.5200%,

5.3510%, 2/12/35‡

AUD

12,300,000

$

8,176,118

Willis

North

America,

Inc.,

4.6500%, 6/15/27

$

4,599,000

4,627,026

1,150,938,370

Industrial

-

5.4%

Amrize

Finance

US

LLC,

4.6000%, 4/7/27

(144A)

10,232,000

10,296,342

Amrize

Finance

US

LLC,

4.7000%, 4/7/28

(144A)

14,284,000

14,443,284

BAE

Systems

plc,

5.0000%, 3/26/27

(144A)

13,915,000

14,067,312

Boeing

Co.

(The),

2.1960%, 2/4/26

11,600,000

11,537,894

Boeing

Co.

(The),

6.2590%, 5/1/27

16,850,000

17,314,690

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.8000%, 7/13/26

AUD

29,790,000

19,696,849

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.4000%, 5/17/27

AUD

17,600,000

11,670,357

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

4.7000%, 6/20/28

AUD

13,650,000

8,929,539

Fortive

Corp.,

3.1500%, 6/15/26

$

6,500,000

6,454,484

Molex

Electronic

Technologies

LLC,

4.7500%, 4/30/28

(144A)

25,440,000

25,684,642

Penske

Truck

Leasing

Co.

LP,

5.3500%, 1/12/27

(144A)

7,900,000

7,987,660

Rolls-Royce

plc,

5.7500%, 10/15/27

(144A)

958,000

982,660

149,065,713

Technology

-

2.9%

Booz

Allen

Hamilton,

Inc.,

3.8750%, 9/1/28

(144A)

19,647,000

19,268,043

Broadcom,

Inc.,

5.0500%, 7/12/27

21,525,000

21,881,574

Broadcom,

Inc.,

4.8000%, 4/15/28

8,040,000

8,186,301

Hewlett

Packard

Enterprise

Co.,

SOFR

+

0.9600%,

5.2531%, 9/15/28‡

13,820,000

13,860,833

SK

hynix,

Inc.,

5.5000%, 1/16/27

(144A)

10,045,000

10,189,487

SK

hynix,

Inc.,

4.2500%, 9/11/28

(144A)

6,499,000

6,505,602

79,891,840

Utilities

-

4.8%

Algonquin

Power

&

Utilities

Corp.,

5.3650%, 6/15/26Ç

10,157,000

10,205,337

DTE

Energy

Co.,

4.9500%, 7/1/27

9,300,000

9,412,431

Duke

Energy

Corp.,

4.8500%, 1/5/27

12,800,000

12,913,566

Duke

Energy

Corp.,

3.1500%, 8/15/27

13,250,000

13,041,880

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,187,249

Enel

Finance

International

NV,

4.1250%, 9/30/28

(144A)

$

14,000,000

13,960,087

Georgia

Power

Co.,

5.0040%, 2/23/27

6,520,000

6,609,274

Georgia

Power

Co.,

3.2500%, 3/30/27

5,866,000

5,811,885

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

AUD

570,000

365,673

NRG

Energy,

Inc.,

2.0000%, 12/2/25

(144A)

$

5,600,000

5,582,031

NRG

Energy,

Inc.,

2.4500%, 12/2/27

(144A)

17,683,000

16,954,330

Vistra

Operations

Co.

LLC,

5.0500%, 12/30/26

(144A)

6,305,000

6,348,309

Vistra

Operations

Co.

LLC,

3.7000%, 1/30/27

(144A)

17,538,000

17,399,027

Vistra

Operations

Co.

LLC,

4.3000%, 10/15/28

(144A)

7,690,000

7,660,999

Xcel

Energy,

Inc.,

4.7500%, 3/21/28

6,808,000

6,896,473

134,348,551

Total

Corporate

Bonds

(cost

2,059,892,009)

2,079,219,630

Foreign

Government

Bonds

-

1.6%

Export-Import

Bank

of

Korea,

SOFR

+

0.4600%,

4.7193%, 9/22/28

‡

5,902,000

5,909,850

Korea

Electric

Power

Corp.,

4.8750%, 1/31/27

(144A)

23,450,000

23,667,992

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

Korea

National

Oil

Corp.,

4.6250%, 3/31/28

(144A)

$

15,000,000

$

15,170,010

Total

Foreign

Government

Bonds

(cost

43,605,475)

44,747,852

Mortgage-Backed

Securities

-

6.5%

BPR

Trust

,

5.3580 %

,

11/5/41

(144A)

‡

6,795,181

6,920,964

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.6912%

,

5.7234 %

,

8/15/39

(144A)

‡

5,242,693

5,248,822

BX

Trust

,

CME

Term

SOFR

Month

+

1.1438%

,

5.1760 %

,

3/15/30

(144A)

‡

20,940,330

20,885,256

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.7328%, 10/25/41

(144A)

‡

5,217,980

5,232,748

SOFR30A

+

1.7000%,

5.8828%, 7/25/43

(144A)

‡

1,520,413

1,525,592

SOFR30A

+

1.0500%,

5.2328%, 1/25/44

(144A)

‡

7,574,617

7,578,053

SOFR30A

+

1.1000%,

5.2828%, 2/25/44

(144A)

‡

1,961,183

1,962,191

SOFR30A

+

1.0000%,

5.1828%, 7/25/44

(144A)

‡

995,167

995,020

SOFR30A

+

1.6000%,

5.7828%, 9/25/44

(144A)

‡

10,673,000

10,680,701

SOFR30A

+

1.1000%,

5.2828%, 1/25/45

(144A)

‡

3,214,516

3,217,499

SOFR30A

+

1.5000%,

5.6828%, 1/25/45

(144A)

‡

6,205,000

6,207,692

SOFR30A

+

1.1500%,

5.3328%, 2/25/45

(144A)

‡

2,541,789

2,545,129

SOFR30A

+

1.6000%,

5.7828%, 3/25/45

(144A)

‡

7,050,741

7,072,551

SOFR30A

+

1.2000%,

5.3828%, 5/25/45

(144A)

‡

2,808,246

2,813,380

SOFR30A

+

1.2000%,

5.3828%, 7/25/45

(144A)

‡

7,142,056

7,154,539

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.5000%,

5.6828%, 10/25/41

(144A)

‡

14,144,048

14,207,013

SOFR30A

+

1.8000%,

5.9828%, 11/25/41

(144A)

‡

2,000,000

2,016,749

SOFR30A

+

2.0000%,

6.1828%, 5/25/43

(144A)

‡

1,155,358

1,166,876

SOFR30A

+

2.0000%,

6.1828%, 6/25/43

(144A)

‡

2,509,660

2,517,610

SOFR30A

+

1.8500%,

6.0328%, 11/25/43

(144A)

‡

1,397,258

1,405,150

SOFR30A

+

1.3500%,

5.5328%, 2/25/44

(144A)

‡

3,069,009

3,075,654

SOFR30A

+

1.2500%,

5.4328%, 3/25/44

(144A)

‡

8,079,062

8,088,353

SOFR30A

+

1.2000%,

5.3828%, 5/25/44

(144A)

‡

2,525,861

2,532,559

SOFR30A

+

1.2000%,

5.3828%, 8/25/44

(144A)

‡

6,302,478

6,315,867

SOFR30A

+

1.0000%,

5.1828%, 10/25/44

(144A)

‡

480,449

480,453

SOFR30A

+

1.4500%,

5.6328%, 10/25/44

(144A)

‡

4,050,000

4,051,276

SOFR30A

+

1.0500%,

5.2328%, 1/25/45

(144A)

‡

6,487,872

6,488,466

SOFR30A

+

1.1500%,

5.3328%, 2/25/45

(144A)

‡

8,589,942

8,597,522

SOFR30A

+

1.2000%,

5.3828%, 5/25/45

(144A)

‡

9,292,758

9,304,025

Homeward

Opportunities

Fund

Trust

,

5.2370 %

,

9/25/40

(144A)

Ç

2,893,000

2,899,819

NRTH

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.3933%

,

5.5433 %

,

10/15/40

(144A)

‡

10,500,000

10,497,997

Resimac

Bastille

Trust

,

Day

Australian

Bank

Bill

Rate

+

1.3500%

,

4.8575 %

,

9/13/55

‡

AUD

9,333,102

6,144,201

Total

Mortgage-Backed

Securities

(cost

$179,393,302)

179,829,727

Exchange

Traded

Fund

-

1.0%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,564,425)

542,500

27,526,450

Investment

Companies

-

0.1%

Money

Market

Funds

-

0.1%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

3.9000%

∞

(cost

$3,014,671)

3,014,671

3,014,671

Commercial

Paper

-

6.5%

Ameren

Corp.,

4.0013%, 11/3/25

(Section

4(2))

$

34,750,000

34,738,453

AutoNation,

Inc.,

4.2515%, 11/3/25

(Section

4(2))

55,050,000

55,029,312

Aviation

Capital

Group

LLC,

4.0614%, 11/3/25

(Section

4(2))

23,450,000

23,442,074

Conagra

Brands,

Inc., 11/4/25

(Section

4(2))

20,800,000

20,790,276

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Commercial

Paper

-

(continued)

Targa

Resources

Corp.,

4.0648%, 11/3/25

(Section

4(2))

$

44,300,000

$

44,284,725

Total

Commercial

Paper

(cost

$178,311,592)

178,284,840

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

0.0%

*Counterparty/Reference* 

*Asset*

Citigroup,

Inc

CDX.NA.IG.45-V1,

Credit

Default

Swap,

Maturing

12/20/2030,

Fixed

Rate

1.00%, Payment

frequency:

Quarterly,

Notional

amount

$155,000,000,

Premiums

paid

$135,625,

Unrealized

depreciation

$(86,463),

Exercise

price

$1,

Expires

11/19/25\*

155,000,000

49,161

*Counterparty/Reference* 

*Asset*

Goldman

Sachs

Group,

Inc.

CDX.NA.IG.44-V1,

Credit

Default

Swap,

Maturing

6/20/2030,

Fixed

Rate

1.00%, Payment

frequency:

Quarterly,

Notional

amount

$524,900,000,

Premiums

paid

$1,362,115,

Unrealized

depreciation

$(858,029),

Exercise

price

$1,

Expires

1/21/26\*

524,900,000

504,087

Total

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

(premiums

paid

$1,497,740,

unrealized

depreciation

$(944,492))

553,248

Total

Investments

(total

cost

$

2,728,478,319)

-

99.0%

2,750,226,027

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

1.0%

28,990,918

Net

Assets

-

100.0%

$2,779,216,945

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

1,931,901,294

70.2 %

Australia

393,369,161

14.3 United

Kingdom

125,951,072

4.6 Canada

62,326,859

2.3 South

Korea

61,442,941

2.2 Ireland

56,333,093

2.0 France

29,422,734

1.1 Switzerland

21,993,038

0.8 Japan

16,944,424

0.6 Netherlands

13,960,087

0.5 Denmark

13,623,765

0.5 Spain

9,820,369

0.4 Guernsey

6,918,340

0.3 New

Zealand

6,218,850

0.2 Total

$2,750,226,027

100.0%

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

1.0%

Exchange

Traded

Fund

-

1.0%

Janus

Henderson

AAA

CLO

ETF

$

–

$

27,564,425

$

–

$

–

$

(37,975)

$

27,526,450

542,500

$

243,718

#### Schedule

#### of

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
*Counterparty/*

*Foreign* 

*Currency*

*Settlement* 

*Date*

*Foreign* 

*Currency*

*Amount* 

*Sold/*

(Purchased)

*USD* 

*Currency*

*Amount* 

*Sold/*

(Purchased)

*Market* 

*Value*

*and* 

*Unrealized*

*Appreciation*

(Depreciation)

Barclays

Bank

plc

Canadian

Dollar

1/16/26

99,540,000

$

(71,662,551)

$

347,644

–

BNP

Paribas

SA

Australian

Dollar

1/16/26

307,645,000

(202,800,507)

1,254,976

Euro

1/16/26

12,410,000

(14,478,933)

95,142

1,350,118

HSBC

Bank

USA,

N.A.

Australian

Dollar

1/16/26

307,605,000

(202,961,778)

1,442,452

New

Zealand

Dollar

1/16/26

2,400,000

(1,391,889)

13,109

1,455,561

Morgan

Stanley

&

Co.

Great

British

Pound

1/16/26

10,460,000

(14,005,187)

261,827

–

Total

$3,415,150

#### Schedule

#### of

#### Futures

#### Contracts
*Description*

*Number* 

*of*

*Contracts*

*Expiration*

*Date*

*Notional*

*Amount*

*Value* 

*and*

*Unrealized*

*Appreciation*

(Depreciation)

*Futures* 

*Long:*

Month

SOFR

557

6/16/26

$

134,243,963

$

(233,763)

Total

-

Futures

Long

(233,763)

*Futures* 

*Short:*

Month

SOFR

557

3/14/28

(134,800,963)

120,302

Australia

Year

Bond

559

12/15/25

(39,055,330)

249,732

Canada

Year

Bond

546

12/18/25

(41,288,534)

(200,840)

Euro-Schatz

12/8/25

(16,932,068)

(15,252)

U.S.

Treasury

Year

Notes

3,457

12/31/25

(719,893,244)

981,075

U.S.

Treasury

Year

Notes

12/31/25

(37,677,774)

(431) Total

-

Futures

Short

1,134,586

Total

$900,823

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps

#### -

#### Buy

#### Protection
*Referenced* 

*Asset*

*Maturity*

*Date*

*Notional*

*Amount*

*Premiums*

*Paid/*

(Received)

*Unrealized*

*Appreciation*

(Depreciation)

Value

CDX.NA.IG.44-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/30

$

54,400,000

$

(640,367)

$

(623,159)

$

(1,263,526)

#### Schedule

#### of

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps
*Payments* 

*made* 

*by* 

*F*

*und*

*Payments* 

*received* 

*by* 

*Fund*

*Payment* 

*Frequency*

*Maturity*

*Date*

*Notional*

*Amount*

*Premiums*

*Paid/*

(Received)

*Unrealized*

*Appreciation/*

(Depreciation)

*Value*

Month

BBR

3.4500%

Fixed

Quarterly

2/17/27

NZD

106,550,000

$

–

$

808,389

$

808,389

Month

BBR

5.1200%

Fixed

Quarterly

4/22/26

NZD

82,265,000

–

620,083

620,083

Month

BBR

3.5600%

Fixed

Quarterly

10/21/26

NZD

75,370,000

–

486,002

486,002

Month

BBR

3.0300%

Fixed

Quarterly

8/08/27

NZD

94,000,000

–

452,135

452,135

Day

SONIA

3.6240%

Fixed

Annually

10/21/27

GBP

109,400,000

–

240,497

240,497

Month

BBR

2.9230%

Fixed

Quarterly

8/25/27

NZD

32,900,000

–

122,200

122,200

3.4775%

Fixed

Day

SOFR

Annually

8/27/27

USD

143,000,000

–

60,755

60,755

Month

BBR

2.6650%

Fixed

Quarterly

9/25/27

NZD

9,800,000

–

9,183

9,183

Total

$–

$2,799,244

$2,799,244

#### Schedule

#### of

#### OTC

#### Written

#### Credit

#### Default

#### Swaptions
*Counterparty/*

*Reference* 

*Asset*

*Description*

*Exercise* 

*Price*

*Expiration* 

*Date*

*Notional*

*Amount*

*Premiums* 

*Paid/*

(Received)

*Unrealized*

*Appreciation/*

(Depreciation)

*Swaptions*

*Written,*

*at* 

*Value*

*Written* 

*Put* 

*Swaptions* 

*-* 

*Sell* 

*Protection:*

Citigroup,

Inc

CDX.NA.IG.45-V1

Credit

Default

Swap,

S&P

Credit

Rating:

NR,

Maturing

12/20/2030,

Fixed

Rate

1.00%,

Payment

frequency:

Quarterly

0.70 USD

11/19/25

$155,000,000

$(65,875)

$45,628

$(20,247)

Goldman

Sachs

Group,

Inc.

CDX.NA.IG.44-V1

Credit

Default

Swap,

S&P

Credit

Rating:

NR,

Maturing

6/20/2030,

Fixed

Rate

1.00%,

Payment

frequency:

Quarterly

0.73 USD

01/21/26

262,450,000

(514,402)

344,170

(170,232)

Total

Written

Put

Swaptions

-

Sell

Protection

(580,277)

389,798

(190,479)

Total

OTC

Written

Credit

Default

Swaptions

$(580,277)

$389,798

$(190,479)

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

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,

2025. 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,

2025. #### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### as

#### of

#### October

#### 31,

#### 2025
*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Total*

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

3,415,150

$

3,415,150

\*

Futures

contracts

—

1,351,109

—

1,351,109

\*

Swaps

-

centrally

cleared

—

2,799,244

—

2,799,244

Purchased

Swaption

contracts,

at

Value

553,248

—

—

553,248

Total

Asset

Derivatives

$

553,248

$

4,150,353

$

3,415,150

$

8,118,751

Liability

Derivatives:

\*

Futures

contracts

—

450,286

—

450,286

\*

Swaps

-

centrally

cleared

623,159

—

—

623,159

Swaptions

Written,

at

Value

190,479

—

—

190,479

Total

Liability

Derivatives

$

813,638

$

450,286

$

—

$

1,263,924

\*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### on

#### the

#### Statement

#### of

#### Operations

#### for

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
*Amount* 

*of* 

*Realized* 

*Gain/(Loss)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Total*

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(18,874,974)

$

(18,874,974)

Futures

contracts

—

1,993,521

—

1,993,521

Swap

contracts

(1,662,064)

3,240,215

—

1,578,151

Purchased

Option

contracts

—

69,704

—

69,704

Written

Options

contracts

—

284,362

—

284,362

Purchased

Swaption

contracts

(564,200)

—

—

(564,200)

Written

Swaption

contracts

321,100

—

—

321,100

Total

$

(1,905,164)

$

5,587,802

$

(18,874,974)

$

(15,192,336)

*Amount* 

*of* 

*Change* 

*in* 

*Unrealized* 

*Appreciation/(Depreciation)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Total*

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(1,837,485)

$

(1,837,485)

Futures

contracts

—

(5,088,115)

—

(5,088,115)

Swap

contracts

515,648

(826,710)

—

(311,062)

Purchased

Swaption

contracts

(944,492)

(944,492)

Written

Swaption

contracts

389,798

—

—

389,798

Total

$

(39,046)

$

(5,914,825)

$

(1,837,485)

$

(7,791,356)

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

"Net

realized

and

change

in

unrealized

gain/(loss)

on

investments"

sections

of

the

Fund's

Statement

of

Operations.

#### Average

#### Ending

#### Monthly

#### Value

#### of

#### Derivative

#### Instruments

#### During

#### the

#### Year

#### Ended

#### October

#### 31,

#### 2025
Futures

contracts:

Average

notional

amount

of

contracts

-

long

$404,401,733

Average

notional

amount

of

contracts

-

short

931,948,974

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

14,833,816

Average

amounts

sold

-

in

USD

521,170,037

Credit

default

swaps:

Average

notional

amount

-

buy

protection

68,337,500

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

3,539,333

Average

notional

amount

-

pay

floating

rate/receive

fixed

rate

233,026,027

Swaptions:

Average

value

of

swaption

contracts

purchased

274,659

Average

value

of

swaption

contracts

written

93,520

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets
*Counterparty*

*Gross* 

*Amounts*

*of* 

*Recognized*

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral*

*Pledged*

(b) *Net* 

*Amount*

Barclays

Bank

plc

$

347,644

$

—

$

—

$

347,644

BNP

Paribas

SA

1,350,118

—

—

1,350,118

Citigroup,

Inc

49,161

(20,247)

—

28,914

Goldman

Sachs

Group,

Inc.

504,087

(170,232)

(333,855)

—

HSBC

Bank

USA,

N.A.

1,455,561

—

—

1,455,561

Morgan

Stanley

&

Co.

261,827

—

—

261,827

Total

$

3,968,398

$

(190,479)

$

(333,855)

$

3,444,064

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities
*Counterparty*

*Gross* 

*Amounts*

*of* 

*Recognized*

Liabilities

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral*

*Pledged*

(b) *Net* 

*Amount*

Citigroup,

Inc

$

20,247

$

(20,247)

$

—

$

—

Goldman

Sachs

Group,

Inc.

170,232

(170,232)

—

—

Total

$

190,479

$

(190,479)

$

—

$

—

(a) Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b) Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

AUD

Australian

Dollar

CAD

Canadian

Dollar

CAONINDX

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

EUR

Euro

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GBP

British

Pound

ICE

Intercontinental

Exchange

LLC

Limited

Liability

Company

LP

Limited

Partnership

NZD

New

Zealand

Dollar

plc

Public

Limited

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

\*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

year

ended

October

31,

2025

is

$178,284,840

which

represents

6.4%

of

net

assets.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1933

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,

2025

is

$1,100,843,770

which

represents

39.6%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Asset-Backed* 

*Securities*

$

—

$

237,049,609

$

—

$

237,049,609

*Corporate* 

*Bonds*

—

2,079,219,630

—

2,079,219,630

*Foreign* 

*Government* 

*Bonds*

—

44,747,852

—

44,747,852

*Mortgage-Backed* 

*Securities*

—

179,829,727

—

179,829,727

*Exchange* 

*Traded* 

*Fund*

27,526,450

—

—

27,526,450

*Investment* 

*Companies*

3,014,671

—

—

3,014,671

*Commercial* 

*Paper*

—

178,284,840

—

178,284,840

*OTC* 

*Purchased* 

*Call* 

*Credit* 

*Default* 

*Swaptions* 

*-* 

*Buy* 

*Protection*

—

553,248

—

553,248

Total

Investments

in

Securities

$

30,541,121

$

2,719,684,906

$

—

$

2,750,226,027

#### Other

#### Financial

#### Instruments
(a) #### :
*Centrally* 

*Cleared* 

*Swaps*

$

—

$

2,799,244

$

—

$

2,799,244

*Forward* 

*Foreign* 

*Currency* 

*Exchange* 

*Contracts*

—

3,415,150

—

3,415,150

*Futures* 

*Contracts*

1,351,109

—

—

1,351,109

Total

Other

Financial

Instruments

$

1,351,109

$

6,214,394

$

—

$

7,565,503

#### Total

#### Assets
$

31,892,230

$

2,725,899,300

$

—

$

2,757,791,530

#### Liabilities

#### Other

#### Financial

#### Instruments
(a) #### :
*Centrally* 

*Cleared* 

*Swaps*

$

—

$

623,159

$

—

$

623,159

*Futures* 

*Contracts*

450,286

—

—

450,286

*Swaptions* 

*Written,* 

*at* 

*Value*

—

190,479

—

190,479

#### Total

#### Liabilities
$

450,286

$

813,638

$

—

$

1,263,924

(a) Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,699,416,154)

$

2,722,146,329

Affiliated

investments,

at

value

(cost

$27,564,425)

27,526,450

Purchased

swaptions,

at

value

(premiums

paid

$1,497,740)

553,248

Cash

denominated

in

foreign

currency

(cost

$14,486,245)

14,472,428

Forward

foreign

currency

exchange

contracts

3,415,150

Due

from

broker

for

centrally

cleared

swaps

2,223,790

Due

from

broker

for

futures

5,920,000

Receivable

for

variation

margin

on

futures

contracts

416,370

Receivables:

Interest

24,991,791

Due

from

adviser

4,454

Total

Assets

2,801,670,010

Liabilities:

Payable

for

variation

margin

on

swaps

41,967

Swaptions

written,

at

value

(premiums

received

$580,277)

190,479

Due

to

custodian

457,923

Collateral

for

Swaptions

430,000

Payables:

Investments

purchased

20,797,602

Management

fees

534,890

Interest

Total

Liabilities

22,453,065

Commitments

and

contingent

liabilities

Net

Assets

$

2,779,216,945

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,796,884,767

Total

distributable

earnings

(loss)

(17,667,822)

Total

Net

Assets

$

2,779,216,945

Net

Assets

$

2,779,216,945

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

56,350,000

Net

Asset

Value

Per

Share

$

.32

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

129,274,696

Dividends

from

affiliates

243,718

Total

Investment

Income

129,518,414

Expenses:

Management

Fees

5,798,387

Total

Expenses

5,798,387

Less:

Excess

Expense

Reimbursement

and

Waivers

(9,058)

Net

Expenses

5,789,329

Net

Investment

Income/(Loss)

123,729,085

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

16,500,367

Forward

foreign

currency

exchange

contracts

(18,874,974)

Futures

contracts

1,993,521

Swap

contracts

1,578,151

Purchased

option

contracts

69,704

Written

options

contracts

284,362

Purchased

swaption

contracts

(564,200)

Written

swaption

contracts

321,100

Total

Net

Realized

Gain/(Loss)

on

Investments

$

1,308,031

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

21,141,096

Investments

in

affiliates

(37,975)

Forward

foreign

currency

exchange

contracts

(1,837,485)

Futures

contracts

(5,088,115)

Swap

contracts

(311,062)

Purchased

swaption

contracts

(944,492)

Written

swaption

contracts

389,798

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

13,311,765

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

138,348,881

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

123,729,085

$

113,211,196

Net

realized

gain/(loss)

on

investments

1,308,031

(48,623,071)

Change

in

unrealized

net

appreciation/depreciation

13,311,765

96,018,626

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

138,348,881

160,606,751

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(116,306,655)

(82,756,320)

Return

of

Capital

(7,338,647)

(27,233,111)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(123,645,302)

(109,989,431)

Capital

Share

Transactions

500,649,674

(159,539,084)

Net

Increase/(Decrease)

in

Net

Assets

515,353,253

(108,921,764)

Net

Assets:

—

—

Beginning

of

Year

2,263,863,692

2,372,785,456

End

of

Year

$

2,779,216,945

$

2,263,863,692

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Financial

#### Highlights

October

31,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$49.05

$47.98

$48.47

$50.00

$50.40

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1) 2.40 2.41 1.80 0.69 0.49 Net

realized

and

unrealized

gain/(loss)

0.29 0.99 0.65 (1.27)

(0.41)

Total

from

Investment

Operations

2.69 3.40 2.45 (0.58)

0.08 Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(2.28)

(1.75)

(2.94)

(0.95)

(0.48)

Return

of

Capital

(0.14)

(0.58)

—

—

—

Total

Dividends

and

Distributions

(2.42)

(2.33)

(2.94)

(0.95)

(0.48)

Net

Asset

Value,

End

of

Period

$49.32

$49.05

$47.98

$48.47

$50.00

Total

Return

5.64%

7.26%

5.24%

(1.18)%

0.15%

Net

assets,

End

of

Period

(in

thousands)

$2,779,217

$2,263,864

$2,372,785

$2,539,796

$2,777,501

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.23%

0.23%

0.23%

0.23%

0.23%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.23%

0.23%

0.23%

Ratio

of

Net

Investment

Income/(Loss)

4.90%

4.96%

3.77%

1.41%

0.98%

Portfolio

Turnover

Rate

(2) 45%

68%

53%

46%

74%

(1) Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson

Short

Duration

Income

ETF (the

"Fund")

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

"Trust"),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946. As

of

the

date

of

this

report,

the

Trust

offers fifteen

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

current

income,

consistent

with

the

preservation

of

capital. The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

days

or

less

may

be

evaluated

and

valued

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Foreign

#### Currency

#### Translations
The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

#### Dividends

#### and

#### Distributions
Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Derivative

#### Instruments
The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

2025

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.

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund's

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

When

used

to

enhance

return

the

Fund

may

be

fully

exposed

to

the

risk

of

loss

of

that

derivative,

which

may

sometimes

be

greater

than

the

derivative's

cost.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund's

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations.

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors:

#### Counterparty

#### Risk
-

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

#### Credit

#### Risk
-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations.

#### Currency

#### Risk
-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment.

#### Index

#### Risk
-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index.

#### Interest

#### Rate

#### Risk
-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease.

#### Leverage

#### Risk
-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested.

#### Liquidity

#### Risk
-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth.

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk.

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund's

commitment

with

respect

to

certain

exchange-traded

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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.

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
A

forward

foreign

currency

exchange

contract

("forward

currency

contract")

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

#### Futures

#### Contracts
A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i) fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii) contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

"ASET"

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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.

#### Options

#### Contracts
An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

"exercises"

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor's

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

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

as

"Variation

margin

receivable"

or

"Variation

margin

payable"

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund's

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund's

exposure

to

the

counterparty.

The

Fund

may

purchase

put

options

to

hedge

against

a

decline

in

the

value

of

its

portfolio.

By

using

put

options

in

this

way,

the

Fund

will

reduce

any

profit

it

might

otherwise

have

realized

in

the

underlying

security

by

the

amount

of

the

premium

paid

for

the

put

option

and

by

transaction

costs.

The

Fund

may

purchase

call

options

to

hedge

against

an

increase

in

the

price

of

securities

that

it

may

buy

in

the

future.

The

premium

paid

for

the

call

option

plus

any

transaction

costs

will

reduce

the

benefit,

if

any,

realized

by

the

Fund

upon

exercise

of

the

option,

and,

unless

the

price

of

the

underlying

security

rises

sufficiently,

the

option

may

expire

worthless

to

the

Fund.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Options

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

During

the

year,

the

Fund

purchased

call

options

on

bond

futures in

order

to

increase

interest rate

risk exposure

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

There

were

no

purchased

options

held

at

October

31,

2025. In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

and

Liabilities

as

"Options

written,

at

value"

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The

risk

in

writing

put

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

year,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

There

were

no

written

options

held

at October

31,

2025. #### Options

#### on

#### Swap

#### Contracts

#### (Swaptions)

The

Fund

may

purchase

or

write

covered

and

uncovered

put

and

call

options

on

swap

contracts,

commonly

referred

to

as

"swaptions".

Swaption

contracts

grant

the

purchaser

the

right,

but

not

the

obligation,

to

enter

into

a

swap

transaction

at

preset

terms

detailed

in

the

underlying

agreement

within

a

specified

period

of

time.

Swaptions

can

be

used

for

a

variety

of

purposes,

including

to

manage

the

Fund's

overall

exposure

to

changes

in

interest

or

foreign

currency

exchange

rates

and

credit

quality;

as

an

efficient

means

of

adjusting

the

Fund's

exposure

to

certain

markets;

in

an

effort

to

enhance

income

or

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

and

to

adjust

portfolio

duration

or

credit

risk.

Because

the

use

of

swaptions

generally

does

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal,

the

risk

of

loss

with

respect

to

swaptions

generally

is

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

There

is

also

a

risk

of

a

default

by

the

other

party

to

a

swaption,

in

which

case

the

Fund

may

not

receive

the

net

amount

of

payments

that

it

contractually

is

entitled

to

receive.

Entering

into

a

swaption

contract

involves,

to

varying

degrees,

the

elements

of

credit,

market,

and

interest

rate

risk,

associated

with

both

option

contracts

and

swap

contracts.

Interest

rate

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

short

interest

rates

by

entering

into

a

pay

fixed/receive

float

interest

rate

swap.

Selling

the

interest

rate

receiver

option

reduces

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

rise

and/or

implied

interest

rate

volatility

decreases.

Interest

rate

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

take

a

long

position

on

interest

rates

by

entering

into

a

receive

fixed/pay

float

interest

rate

swap.

Selling

the

interest

rate

payer

option

increases

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

fall

and/or

implied

interest

rate

volatility

decreases.

Credit

default

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

buy

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

receiver

option

reduces

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

increases.

Credit

default

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

sell

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

payer

option

increases

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

decreases.

Swaptions

purchased

are

reported

in

the

Schedule

of

Investments.

Swaptions

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

"Swaptions

written,

at

value"

(if

applicable).

During

the

year,

the

Fund

purchased

credit

default

payer

swaptions

(put)

and

bought

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices.

During

the

year,

the

Fund

sold

credit

default

payer

swaptions

(put)

in

order

to

gain

credit

market

volatility

exposure

and

to

gain

credit

exposure.

#### 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

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund's

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

("CCP").

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

("FCM")

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

"Executing

Dealer")

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

("CFTC").

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund's

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund's

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract's

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund's

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

("CDX"),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

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

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

The

Fund

may

invest

in

single-name

credit

default

swaps

("CDS")

to

buy

or

sell

credit

protection

to

hedge

its

credit

exposure,

gain

issuer

exposure

without

owning

the

underlying

security,

or

increase

the

Fund's

total

return.

Single-

name

CDS

enable

the

Fund

to

buy

or

sell

protection

against

a

credit

event

of

a

specific

issuer.

When

the

Fund

buys

a

single-

name

CDS,

the

Fund

will

receive

a

return

on

its

investment

only

in

the

event

of

a

credit

event,

such

as

default

by

the

issuer

of

the

underlying

obligation

(as

opposed

to

a

credit

downgrade

or

other

indication

of

financial

difficulty).

If

a

single-

name

CDS

transaction

is

particularly

large,

or

if

the

relevant

market

is

illiquid,

it

may

not

be

possible

for

the

Fund

to

initiate

a

single-name

CDS

transaction

or

to

liquidate

its

position

at

an

advantageous

time

or

price,

which

may

result

in

significant

losses.

Moreover,

the

Fund

bears

the

risk

of

loss

of

the

amount

expected

to

be

received

under

a

single-name

CDS

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

The

risks

associated

with

cleared

single-name

CDS

may

be

lower

than

that

for

uncleared

single-name

CDS

because

for

cleared

single-name

CDS,

the

counterparty

is

a

clearinghouse

(to

the

extent

such

a

trading

market

is

available).

However,

there

can

be

no

assurance

that

a

clearinghouse

or

its

members

will

satisfy

their

obligations

to

the

Fund.

During

the

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.

The

Fund's

use

of

interest

rate

swaps

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

security

transactions.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities,

other

underlying

assets,

or

principal.

Interest

rate

swaps

involve

the

exchange

by

two

parties

of

their

respective

commitments

to

pay

or

receive

interest

(e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Interest

rate

swaps

may

result

in

potential

losses

if

interest

rates

do

not

move

as

expected

or

if

the

counterparties

are

unable

to

satisfy

their

obligations.

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make.

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

fixed

interest

rate

and

receiving

a

floating

interest

rate

in

order

to decrease

interest

rate

risk

(duration)

exposure.

As

interest

rates

rise,

the

Fund

benefits

by

receiving

a

higher

future

floating

rate,

while

paying

a

fixed

rate

that

has

not

increased.

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased.

3. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### 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

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.

#### Exchange-Traded

#### Funds

#### Risk
The

Fund

may

invest

in

exchange-traded

funds

("ETFs"),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests.

#### Foreign

#### Exposure

#### Risk
The

Fund

normally

has

significant

exposure

to

foreign

markets

as

a

result

of

its

investments

in

foreign

securities,

including

investments

in

emerging

markets,

which

can

be

more

volatile

than

the

U.S.

markets.

As

a

result,

its

returns

and

net

asset

value

may

be

affected

by

fluctuations

in

currency

exchange

rates

or

political

or

economic

conditions

in

a

particular

country.

In

some

foreign

markets,

there

may

not

be

protection

against

failure

by

other

parties

to

complete

transactions.

It

may

not

be

possible

for

the

Fund

to

repatriate

capital,

dividends,

interest,

and

other

income

from

a

particular

country

or

governmental

entity.

In

addition,

a

market

swing

in

one

or

more

countries

or

regions

where

the

Fund

has

invested

a

significant

amount

of

its

assets

may

have

a

greater

effect

on

the

Fund's

performance

than

it

would

in

a

more

geographically

diversified

portfolio.

The

Fund's

investments

in

emerging

market

countries,

if

any,

may

involve

risks

greater

than,

or

in

addition

to,

the

risks

of

investing

in

more

developed

countries.

#### Mortgage

#### and

#### Asset-Backed

#### Securities
Mortgage-and

asset-backed

securities

represent

interests

in

"pools"

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

("Ginnie

Mae"),

the

Federal

National

Mortgage

Association

("Fannie

Mae"),

the

Federal

Home

Loan

Mortgage

Corporation

("Freddie

Mac"),

or

other

governmental

or

government-related

entities.

Ginnie

Mae's

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

("FHFA"),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities'

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA's

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities'

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund's

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

#### Sovereign

#### Debt
The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

("sovereign

debt").

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor's

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor's

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor's

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund's

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

"Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

October

31,

2025"

table

located

in

the

Fund's

Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund's

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund's

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund's

corresponding

forward

foreign

currency

exchange

contract's

obligation

value.

4. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund's

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund's

assets

grow.

As

of

the

date

of

this

report,

the

Fund's

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule:

For

the

year

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.23% of

the

Fund's

average

daily

net

assets.

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent that

the

Fund's

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business)

exceed

the

annual

rate

of

0.23% of

the

Fund's

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least through

February

28,

2026. If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by

the

Adviser are

disclosed

as

"Excess

Expense

Reimbursement

and

Waivers"

on

the

Statement

of

Operations.

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

28,

2026. The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the year

ended October

31,

2025,

the

Adviser

waived

$9,058 of

the

Fund's

management

fee,

attributable

to

the

Fund's

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Fund's

Board

of

Trustees

("Board")

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i) the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii) the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund's

shareholders.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2025 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.

Other

book

to

tax

differences

primarily

consist

of

Foreign

currency

contract

adjustments.

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.

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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.

During

the

year ended

October

31,

2025,

capital

loss

carryovers

of

$2,176,866

were

utilized

by

the

Fund.

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,

2025 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2025

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$—

$—

$(40,356,885)

$—

$3,150,377

$19,538,686

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(494,183)

$(39,862,702)

$(40,356,885)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$2,730,687,341

$28,908,329

$(9,369,643)

$19,538,686

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$2,475,536

$3,246,120

$(60,444)

$3,185,676

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$116,306,655

$—

$7,338,647

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$82,756,320

$—

$27,233,111

$—

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

6. #### Capital

#### Share

#### Transactions
7. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

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. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

9. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

15,400,000

$

755,339,370

4,900,000

$

237,534,283

Shares

repurchased

(5,200,000)

(254,689,696)

(8,200,000)

(397,073,367)

Net

Increase/(Decrease)

10,200,000

$

500,649,674

(3,300,000)

$

(159,539,084)

*Purchases* 

*of*

*Securities*

*Proceeds* 

*from* 

*Sales*

*of* 

*Securities*

*Purchases* 

*of* 

*Long-*

*Term* 

*U.S.* 

*Government*

*Obligations*

*Proceeds* 

*from* 

*Sales*

*of* 

*Long-Term* 

*U.S.*

*Government* 

*Obligations*

$1,534,143,610

$1,039,679,957

$—

$—

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Short

Duration

Income

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Short

Duration

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(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,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

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

audits

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,

2025

by

correspondence

with

the

custodian

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

69.61%

Return

of

Capital

Distributions

$7,338,647

#### Janus

#### Henderson

#### Short

#### Duration

#### Income

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93073

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

7.5%

ACHM

Mortgage

Trust,

6.5500%,

5/25/39

(144A)

$

7,641,861

$

7,747,352

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

694,715

717,723

ACHV

ABS

TRUST,

6.3400%,

4/25/31

(144A)

1,711,961

1,724,863

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

748,297

754,465

Ally

Bank

Auto

Credit-Linked

Notes,

6.0220%,

5/17/32

(144A)

2,719,748

2,754,746

Ally

Bank

Auto

Credit-Linked

Notes,

6.3150%,

5/17/32

(144A)

1,554,142

1,574,508

Ally

Bank

Auto

Credit-Linked

Notes,

4.8440%,

6/15/33

(144A)

11,718,853

11,751,995

Ally

Bank

Auto

Credit-Linked

Notes,

4.9910%,

6/15/33

(144A)

7,612,552

7,623,422

Alterna

Funding

III

LLC,

6.2600%,

5/16/39

(144A)

8,820,371

8,828,488

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.4600%,

4/17/28

(144A)

1,397,290

1,402,776

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.3000%,

5.4828%,

12/26/31

(144A)

‡

3,289,818

3,298,824

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.5000%,

5.6828%,

12/26/31

(144A)

‡

1,601,045

1,606,886

Blue

Bridge

Funding

LLC,

7.3700%,

11/15/30

(144A)

1,377,188

1,386,555

Brex

Commercial

Charge

Card

Master

Trust,

6.0500%,

7/15/27

(144A)

7,750,000

7,787,129

COOPR

Residential

Mortgage

Trust,

4.8400%,

9/25/60

(144A)

Ç

7,890,471

7,857,046

FHF

Issuer

Trust,

5.6900%,

2/15/30

(144A)

2,304,150

2,310,945

FIGRE

Trust,

6.5060%,

3/25/54

(144A)

‡

2,020,763

2,071,407

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

2,852,122

2,856,523

FIGRE

Trust,

5.5600%,

5/25/55

(144A)

‡

11,388,556

11,478,123

FIGRE

Trust,

5.7100%,

5/25/55

(144A)

‡

4,519,268

4,548,131

FIGRE

Trust,

5.9100%,

5/25/55

(144A)

‡

4,248,112

4,282,893

FIGRE

Trust,

5.2650%,

7/25/55

(144A)

Ç

4,557,704

4,558,615

FIGRE

Trust,

5.4080%,

7/25/55

(144A)

‡

9,750,732

9,791,023

FIGRE

Trust,

5.6080%,

7/25/55

(144A)

‡

9,603,713

9,647,479

FIGRE

Trust,

5.7090%,

7/25/55

(144A)

‡

12,404,507

12,460,734

FIGRE

Trust,

5.4850%,

8/25/55

(144A)

‡

1,430,396

1,433,687

FIGRE

Trust,

5.1440%,

9/25/55

(144A)

‡

6,719,000

6,698,253

FIGRE

Trust,

5.2450%,

9/25/55

(144A)

‡

7,623,000

7,599,680

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

3,548,233

3,474,001

Finance

of

America

Structured

Securities

Trust,

3.5000%,

4/25/74

(144A)

Ç

14,418,479

14,078,857

Flagship

Credit

Auto

Trust,

5.0500%,

1/18/28

(144A)

3,465,690

3,463,915

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

5,038,000

5,071,835

Foundation

Finance

Trust,

6.5300%,

6/15/49

(144A)

1,874,984

1,947,629

Foundation

Finance

Trust,

4.9400%,

4/15/52

(144A)

13,050,000

13,161,709

Gracie

Point

International

Funding,

SOFR90A

+

2.2500%,

6.6056%,

3/1/27

(144A)

‡

808,251

809,997

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

6.4555%,

3/1/28

(144A)

‡

3,007,000

3,010,845

GS

Mortgage

Backed

Securities

Trust,

5.1800%,

9/25/55

(144A)

Ç

10,775,312

10,792,394

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

10,173,542

10,314,339

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

15,136,548

15,280,496

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

6,243,020

6,272,859

Lendbuzz

Securitization

Trust,

7.0900%,

10/16/28

(144A)

926,546

937,072

MetroNet

Infrastructure

Issuer

LLC,

5.4000%,

8/20/55

(144A)

24,600,000

24,868,821

NRM

FNT1

Excess

LLC,

7.3980%,

11/25/31

(144A)

Ç

27,410,402

27,670,696

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

671,134

669,430

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

1,753,609

1,720,751

RAM

LLC,

6.6690%,

2/15/39

(144A)

2,795,870

2,796,230

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

7,426,229

7,482,603

RCKT

Mortgage

Trust,

5.5460%,

9/25/44

(144A)

Ç

4,532,232

4,542,314

RCKT

Mortgage

Trust,

5.1580%,

10/25/44

(144A)

Ç

11,603,885

11,598,836

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

9,284,823

9,338,465

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

RCKT

Mortgage

Trust,

5.6030%,

2/25/55

(144A)

Ç

$

3,903,263

$

3,923,292

RCKT

Mortgage

Trust,

5.4720%,

6/25/55

(144A)

Ç

8,812,459

8,882,668

RCKT

Mortgage

Trust,

5.3770%,

7/25/55

(144A)

Ç

14,810,923

14,913,440

RCKT

Mortgage

Trust,

5.4780%,

7/25/55

(144A)

Ç

9,138,803

9,177,701

RCKT

Mortgage

Trust,

5.1477%,

8/25/55

(144A)

‡

9,053,145

9,070,435

RCKT

Mortgage

Trust,

5.2486%,

8/25/55

(144A)

‡

7,449,862

7,452,486

RCKT

Mortgage

Trust,

4.7950%,

9/25/55

(144A)

Ç

10,826,859

10,784,180

RCKT

Mortgage

Trust,

4.9970%,

9/25/55

(144A)

Ç

20,733,757

20,706,248

RCKT

Mortgage

Trust,

4.8940%,

11/25/55

(144A)

Ç

5,450,000

5,430,903

RCKT

Trust,

5.1600%,

7/25/34

(144A)

2,750,000

2,751,752

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

1,921,945

1,932,103

Saluda

Grade

Alternative

Mortgage

Trust,

6.6030%,

4/25/54

(144A)

Ç

2,443,144

2,463,231

Saluda

Grade

Alternative

Mortgage

Trust,

CME

Term

SOFR

Month

+

1.8000%,

5.7910%,

10/25/55

(144A)

‡

15,693,000

15,668,543

Santander

Bank

Auto

Credit-Linked

Notes,

5.6220%,

6/15/32

(144A)

2,313,100

2,339,941

Santander

Bank

Auto

Credit-Linked

Notes,

6.4930%,

6/15/33

(144A)

113,580

113,780

Santander

Bank

Auto

Credit-Linked

Notes,

5.6400%,

12/15/33

(144A)

1,898,971

1,918,576

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

1,157,895

1,163,824

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

446,218

449,624

Towd

Point

Mortgage

Trust,

5.4000%,

8/25/65

(144A)

Ç

5,269,755

5,264,793

Towd

Point

Mortgage

Trust,

5.6670%,

8/25/65

(144A)

Ç

11,840,000

11,777,261

Towd

Point

Mortgage

Trust,

4.9680%,

9/25/65

(144A)

Ç

12,810,188

12,798,817

Tricolor

Auto

Securitization

Trust,

6.6100%,

10/15/27

(144A)

1,205,445

1,178,088

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

1,743,847

1,473,849

US

Bank

NA,

6.7890%,

8/25/32

(144A)

4,696,288

4,747,470

Vista

Point

Securitization

Trust,

5.6010%,

8/25/55

(144A)

‡

14,677,072

14,686,284

Total

Asset-Backed

Securities

(cost

$494,330,806)

496,927,654

Corporate

Bond

-

0.1%

Financial

-

0.1%

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)#

(cost

$9,145,276)

9,213,000

9,399,858

Mortgage-Backed

Securities

-

159.8%

A&D

Mortgage

Trust

,

5.7900 %

,

6/25/70

(144A)

‡

9,707,895

9,785,508

ABL

,

7.4570 %

,

9/25/29

(144A)

Ç

4,840,000

4,841,943

BMP

,

CME

Term

SOFR

Month

+

1.3719%

,

5.4041 %

,

6/15/41

(144A)

‡

14,000,000

13,998,636

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

9,395,450

9,216,732

5.0000%, 9/25/64

(144A)

6,750,458

6,708,135

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

0.8445%

,

4.8765 %

,

10/15/36

(144A)

‡

862,801

860,572

BX

Trust

CME

Term

SOFR

Month

+

1.3058%,

5.3377%, 10/15/26

(144A)

‡

2,958,012

2,949,020

CME

Term

SOFR

Month

+

3.4640%,

7.4960%, 10/15/26

(144A)

‡

2,488,884

2,478,143

CME

Term

SOFR

Month

+

0.7035%,

4.7355%, 9/15/34

(144A)

‡

5,355,350

5,330,255

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

5.3828%, 2/25/50

(144A)

‡

2,942,743

2,910,950

SOFR30A

+

1.3500%,

5.5328%, 2/25/50

(144A)

‡

1,728,862

1,692,064

SOFR30A

+

1.5500%,

5.7328%, 2/25/50

(144A)

‡

1,919,159

1,881,493

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.7328%, 10/25/41

(144A)

‡

2,457,760

2,464,716

SOFR30A

+

3.3000%,

7.4828%, 11/25/41

(144A)

‡

1,150,000

1,175,246

SOFR30A

+

0.8500%,

5.0328%, 12/25/41

(144A)

‡

433,223

432,961

SOFR30A

+

1.0000%,

5.1828%, 12/25/41

(144A)

‡

611,471

611,698

SOFR30A

+

1.6500%,

5.8328%, 12/25/41

(144A)

‡

14,835,000

14,912,487

SOFR30A

+

6.0000%,

10.1828%, 12/25/41

(144A)

‡

6,153,382

6,438,979

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

4.6500%,

8.8328%, 6/25/42

(144A)

‡

$

4,087,000

$

4,316,467

SOFR30A

+

1.1000%,

5.2828%, 2/25/44

(144A)

‡

3,798,833

3,800,785

SOFR30A

+

1.6000%,

5.7828%, 9/25/44

(144A)

‡

4,125,699

4,128,676

SOFR30A

+

1.1000%,

5.2828%, 1/25/45

(144A)

‡

5,731,336

5,736,655

SOFR30A

+

1.5000%,

5.6828%, 1/25/45

(144A)

‡

7,526,000

7,529,265

SOFR30A

+

1.2000%,

5.3828%, 5/25/45

(144A)

‡

6,101,775

6,112,931

SOFR30A

+

1.2000%,

5.3828%, 7/25/45

(144A)

‡

13,560,780

13,584,481

SOFR30A

+

1.6000%,

5.7828%, 7/25/45

(144A)

‡

9,254,000

9,277,728

SOFR30A

+

0.9500%,

5.1328%, 9/25/45

(144A)

‡

12,268,753

12,275,976

Easy

Street

Mortgage

Loan

Trust

,

5.6060 %

,

10/25/40

(144A)

Ç

4,100,000

4,099,513

FHLMC

Gold

Pool,

Year

Pool

#

Q57869,

4.0000%, 8/1/48

2,751,288

2,652,324

Pool

#

Q58477,

4.0000%, 9/1/48

1,578,606

1,521,898

FHLMC

Gold

Pools,

Other

Pool

#

ZN0650,

3.0000%, 3/1/43

2,200

2,026

Pool

#

ZT1926,

3.0000%, 11/1/43

828,465

758,736

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

5.8328%, 1/25/34

(144A)

‡

851,059

853,121

SOFR30A

+

2.1000%,

6.2828%, 9/25/41

(144A)

‡

26,457,865

26,644,962

SOFR30A

+

7.5000%,

11.6828%, 10/25/41

(144A)

‡

19,937,000

20,998,439

SOFR30A

+

1.8000%,

5.9828%, 11/25/41

(144A)

‡

14,550,000

14,671,848

SOFR30A

+

2.3500%,

6.5328%, 12/25/41

(144A)

‡

10,089,878

10,213,121

SOFR30A

+

1.3000%,

5.4828%, 2/25/42

(144A)

‡

534,138

535,057

SOFR30A

+

3.7500%,

7.9328%, 2/25/42

(144A)

‡

43,256,272

44,692,066

SOFR30A

+

5.2500%,

9.4328%, 3/25/42

(144A)

‡

20,019,000

21,069,012

SOFR30A

+

1.2500%,

5.4328%, 3/25/44

(144A)

‡

6,946,521

6,954,510

SOFR30A

+

1.1500%,

5.3328%, 2/25/45

(144A)

‡

14,386,614

14,399,310

SOFR30A

+

1.6500%,

5.8328%, 2/25/45

(144A)

‡

23,060,148

23,110,558

SOFR30A

+

1.1000%,

5.2828%, 9/25/45

(144A)

‡

9,515,888

9,523,043

FHLMC

UMBS

Pool

#

ZS7403,

3.0000%, 5/1/31

50,422

49,361

Pool

#

ZK8405,

2.5000%, 12/1/31

7,092

6,842

Pool

#

ZK8962,

3.0000%, 9/1/32

54,127

52,663

Pool

#

ZK9163,

3.0000%, 1/1/33

32,123

31,238

Pool

#

SB0040,

2.5000%, 12/1/33

239,330

231,035

Pool

#

SB0116,

2.5000%, 11/1/34

524,367

498,563

Pool

#

ZT2413,

4.0000%, 2/1/41

41,414,902

40,435,936

Pool

#

ZM2269,

3.0000%, 12/1/46

12,613

11,536

Pool

#

ZT1633,

4.0000%, 3/1/47

110,356

107,261

Pool

#

ZT0391,

4.0000%, 11/1/47

301,133

292,418

Pool

#

ZT0252,

3.0000%, 12/1/47

17,325

15,855

Pool

#

ZM7577,

4.5000%, 8/1/48

100,110

99,077

Pool

#

ZM8197,

4.0000%, 9/1/48

939,234

904,365

Pool

#

SI2101,

4.0000%, 9/1/48

39,548,180

38,080,915

Pool

#

ZM7926,

5.0000%, 9/1/48

77,858

78,548

Pool

#

ZT1320,

4.0000%, 11/1/48

162,690

156,655

Pool

#

SI2017,

4.0000%, 12/1/48

2,016,459

1,941,598

Pool

#

ZN2165,

4.5000%, 12/1/48

23,477

23,374

Pool

#

ZN4240,

4.5000%, 12/1/48

250,075

248,203

Pool

#

SL2464,

4.5000%, 12/1/48

84,995,690

84,100,120

Pool

#

SD1416,

4.5000%, 12/1/48

3,498,483

3,462,400

Pool

#

ZN6461,

4.0000%, 5/1/49

325,599

313,042

Pool

#

ZT2087,

4.0000%, 6/1/49

1,187,207

1,141,442

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

Pool

#

ZA7158,

4.5000%, 6/1/49

$

157,752

$

155,410

Pool

#

SL0850,

4.0000%, 7/1/49

19,941,259

19,485,769

Pool

#

RA1100,

4.0000%, 7/1/49

4,799,628

4,614,364

Pool

#

SD8003,

4.0000%, 7/1/49

1,235,175

1,187,561

Pool

#

RA1088,

4.5000%, 7/1/49

204,004

201,619

Pool

#

RA1087,

4.5000%, 7/1/49

1,062,508

1,046,732

Pool

#

QA2039,

3.0000%, 8/1/49

1,826,395

1,658,537

Pool

#

QA2159,

3.0000%, 8/1/49

82,889

73,585

Pool

#

QA1615,

3.5000%, 8/1/49

271,649

253,412

Pool

#

RA1188,

4.5000%, 8/1/49

1,072,239

1,056,319

Pool

#

QA5150,

4.5000%, 12/1/49

294,396

290,959

Pool

#

RA1999,

4.5000%, 1/1/50

750,732

739,586

Pool

#

SD8040,

4.5000%, 1/1/50

179,630

177,536

Pool

#

SD8047,

4.5000%, 2/1/50

604,857

597,809

Pool

#

QA8274,

3.5000%, 3/1/50

389,009

360,584

Pool

#

SD1551,

4.0000%, 3/1/50

1,887,950

1,817,906

Pool

#

SD1111,

4.0000%, 6/1/50

3,237,188

3,134,024

Pool

#

SL0938,

4.0000%, 7/1/50

38,992,160

38,063,373

Pool

#

SD4456,

4.0000%, 8/1/50

1,687,953

1,622,885

Pool

#

SD5994,

4.5000%, 9/1/50

12,877,313

12,744,501

Pool

#

SD1143,

4.5000%, 9/1/50

13,838,748

13,696,020

Pool

#

SD1414,

4.0000%, 10/1/50

438,774

421,860

Pool

#

RA7104,

4.5000%, 2/1/51

10,667,065

10,530,622

Pool

#

SD2606,

4.5000%, 9/1/51

5,715,391

5,642,284

Pool

#

QD6555,

3.0000%, 2/1/52

737,085

664,038

Pool

#

QD9182,

3.0000%, 3/1/52

1,293,469

1,165,137

Pool

#

QE0318,

4.5000%, 3/1/52

108,383

106,249

Pool

#

SD0943,

3.5000%, 4/1/52

1,814,843

1,701,197

Pool

#

QD9191,

3.5000%, 4/1/52

501,655

469,833

Pool

#

QE1073,

3.5000%, 4/1/52

650,323

609,023

Pool

#

SD3523,

3.0000%, 6/1/52

2,811,841

2,519,645

Pool

#

SD1046,

4.0000%, 7/1/52

82,668,452

79,247,756

Pool

#

QE6404,

5.5000%, 7/1/52

2,921,248

2,984,870

Pool

#

SD1436,

4.5000%, 8/1/52

11,959,144

11,763,792

Pool

#

QE8542,

5.5000%, 8/1/52

2,781,711

2,842,294

Pool

#

QF0488,

5.5000%, 9/1/52

2,443,434

2,496,333

Pool

#

SD1966,

4.0000%, 11/1/52

332,691

317,454

Pool

#

QF2561,

5.5000%, 11/1/52

1,180,277

1,211,436

Pool

#

QF7810,

5.5000%, 1/1/53

3,369,629

3,466,542

Pool

#

QF7280,

5.5000%, 1/1/53

4,103,593

4,222,278

Pool

#

SL0644,

4.5000%, 3/1/53

16,054,355

15,802,267

Pool

#

QF9276,

5.5000%, 3/1/53

2,575,403

2,649,911

Pool

#

QF9863,

5.5000%, 3/1/53

4,817,129

4,941,147

Pool

#

SD6787,

4.0000%, 5/1/53

41,135,319

39,368,845

Pool

#

SL0869,

4.5000%, 5/1/53

10,378,126

10,189,303

Pool

#

SD3018,

5.5000%, 5/1/53

5,980,653

6,089,080

Pool

#

SD2897,

5.5000%, 5/1/53

2,757,081

2,807,215

Pool

#

QG2543,

5.5000%, 5/1/53

2,075,263

2,115,756

Pool

#

QG3397,

6.0000%, 5/1/53

375,757

386,851

Pool

#

QG2539,

6.5000%, 5/1/53

2,892,784

2,998,796

Pool

#

QG2540,

6.5000%, 5/1/53

1,827,458

1,896,249

Pool

#

SD3271,

5.5000%, 6/1/53

25,385,896

26,093,256

Pool

#

QG3912,

5.5000%, 6/1/53

6,866,868

7,016,756

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

Pool

#

QG6755,

5.5000%, 6/1/53

$

11,759,760

$

12,096,133

Pool

#

QG3885,

6.5000%, 6/1/53

969,999

1,005,547

Pool

#

QG4340,

6.5000%, 6/1/53

1,547,612

1,604,327

Pool

#

QG6948,

5.5000%, 7/1/53

1,046,676

1,076,530

Pool

#

QG6538,

5.5000%, 7/1/53

1,101,561

1,133,070

Pool

#

SD3813,

6.0000%, 7/1/53

5,651,933

5,836,307

Pool

#

QG7338,

6.0000%, 7/1/53

838,395

863,149

Pool

#

QH0826,

5.5000%, 9/1/53

4,206,605

4,326,243

Pool

#

QH2242,

5.5000%, 9/1/53

5,318,035

5,406,045

Pool

#

QH1144,

5.5000%, 9/1/53

3,509,993

3,609,531

Pool

#

QH2259,

6.0000%, 9/1/53

4,312,432

4,440,060

Pool

#

QH1500,

6.0000%, 9/1/53

8,531,379

8,783,870

Pool

#

QH3309,

5.5000%, 10/1/53

1,759,876

1,789,001

Pool

#

QH3306,

6.0000%, 10/1/53

10,989,689

11,366,435

Pool

#

QH3192,

6.0000%, 10/1/53

16,784,707

17,360,117

Pool

#

SL1632,

4.0000%, 11/1/53

38,169,170

36,577,986

Pool

#

QH4473,

6.0000%, 11/1/53

5,126,254

5,301,991

Pool

#

QH4638,

6.0000%, 11/1/53

5,596,469

5,788,326

Pool

#

QH4373,

6.0000%, 11/1/53

9,419,992

9,742,926

Pool

#

QH5204,

6.5000%, 11/1/53

3,954,243

4,157,285

Pool

#

QH6041,

5.5000%, 12/1/53

3,426,855

3,492,757

Pool

#

QH7549,

6.0000%, 12/1/53

3,509,884

3,613,761

Pool

#

QH7040,

6.0000%, 12/1/53

6,474,987

6,666,617

Pool

#

QH7013,

6.5000%, 12/1/53

1,834,493

1,915,386

Pool

#

SD5061,

5.5000%, 3/1/54

21,741,409

22,355,086

Pool

#

SD5224,

6.0000%, 3/1/54

10,583,887

10,896,373

Pool

#

SD5238,

5.5000%, 4/1/54

101,712,037

104,057,723

Pool

#

SD5223,

6.0000%, 4/1/54

6,667,600

6,864,514

Pool

#

QI4878,

6.0000%, 4/1/54

2,215,613

2,281,047

Pool

#

QI8221,

6.0000%, 6/1/54

3,934,383

4,050,577

Pool

#

SD5963,

6.0000%, 7/1/54

15,447,632

15,903,846

Pool

#

SD6558,

6.0000%, 9/1/54

13,460,686

13,858,220

Pool

#

SL1291,

4.0000%, 11/1/54

30,855,269

29,568,985

Pool

#

QJ9063,

5.0000%, 11/1/54

20,297,518

20,315,412

Pool

#

SD6989,

5.5000%, 11/1/54

21,495,890

21,867,551

Pool

#

SD6905,

6.0000%, 11/1/54

2,904,174

2,990,269

Pool

#

QJ9072,

6.0000%, 11/1/54

5,245,334

5,400,244

Pool

#

QX0520,

5.5000%, 12/1/54

7,844,995

7,979,999

Pool

#

SD7343,

5.5000%, 1/1/55

45,978,932

47,140,186

Pool

#

SD7417,

5.5000%, 1/1/55

8,781,392

9,016,259

Pool

#

SL0046,

6.0000%, 1/1/55

40,372,386

41,564,702

Pool

#

SL0335,

5.5000%, 2/1/55

105,727,919

107,315,988

Pool

#

QX6719,

6.0000%, 2/1/55

4,475,569

4,608,710

Pool

#

QX7432,

6.0000%, 2/1/55

1,986,218

2,045,305

Pool

#

QX5273,

6.0000%, 2/1/55

3,664,251

3,772,467

Pool

#

SL2435,

6.5000%, 2/1/55

60,569,670

63,144,368

Pool

#

QX7566,

5.5000%, 3/1/55

56,285,904

57,252,812

Pool

#

SL1188,

5.5000%, 4/1/55

59,459,763

60,952,505

Pool

#

QX9929,

6.0000%, 4/1/55

8,038,482

8,277,046

Pool

#

RJ4363,

5.5000%, 6/1/55

76,654,284

78,713,771

Pool

#

QY7439,

6.0000%, 6/1/55

1,752,803

1,806,234

Pool

#

QY8779,

6.0000%, 7/1/55

17,629,945

18,153,163

Pool

#

QY9874,

6.0000%, 8/1/55

8,676,774

8,934,894

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

Pool

#

QY9883,

6.0000%, 8/1/55

$

2,392,724

$

2,465,661

Pool

#

QZ1060,

6.0000%, 8/1/55

4,695,864

4,818,788

Pool

#

SL2558,

6.0000%, 8/1/55

33,158,788

34,142,866

Pool

#

QZ4132,

6.0000%, 9/1/55

1,495,093

1,534,230

Pool

#

QZ3837,

6.0000%, 9/1/55

3,375,019

3,463,367

Pool

#

QZ4131,

6.0000%, 9/1/55

2,843,485

2,917,027

Pool

#

QZ4951,

6.0000%, 10/1/55

3,019,356

3,098,393

FHLMC,

REMIC

SOFR30A

+

0.4645%,

4.6982%, 2/15/32

‡

9,765

9,727

SOFR30A

+

0.7645%,

4.9982%, 3/15/32

‡

16,963

17,018

SOFR30A

+

0.6145%,

4.8481%, 7/15/32

‡

1,734

1,733

SOFR30A

+

0.5145%,

4.7482%, 1/15/33

‡

12,302

12,274

SOFR30A

+

0.3645%,

4.5982%, 9/15/35

‡

8,532

8,493

SOFR30A

+

0.7045%,

4.9381%, 10/15/37

‡

44,583

44,530

SOFR30A

+

0.4145%,

4.6482%, 8/15/40

‡

7,393

7,389

SOFR30A

+

0.6145%,

4.8481%, 9/15/40

‡

42,933

42,806

SOFR30A

+

0.2500%,

4.0000%, 11/25/51

‡

9,765,290

8,975,092

SOFR30A

+

1.0000%,

5.1828%, 6/25/55

‡

90,516,252

90,782,409

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

20,326,272

19,763,787

3.5000%, 2/25/75

(144A)

21,160,160

20,475,023

FNMA

UMBS

Pool

#

AS7643,

2.5000%, 8/1/31

8,286

8,007

Pool

#

AS8207,

2.5000%, 10/1/31

9,598

9,272

Pool

#

BM1036,

2.5000%, 2/1/32

8,383

8,096

Pool

#

BO7717,

3.0000%, 11/1/34

33,555

32,478

Pool

#

BO5957,

3.0000%, 12/1/34

44,457

42,930

Pool

#

AB7563,

3.0000%, 1/1/43

167,651

154,321

Pool

#

AB9341,

3.0000%, 5/1/43

901,410

835,026

Pool

#

AL6842,

4.0000%, 5/1/45

605,579

587,290

Pool

#

AZ0869,

4.0000%, 7/1/45

521,481

506,901

Pool

#

BC0870,

3.5000%, 1/1/46

37,850

35,616

Pool

#

AS6811,

3.0000%, 3/1/46

1,263,349

1,153,445

Pool

#

AS7492,

4.0000%, 7/1/46

1,099,881

1,063,004

Pool

#

BD2453,

3.0000%, 1/1/47

68,644

62,821

Pool

#

AS8649,

3.0000%, 1/1/47

306,455

278,589

Pool

#

BE3616,

4.0000%, 5/1/47

228,429

222,081

Pool

#

CA0108,

3.5000%, 8/1/47

106,867

101,171

Pool

#

MA3149,

4.0000%, 10/1/47

1,267,452

1,223,276

Pool

#

CA0706,

4.0000%, 11/1/47

5,409,605

5,220,828

Pool

#

BM3282,

3.5000%, 12/1/47

114,888

108,764

Pool

#

CA4646,

3.0000%, 2/1/48

436,060

399,130

Pool

#

BJ9181,

5.0000%, 5/1/48

1,168,762

1,184,042

Pool

#

CA1931,

4.5000%, 6/1/48

1,434,744

1,419,947

Pool

#

MA3415,

4.0000%, 7/1/48

1,540,160

1,483,019

Pool

#

BK9507,

4.0000%, 10/1/48

596,745

577,002

Pool

#

MA3496,

4.5000%, 10/1/48

2,920,569

2,890,447

Pool

#

MA3521,

4.0000%, 11/1/48

1,814,288

1,746,976

Pool

#

BN3899,

4.0000%, 12/1/48

270,800

260,753

Pool

#

FA2754,

4.5000%, 1/1/49

118,971,129

117,717,572

Pool

#

BN4541,

4.0000%, 2/1/49

825,582

794,953

Pool

#

FM1598,

4.0000%, 2/1/49

1,015,336

977,666

Pool

#

MA3687,

4.0000%, 6/1/49

235,116

226,052

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

Pool

#

CA3683,

4.5000%, 6/1/49

$

109,005

$

107,731

Pool

#

MA3694,

4.5000%, 7/1/49

4,507

4,455

Pool

#

BO4113,

3.0000%, 8/1/49

90,994

80,780

Pool

#

BJ8459,

3.0000%, 8/1/49

99,941

88,722

Pool

#

BO1857,

4.5000%, 8/1/49

42,947

42,447

Pool

#

CA4035,

4.5000%, 8/1/49

171,826

169,817

Pool

#

BO2983,

3.0000%, 9/1/49

194,780

177,166

Pool

#

FM1540,

4.0000%, 9/1/49

3,459,043

3,325,525

Pool

#

CA4185,

4.5000%, 9/1/49

176,574

174,509

Pool

#

FM3447,

4.0000%, 11/1/49

359,916

347,122

Pool

#

FS2135,

4.0000%, 11/1/49

4,086,160

3,934,561

Pool

#

BO9819,

4.5000%, 12/1/49

210,191

207,736

Pool

#

FM7479,

4.5000%, 1/1/50

6,116,002

6,052,923

Pool

#

MA3908,

4.5000%, 1/1/50

237,105

234,342

Pool

#

FM5036,

4.0000%, 3/1/50

3,025,632

2,913,379

Pool

#

FS0088,

4.0000%, 3/1/50

5,886,053

5,691,309

Pool

#

FM9138,

4.0000%, 3/1/50

1,233,947

1,188,166

Pool

#

CA5573,

4.0000%, 4/1/50

1,487,446

1,425,869

Pool

#

FM7840,

4.0000%, 4/1/50

23,467,092

22,562,472

Pool

#

BP1500,

3.0000%, 5/1/50

2,300,695

2,089,599

Pool

#

MA4026,

4.0000%, 5/1/50

3,414,702

3,272,757

Pool

#

MA4056,

4.0000%, 6/1/50

3,179,762

3,047,582

Pool

#

CA6382,

4.5000%, 7/1/50

926,440

914,650

Pool

#

FM5076,

4.0000%, 8/1/50

1,757,757

1,684,990

Pool

#

FM4129,

4.0000%, 9/1/50

6,755,007

6,494,612

Pool

#

FM4738,

4.0000%, 9/1/50

17,766,064

17,027,549

Pool

#

FM5350,

4.5000%, 9/1/50

13,594,901

13,436,474

Pool

#

FS1578,

4.0000%, 10/1/50

6,062,020

5,846,530

Pool

#

FS8681,

4.5000%, 10/1/50

28,245,414

27,954,101

Pool

#

CA7849,

4.5000%, 10/1/50

2,036,015

2,012,289

Pool

#

FS2713,

4.5000%, 10/1/50

3,765,339

3,726,505

Pool

#

FS5818,

4.5000%, 10/1/50

11,306,819

11,175,056

Pool

#

FM7725,

4.5000%, 12/1/50

1,264,065

1,247,896

Pool

#

FS5362,

4.5000%, 12/1/50

11,152,750

11,022,783

Pool

#

FM7031,

4.0000%, 1/1/51

3,676,681

3,534,951

Pool

#

FS8335,

4.5000%, 1/1/51

29,969,164

29,660,073

Pool

#

FS8709,

4.5000%, 1/1/51

18,413,007

18,223,102

Pool

#

FS9239,

4.5000%, 1/1/51

24,501,524

24,248,824

Pool

#

FS2238,

4.0000%, 3/1/51

295,202

284,250

Pool

#

FS2548,

4.0000%, 3/1/51

302,753

291,083

Pool

#

FS2546,

4.0000%, 3/1/51

154,406

148,677

Pool

#

FM7460,

4.0000%, 3/1/51

108,289,085

104,114,711

Pool

#

FS7225,

4.0000%, 8/1/51

22,661,534

21,820,776

Pool

#

FS6382,

4.0000%, 8/1/51

21,430,214

20,635,138

Pool

#

FA0603,

4.5000%, 9/1/51

32,929,440

32,589,817

Pool

#

FS4781,

4.0000%, 10/1/51

23,019,708

22,132,334

Pool

#

FS3001,

4.0000%, 10/1/51

2,175,834

2,091,959

Pool

#

FS5028,

4.0000%, 10/1/51

20,188,595

19,410,357

Pool

#

FS6662,

4.0000%, 10/1/51

10,695,041

10,282,764

Pool

#

FS1133,

4.0000%, 10/1/51

115,349,151

110,902,622

Pool

#

CB2681,

3.5000%, 1/1/52

1,718,090

1,610,635

Pool

#

CB2907,

3.5000%, 2/1/52

4,569,446

4,283,306

Pool

#

BV5379,

3.0000%, 4/1/52

3,469,731

3,125,090

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

Pool

#

BV4203,

3.5000%, 4/1/52

$

1,060,039

$

992,797

Pool

#

BV8484,

3.5000%, 4/1/52

1,029,601

964,214

Pool

#

BV5393,

3.5000%, 4/1/52

3,059,526

2,865,224

Pool

#

FS1640,

4.0000%, 4/1/52

2,123,857

2,040,351

Pool

#

BV7131,

4.5000%, 4/1/52

129,268

126,702

Pool

#

BV7132,

4.5000%, 4/1/52

161,854

158,642

Pool

#

BW0081,

4.5000%, 4/1/52

229,906

225,343

Pool

#

BW0072,

4.5000%, 4/1/52

136,507

133,797

Pool

#

BV6879,

4.5000%, 4/1/52

406,658

398,649

Pool

#

BV7632,

4.5000%, 4/1/52

367,470

360,234

Pool

#

BW0343,

4.5000%, 5/1/52

634,196

621,608

Pool

#

FS7613,

4.5000%, 5/1/52

11,054,511

10,940,499

Pool

#

FS2144,

3.5000%, 6/1/52

10,415,939

9,759,959

Pool

#

FS7541,

4.0000%, 6/1/52

12,729,652

12,238,943

Pool

#

CB4329,

3.5000%, 7/1/52

443,826

415,840

Pool

#

FS8121,

4.0000%, 7/1/52

43,491,222

41,637,029

Pool

#

CB4128,

4.5000%, 7/1/52

17,876,269

17,605,930

Pool

#

BW0972,

4.5000%, 7/1/52

1,974,620

1,943,061

Pool

#

FA1798,

4.0000%, 8/1/52

29,996,922

28,760,332

Pool

#

BW6314,

5.5000%, 8/1/52

3,970,288

4,056,242

Pool

#

FS2863,

4.0000%, 9/1/52

19,121,002

18,326,848

Pool

#

FS9771,

4.0000%, 10/1/52

24,701,518

23,636,867

Pool

#

BX0804,

5.5000%, 11/1/52

1,136,341

1,162,880

Pool

#

FS3246,

5.5000%, 11/1/52

4,411,484

4,536,506

Pool

#

BX0421,

5.5000%, 11/1/52

10,148,656

10,364,422

Pool

#

BX0419,

5.5000%, 11/1/52

4,236,880

4,317,635

Pool

#

BT8051,

5.5000%, 1/1/53

1,389,783

1,429,866

Pool

#

BX6124,

6.5000%, 1/1/53

3,957,876

4,171,320

Pool

#

FS3883,

4.5000%, 2/1/53

30,320,809

29,838,852

Pool

#

BW7371,

5.5000%, 2/1/53

29,802,366

30,659,502

Pool

#

BX9326,

5.5000%, 3/1/53

4,464,130

4,579,060

Pool

#

BX9422,

5.5000%, 3/1/53

3,353,907

3,409,960

Pool

#

BX7860,

5.5000%, 3/1/53

1,301,813

1,335,417

Pool

#

BX8072,

5.5000%, 3/1/53

1,875,220

1,923,498

Pool

#

BX5986,

5.5000%, 3/1/53

4,962,067

5,105,217

Pool

#

BX8700,

5.5000%, 3/1/53

3,296,724

3,369,185

Pool

#

FA2190,

4.0000%, 4/1/53

38,248,585

36,611,991

Pool

#

BY0782,

5.5000%, 4/1/53

743,357

763,761

Pool

#

BY1896,

5.5000%, 5/1/53

1,363,926

1,393,697

Pool

#

BY0866,

5.5000%, 5/1/53

702,253

717,582

Pool

#

FS4356,

6.0000%, 5/1/53

6,904,952

7,108,818

Pool

#

BY0335,

6.0000%, 5/1/53

3,676,974

3,769,397

Pool

#

BY0338,

6.5000%, 5/1/53

1,913,480

1,994,609

Pool

#

BY0327,

6.5000%, 5/1/53

1,517,652

1,572,082

Pool

#

BY0337,

6.5000%, 5/1/53

5,865,381

6,122,506

Pool

#

FS9476,

4.0000%, 6/1/53

19,710,979

18,799,101

Pool

#

FS6257,

4.0000%, 6/1/53

25,758,475

24,574,788

Pool

#

BY0361,

6.5000%, 6/1/53

1,725,094

1,797,079

Pool

#

FA2446,

4.5000%, 7/1/53

33,655,142

33,091,845

Pool

#

FA1287,

4.5000%, 7/1/53

9,429,605

9,269,948

Pool

#

BY4134,

5.5000%, 7/1/53

11,073,713

11,257,880

Pool

#

BY8533,

6.5000%, 8/1/53

2,313,885

2,415,917

Pool

#

FS8881,

4.5000%, 9/1/53

41,096,059

40,617,150

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

Pool

#

BY5913,

5.5000%, 9/1/53

$

2,331,300

$

2,395,536

Pool

#

CB7112,

5.5000%, 9/1/53

20,439,887

20,994,760

Pool

#

DA1456,

5.5000%, 9/1/53

6,325,853

6,430,542

Pool

#

DA1468,

6.0000%, 9/1/53

5,924,027

6,127,113

Pool

#

DA0026,

6.0000%, 9/1/53

9,196,783

9,468,966

Pool

#

DA0036,

6.5000%, 9/1/53

3,229,692

3,372,107

Pool

#

DA1511,

5.5000%, 10/1/53

2,638,215

2,681,804

Pool

#

DA3522,

5.5000%, 10/1/53

924,394

939,667

Pool

#

DA1525,

6.0000%, 10/1/53

16,718,319

17,213,106

Pool

#

DA3538,

6.0000%, 10/1/53

2,556,895

2,632,568

Pool

#

DA3549,

6.5000%, 10/1/53

3,239,151

3,405,474

Pool

#

FS7252,

5.0000%, 11/1/53

145,351,107

145,218,612

Pool

#

DA5072,

6.5000%, 11/1/53

3,943,913

4,117,822

Pool

#

FS6236,

6.5000%, 11/1/53

11,041,221

11,514,199

Pool

#

DA5019,

6.5000%, 11/1/53

4,594,120

4,830,019

Pool

#

FS7117,

6.5000%, 2/1/54

10,449,535

10,897,167

Pool

#

CB8221,

5.5000%, 3/1/54

16,980,692

17,251,169

Pool

#

FS7397,

6.0000%, 3/1/54

6,897,237

7,100,932

Pool

#

DB3056,

5.5000%, 5/1/54

1,269,823

1,295,991

Pool

#

DB4017,

6.0000%, 5/1/54

6,623,146

6,818,747

Pool

#

CB8694,

6.0000%, 6/1/54

34,001,105

35,545,553

Pool

#

FA1129,

6.5000%, 6/1/54

23,523,944

24,521,322

Pool

#

FS8717,

6.0000%, 7/1/54

13,341,540

13,735,556

Pool

#

FA2033,

6.0000%, 7/1/54

135,672,019

139,960,271

Pool

#

FS8993,

6.0000%, 7/1/54

70,730,371

72,818,658

Pool

#

CB8995,

5.5000%, 8/1/54

1,032,787

1,050,373

Pool

#

FA1128,

6.5000%, 8/1/54

22,730,313

23,694,041

Pool

#

FS9116,

6.0000%, 9/1/54

16,745,520

17,240,065

Pool

#

FS9779,

5.5000%, 11/1/54

43,484,588

44,582,402

Pool

#

FS9788,

5.5000%, 11/1/54

29,311,119

29,817,903

Pool

#

CB9430,

5.5000%, 11/1/54

188,248,183

191,540,833

Pool

#

CB9613,

5.5000%, 12/1/54

48,172,422

49,015,005

Pool

#

DC7015,

5.5000%, 12/1/54

6,081,260

6,185,911

Pool

#

FA0576,

5.5000%, 1/1/55

36,146,851

37,105,520

Pool

#

FA0574,

5.5000%, 1/1/55

71,438,973

73,355,075

Pool

#

FA0470,

6.0000%, 1/1/55

12,462,371

12,830,422

Pool

#

DD3307,

6.0000%, 2/1/55

4,458,513

4,591,146

Pool

#

DD4221,

6.0000%, 2/1/55

2,300,088

2,368,512

Pool

#

DD5556,

6.0000%, 3/1/55

6,625,630

6,822,732

Pool

#

FA1549,

5.5000%, 5/1/55

17,783,796

18,248,974

Pool

#

FA1557,

6.0000%, 5/1/55

38,101,379

39,226,625

Pool

#

FA3105,

6.0000%, 5/1/55

34,141,479

35,023,991

Pool

#

FA1951,

6.0000%, 6/1/55

40,492,659

41,726,989

Pool

#

DE2839,

6.0000%, 6/1/55

2,659,557

2,740,628

Pool

#

DE1157,

6.0000%, 6/1/55

12,674,878

13,051,935

Pool

#

DE7795,

6.0000%, 8/1/55

3,998,130

4,120,004

Pool

#

DE7796,

6.0000%, 8/1/55

5,659,620

5,827,984

Pool

#

DE6043,

6.0000%, 8/1/55

12,488,162

12,859,665

Pool

#

CC0839,

6.0000%, 8/1/55

197,081,360

203,319,086

Pool

#

FA3025,

5.5000%, 9/1/55

87,817,759

90,077,568

Pool

#

CC1013,

5.5000%, 9/1/55

215,071,974

218,907,908

Pool

#

DE9377,

6.0000%, 9/1/55

4,702,843

4,825,949

Pool

#

DF0313,

6.0000%, 9/1/55

2,304,788

2,365,121

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

Pool

#

FA3191,

5.5000%, 10/1/55

$

32,766,086

$

33,586,220

Pool

#

FA3128,

5.5000%, 10/1/55

49,106,687

50,428,380

Pool

#

DF0998,

6.0000%, 10/1/55

1,855,094

1,903,654

FNMA,

Other

Pool

#

AB9283,

3.0000%, 4/1/38

132,770

122,971

Pool

#

AB6280,

3.0000%, 9/1/42

194,980

178,569

Pool

#

MA1229,

3.0000%, 10/1/42

145,860

134,268

Pool

#

MA1327,

3.0000%, 1/1/43

240,351

220,121

Pool

#

AR9225,

3.0000%, 3/1/43

330,688

304,527

Pool

#

MA1447,

3.0000%, 5/1/43

77,582

71,445

Pool

#

AS8547,

3.0000%, 11/1/46

71,727

64,920

Pool

#

BF0167,

3.0000%, 2/1/57

1,390,765

1,215,650

Pool

#

BF0226,

3.5000%, 1/1/58

22,355,088

20,812,965

Pool

#

BF0598,

2.5000%, 3/1/62

44,358,435

37,376,497

Pool

#

BF0646,

2.5000%, 6/1/62

49,569,642

41,763,630

Pool

#

BF0698,

3.5000%, 12/1/62

34,514,856

31,592,333

Pool

#

BF0713,

4.0000%, 3/1/63

22,013,552

20,814,440

Pool

#

BF0731,

2.5000%, 6/1/63

15,178,421

12,779,960

Pool

#

BF0783,

3.5000%, 12/1/63

12,760,232

11,671,966

Pool

#

BF0801,

2.5000%, 4/1/64

19,477,065

16,382,161

Pool

#

BF0807,

3.5000%, 4/1/64

22,631,261

20,690,595

Pool

#

BF0806,

3.5000%, 4/1/64

18,300,410

16,770,901

FNMA,

REMIC

3.0000%, 7/25/28

263,867

261,047

SOFR30A

+

0.5145%,

4.6973%, 4/25/32

‡

16,851

16,794

SOFR30A

+

0.6645%,

4.8473%, 4/25/32

‡

7,159

7,161

SOFR30A

+

0.6145%,

4.7973%, 9/25/33

‡

8,047

8,039

SOFR30A

+

0.4145%,

4.5973%, 10/25/35

‡

14,524

14,410

SOFR30A

+

0.4645%,

4.6473%, 4/25/36

‡

55,306

54,897

SOFR30A

+

0.6345%,

4.8173%, 9/25/37

‡

13,510

13,510

SOFR30A

+

0.5145%,

4.6973%, 9/25/40

‡

6,155

6,133

SOFR30A

+

53.7407%,

6.2806%, 10/25/40

‡

41,248

58,558

SOFR30A

+

0.5445%,

4.7273%, 11/25/40

‡

9,438

9,399

SOFR30A

+

0.5145%,

4.6973%, 9/25/42

‡

7,630

7,559

SOFR30A

+

0.4645%,

4.6473%, 10/25/42

‡

91,687

90,636

SOFR30A

+

3.8855%,

3.3321%, 11/25/42

‡

473,554

235,683

SOFR30A

+

0.6145%,

4.7973%, 2/25/43

‡

24,242

24,184

SOFR30A

+

0.8000%,

4.9828%, 9/25/52

‡

8,430,852

8,358,021

SOFR30A

+

1.1000%,

5.2828%, 3/25/55

‡

157,030,627

157,280,731

SOFR30A

+

1.2000%,

5.3828%, 3/25/55

‡

50,937,018

51,100,311

3.5000%, 1/25/61

~

18,892,656

4,068,259

FNMA/FHLMC

UMBS,

Year,

Single

Family

2.0000%,

TBA, 30

Year

Maturity

^

402,248,255

326,330,333

2.5000%,

TBA, 30

Year

Maturity

^

1,711,613,894

1,452,672,386

3.0000%,

TBA, 30

Year

Maturity

^

688,979,354

610,315,136

4.5000%,

TBA, 30

Year

Maturity

^

153,700,000

149,814,771

5.0000%,

TBA, 30

Year

Maturity

^

265,391,000

264,058,737

5.5000%,

TBA, 30

Year

Maturity

^

80,000,000

80,829,600

6.5000%,

TBA, 30

Year

Maturity

^

139,226,000

144,147,639

FREMF

Mortgage

Trust

,

SOFR30A

+

6.1145%

,

10.4221 %

,

9/25/29

(144A)

‡

789,970

780,571

Galaxy

Senior

Participation

Interest

Trust

,

0.0000 %

,

7/31/26

¢,‡

13,792,254

13,865,988

GNMA

CME

Term

SOFR

Month

+

0.5145%,

4.5463%, 8/16/29

‡

2,213

2,211

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

GNMA

-

(continued)

CME

Term

SOFR

Month

+

0.5145%,

4.5455%, 7/20/34

‡

$

26,397

$

26,334

CME

Term

SOFR

Month

+

0.4145%,

4.4463%, 8/16/34

‡

18,764

18,674

CME

Term

SOFR

Month

+

0.3145%,

4.3455%, 6/20/35

‡

15,901

15,726

CME

Term

SOFR

Month

+

0.2645%,

4.2955%, 8/20/35

‡

18,776

18,539

CME

Term

SOFR

Month

+

0.4145%,

4.4455%, 4/20/37

‡

7,036

6,970

CME

Term

SOFR

Month

+

0.4245%,

4.4555%, 6/20/37

‡

19,391

19,224

CME

Term

SOFR

Month

+

0.4345%,

4.4655%, 7/20/37

‡

30,474

30,193

CME

Term

SOFR

Month

+

0.6145%,

4.6455%, 10/20/37

‡

10,071

10,042

CME

Term

SOFR

Month

+

0.6145%,

4.6455%, 10/20/37

‡

24,178

24,107

CME

Term

SOFR

Month

+

0.6145%,

4.6455%, 2/20/38

‡

39,881

39,820

CME

Term

SOFR

Month

+

0.6145%,

4.6455%, 2/20/38

‡

19,503

19,474

CME

Term

SOFR

Month

+

0.7145%,

4.7463%, 1/16/40

‡

6,858

6,875

CME

Term

SOFR

Month

+

0.4645%,

4.4955%, 6/20/40

‡

CME

Term

SOFR

Month

+

0.5445%,

4.5763%, 10/16/40

‡

22,175

22,157

0.0000%, 5/16/41

§

3,308,909

2,538,368

CME

Term

SOFR

Month

+

0.4145%,

4.4455%, 7/20/41

‡

11,542

11,504

SOFR30A

+

1.3000%,

5.4838%, 8/20/53

‡

4,799,866

4,818,943

GNMA

II,

Year

Pool

#

MA5021,

4.5000%, 2/20/48

926,972

921,398

Pool

#

MA5192,

4.0000%, 5/20/48

218,173

210,334

Pool

#

MA5264,

4.0000%, 6/20/48

728,169

701,322

Pool

#

BF6874,

4.5000%, 7/20/48

127,023

125,248

Pool

#

BK5879,

4.5000%, 11/20/48

111,629

108,648

Pool

#

BK6072,

5.0000%, 1/20/49

9,055

9,142

GNMA

II,

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

443,715,414

384,076,513

3.0000%,

TBA, 30

Year

Maturity

^

203,159,962

182,701,144

3.5000%,

TBA, 30

Year

Maturity

^

147,859,377

135,296,209

4.0000%,

TBA, 30

Year

Maturity

^

114,954,688

108,671,380

4.5000%,

TBA, 30

Year

Maturity

^

127,692,488

124,579,728

5.0000%,

TBA, 30

Year

Maturity

^

411,201,194

409,803,521

5.5000%,

TBA, 30

Year

Maturity

^

183,586,000

185,080,390

GNMA

II,

Other

Pool

#

MA5753,

4.0000%, 2/20/49

145,834

136,615

Pool

#

MA5866,

4.0000%, 4/20/49

132,719

124,747

GS

Mortgage-Backed

Securities

Trust

,

4.1000 %

,

7/25/65

(144A)

Ç

14,337,660

14,000,589

Homeward

Opportunities

Fund

Trust

7.1200%, 7/25/29

(144A)

Ç

17,261,000

17,304,296

5.4760%, 3/25/40

(144A)

Ç

12,500,000

12,556,209

5.2370%, 9/25/40

(144A)

Ç

4,682,000

4,693,035

J.P.

Morgan

Mortgage

Trust

,

5.5000 %

,

11/25/55

(144A)

Ç

30,167,475

30,284,139

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

Month

+

2.3645%,

6.3555%, 10/25/57

(144A)

‡

13,519,355

13,941,325

CME

Term

SOFR

Month

+

2.6145%,

6.6055%, 10/25/57

(144A)

‡

1,983,012

2,044,439

JPMorgan

Mortgage

Trust

,

3.0000 %

,

6/25/45

(144A)

‡

468,349

409,495

LHOME

Mortgage

Trust

7.0170%, 1/25/29

(144A)

Ç

6,341,000

6,370,431

7.1280%, 3/25/29

(144A)

Ç

5,293,684

5,333,977

6.9000%, 5/25/29

(144A)

Ç

9,960,000

10,062,357

6.0920%, 7/25/39

(144A)

Ç

6,870,000

6,893,536

5.7510%, 9/25/39

(144A)

Ç

9,325,000

9,371,147

5.2390%, 8/25/40

(144A)

Ç

4,000,000

4,013,335

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

Mello

Mortgage

Capital

Acceptance

,

4.0000 %

,

4/25/54

(144A)

Ç

$

7,379,026

$

7,264,479

MHC

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

0.9154%

,

4.9474 %

,

4/15/38

(144A)

‡

586,117

585,411

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

4.2500 %

,

2/25/65

(144A)

‡

5,882,000

5,719,908

New

Residential

Mortgage

Loan

Trust

,

7.1010 %

,

3/25/39

(144A)

Ç

2,750,000

2,770,074

NRM

FHT1

Excess

Owner

LLC

,

6.5450 %

,

3/25/32

(144A)

Ç

39,304,919

39,842,826

OBX

Trust

,

SOFR30A

+

1.5000%

,

5.6828 %

,

10/25/55

(144A)

‡

41,590,205

41,589,191

PMT

Loan

Trust

,

SOFR30A

+

1.4000%

,

5.6932 %

,

11/27/56

(144A)

‡

41,972,000

41,974,640

PRET

LLC

,

6.3677 %

,

4/25/55

(144A)

Ç

11,636,861

11,688,093

PRET

Trust

4.0000%, 8/25/64

(144A)

Ç

6,591,675

6,463,790

4.1500%, 4/25/65

(144A)

Ç

22,960,123

22,374,413

4.0000%, 7/25/69

(144A)

Ç

15,445,378

15,097,932

4.1500%, 1/25/70

(144A)

Ç

12,962,000

12,612,846

PRPM

LLC

5.7740%, 8/25/28

(144A)

Ç

7,221,181

7,217,879

5.7290%, 7/25/30

(144A)

Ç

14,990,433

14,972,506

3.7500%, 3/25/54

(144A)

Ç

2,429,903

2,390,702

3.2500%, 4/25/55

(144A)

Ç

6,340,491

6,089,372

3.0000%, 5/25/55

(144A)

Ç

8,708,852

8,186,462

5.2500%, 7/25/55

(144A)

Ç

2,380,125

2,369,786

5.2500%, 7/25/55

(144A)

Ç

1,700,000

1,684,390

5.2500%, 7/25/55

(144A)

Ç

15,752,667

15,848,869

4.5000%, 8/25/55

(144A)

Ç

5,331,211

5,279,289

Radian

Mortgage

Capital

Trust

,

SOFR30A

+

1.5500%

,

5.7308 %

,

3/25/56

(144A)

‡

41,983,000

41,978,953

RCKT

Mortgage

Trust

,

6.5150 %

,

6/25/43

(144A)

‡

4,190,511

4,209,682

Reach

ABS

Trust

,

6.3000 %

,

2/18/31

(144A)

244,538

244,783

Saluda

Grade

Alternative

Mortgage

Trust

8.0000%, 4/25/29

(144A)

Ç

8,960,858

8,917,766

7.5000%, 2/25/30

(144A)

Ç

12,445,279

12,505,393

7.7620%, 4/25/30

(144A)

Ç

8,254,619

8,339,186

7.4390%, 7/25/30

(144A)

Ç

15,216,666

15,329,648

Saluds

Grade

Alternative

Mortgage

Trust

,

5.3200 %

,

10/25/40

(144A)

Ç

7,388,000

7,369,543

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

652,557

581,792

4.0000%, 9/25/49

(144A)

‡

80,538

74,496

SREIT

Trust

,

CME

Term

SOFR

Month

+

1.1943%

,

5.2265 %

,

11/15/38

(144A)

‡

4,194,207

4,183,308

Vontive

Mortgage

Trust

,

6.5070 %

,

3/25/30

(144A)

Ç

15,444,000

15,717,544

Total

Mortgage-Backed

Securities

(cost

$10,577,398,193)

10,652,524,076

Investment

Companies

-

1.3%

Money

Market

Funds

-

1.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$83,275,230)

83,271,316

83,287,971

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.0%

Investment

Companies

-

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

£,∞

83,800

83,800

Time

Deposits

-

0.0%

Royal

Bank

of

Canada,

3.8500%,

11/3/25

20,950

20,950

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$104,750)

104,750

Total

Investments

(total

cost

$

11,164,254,255)

-

168.7%

11,242,244,309

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(68.7%)

(4,577,022,680)

Net

Assets

-

100.0%

$6,665,221,629

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

11,241,434,312

100.0 %

Cayman

Islands

809,997

0.0 Total

$11,242,244,309

100.0%

#### Schedule

#### of

#### TBA

#### sales

#### commitments

#### -

#### (%

#### of

#### Net

#### Assets)
*Principal* 

*Amounts*

*Value*

Securities

Sold

Short

-

(40.4)%

Mortgage-Backed

Securities

-

(40.4)%

FNMA/FHLMC

UMBS,

Year,

Single

Family,

3.5000%,

TBA,

Year

Maturity

^

$

(95,653,000)

$

(88,151,700)

FNMA/FHLMC

UMBS,

Year,

Single

Family,

4.0000%,

TBA,

Year

Maturity

^

(721,596,155)

(684,575,386)

FNMA/FHLMC

UMBS,

Year,

Single

Family,

4.5000%,

TBA,

Year

Maturity

^

(508,608,342)

(495,751,740)

FNMA/FHLMC

UMBS,

Year,

Single

Family,

5.0000%,

TBA,

Year

Maturity

^

(384,287,826)

(382,358,701)

FNMA/FHLMC

UMBS,

Year,

Single

Family,

5.5000%,

TBA,

Year

Maturity

^

(486,618,400)

(491,664,633)

FNMA/FHLMC

UMBS,

Year,

Single

Family,

6.0000%,

TBA,

Year

Maturity

^

(490,162,167)

(501,205,521)

FNMA/FHLMC

UMBS,

Year,

Single

Family,

6.5000%,

TBA,

Year

Maturity

^

(46,251,000)

(47,885,973)

Total

Securities

Sold

Short

(proceeds

$2,685,658,748)

$

(2,691,593,654)

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Short

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

(2,691,593,654)

100.0%

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

1.3%

Money

Market

Funds

-

1.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

199,745,278

$

7,947,768,895

$

(8,064,221,359)

$

(17,584)

$

12,741

$

83,287,971

83,271,316

$

5,261,672

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.0%

Investment

Companies

-

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

–

3,053,642

(2,969,842)

–

–

83,800

83,800

726

Δ

Total

Affiliated

Investments

-

1.3%

$199,745,278

$7,950,822,537

$(8,067,191,201)

$(17,584)

$12,741

$83,371,771

$5,262,398

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025. 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,

2025. #### Schedule

#### of

#### Futures

#### Contracts
*Description*

*Number* 

*of*

*Contracts*

*Expiration*

*Date*

*Notional*

*Amount*

*Value* 

*and*

*Unrealized*

*Depreciation*

*Futures* 

*Long:*

U.S.

Treasury

Year

Notes

3,000

12/31/25

$

327,632,814

$

(211,977)

Total

-

Futures

Long

(211,977)

*Futures* 

*Short:*

U.S.

Treasury

Year

Notes

12/19/25

(25,914,531)

(99,447)

U.S.

Treasury

Year

Ultra

Bonds

1,271

12/19/25

(146,780,641)

(1,136,541)

U.S.

Treasury

Ultra

Bonds

12/19/25

(37,475,906)

(1,429,442)

Total

-

Futures

Short

(2,665,430)

Total

$(2,877,407)

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### as

#### of

#### October

#### 31,

#### 2025
*Interest* 

*Rate*

*Contracts*

*Total*

Liability

Derivatives:

\*

Futures

contracts

$

2,877,407

$

2,877,407

Total

Liability

Derivatives

$

2,877,407

$

2,877,407

\*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### on

#### the

#### Statement

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### October

#### 31,

#### 2025
*Amount* 

*of* 

*Realized* 

*Gain/(Loss)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Total*

Futures

contracts

$

—

$

(10,360,634)

$

(10,360,634)

Swap

contracts

(2,291,279)

—

(2,291,279)

Total

$

(2,291,279)

$

(10,360,634)

$

(12,651,913)

*Amount* 

*of* 

*Change* 

*in* 

*Unrealized* 

*Appreciation/(Depreciation)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Total*

Futures

contracts

$

—

$

6,305,138

$

6,305,138

Swap

contracts

689,896

—

689,896

Total

$

689,896

$

6,305,138

$

6,995,034

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

"Net

realized

and

change

in

unrealized

gain/(loss)

on

investments"

sections

of

the

Fund's

Statement

of

Operations.

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Average

#### Ending

#### Monthly

#### Value

#### of

#### Derivative

#### Instruments

#### During

#### the

#### Year

#### Ended

#### October

#### 31,

#### 2025
Futures

contracts:

Average

notional

amount

of

contracts

-

long

$556,840,934

Average

notional

amount

of

contracts

-

short

224,374,620

*Counterparty*

*Gross* 

*Amounts* 

*of* 

*Recognized* 

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral* 

*Pledged*

(b) *Net* 

*Amount*

JPMorgan

Chase

Bank

NA

$

102,501

$

—

$

(102,501)

$

—

(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

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

SOFR90A

Secured

Overnight

Financing

Rate

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

securities

as

of

the

year

ended

October

31,

2025

is

$13,865,988,

which

represents

0.2%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2025. ∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

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

1933

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,

2025

is

$1,429,317,217

which

represents

21.4%

of

net

assets.

~

IO

–

Interest

Only

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Asset-Backed* 

*Securities*

$

—

$

496,927,654

$

—

$

496,927,654

*Corporate* 

*Bond*

—

9,399,858

—

9,399,858

*Mortgage-Backed* 

*Securities*

—

10,638,658,088

13,865,988

10,652,524,076

*Investment* 

*Companies*

—

83,287,971

—

83,287,971

*Investments* 

*Purchased* 

*with* 

*Cash* 

*Collateral* 

*from* 

*Securities* 

*Lending*

—

104,750

—

104,750

#### Total

#### Assets
$

—

$

11,228,378,321

$

13,865,988

$

11,242,244,309

#### Liabilities

#### TBA

#### sales

#### commitments:
*Mortgage-Backed* 

*Securities*

$

—

$

2,691,593,654

$

—

$

2,691,593,654

#### Other

#### Financial

#### Instruments
(a) #### :
*Futures* 

*Contracts*

$

2,877,407

$

—

$

—

$

2,877,407

#### Total

#### Liabilities
$

2,877,407

$

2,691,593,654

$

—

$

2,694,471,061

(a) Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$11,080,895,225)

(1) $

11,158,872,538

Affiliated

investments,

at

value

(cost

$83,359,030)

83,371,771

Due

from

broker

for

futures

2,830,000

Receivable

for

variation

margin

on

futures

contracts

723,545

Receivables:

TBA

investments

sold

2,912,177,322

Interest

24,150,810

Collateral

for

To

be

Announced

Transactions

5,832,995

Total

Assets

14,187,958,981

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$2,685,658,748)

2,691,593,654

Collateral

on

securities

loaned

(Note

3)

104,750

Due

to

custodian

4,095,237

Payables:

Investments

purchased

37,797,795

TBA

investments

purchased

4,787,972,681

Management

fees

1,173,235

Total

Liabilities

7,522,737,352

Commitments

and

contingent

liabilities

Net

Assets

$

6,665,221,629

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

6,673,540,457

Total

distributable

earnings

(loss)

(8,318,828)

Total

Net

Assets

$

6,665,221,629

Net

Assets

$

6,665,221,629

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

145,450,000

Net

Asset

Value

Per

Share

$

.82

(1) Includes

$102,501

of

securities

on

loan.

See

Note

in

Notes

to

Financial

Statements.

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

285,047,141

Dividends

from

affiliates

5,261,672

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

726

Unaffiliated

securities

lending

income,

net

Total

Investment

Income

290,309,724

Expenses:

Management

Fees

11,588,451

Total

Expenses

11,588,451

Net

Investment

Income/(Loss)

278,721,273

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

19,132,004

Investments

in

affiliates

(17,584)

TBA

sales

commitments

(14,838,191)

Futures

contracts

(10,360,634)

Swap

contracts

(2,291,279)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(8,375,684)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

167,754,313

Investments

in

affiliates

12,741

TBA

sales

commitments

(29,818,034)

Futures

contracts

6,305,138

Swap

contracts

689,896

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

144,944,054

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

415,289,643

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

278,721,273

$

209,652,872

Net

realized

gain/(loss)

on

investments

(8,375,684)

86,182,589

Change

in

unrealized

net

appreciation/depreciation

144,944,054

39,656,277

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

415,289,643

335,491,738

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(288,177,540)

(194,947,817)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(288,177,540)

(194,947,817)

Capital

Share

Transactions

1,838,995,906

2,552,451,886

Net

Increase/(Decrease)

in

Net

Assets

1,966,108,009

2,692,995,807

Net

Assets:

—

—

Beginning

of

Year

4,699,113,620

2,006,117,813

End

of

Year

$

6,665,221,629

$

4,699,113,620

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$44.97

$42.17

$44.25

$52.94

$53.58

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1) 2.30 2.42 2.18 0.92 0.66 Net

realized

and

unrealized

gain/(loss)

0.98 2.68 (2.33)

(8.73)

(0.19)

Total

from

Investment

Operations

3.28 5.10 (0.15)

(7.81)

0.47 Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(2.43)

(2.30)

(1.93)

(0.88)

(1.00)

Distributions

(from

capital

gains)

—

—

—

—

(0.11)

Total

Dividends

and

Distributions

(2.43)

(2.30)

(1.93)

(0.88)

(1.11)

Net

Asset

Value,

End

of

Period

$45.82

$44.97

$42.17

$44.25

$52.94

Total

Return

7.56%

12.23%

(0.57)%

(14.89)%

0.88%

Net

assets,

End

of

Period

(in

thousands)

$6,665,222

$4,699,114

$2,006,118

$776,603

$848,374

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.21%

0.22%

0.26%

0.28%

0.28%

Ratio

of

Net

Investment

Income/(Loss)

5.14%

5.37%

4.83%

1.86%

1.24%

Portfolio

Turnover

Rate

(2)(3)

102%

57%

48%

143%

162%

(1) Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(3) Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Mortgage-Backed

Securities 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 fifteen

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

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

days

or

less

may

be

evaluated

and

valued

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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.

The

following

describes

the

amounts

of

transfers

into

or

out

of

Level

of

the

fair

value

hierarchy

during

the

year:

Financial

assets

of

$13,865,988

were

transferred

out

of

Level 2

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

#### 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

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

2025 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

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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:

#### 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.

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

"ASET"

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

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.

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.

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).

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

hedging

purposes.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

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

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

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,

2025. 3. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Privately

#### Issued

#### Securities

#### Risk
Privately-issued

securities

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

"Securities

Act").

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund's

net

asset

value

per

share

("NAV")

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result.

#### Mortgage

#### and

#### Asset-Backed

#### Securities
Mortgage-and

asset-backed

securities

represent

interests

in

"pools"

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

("Ginnie

Mae"),

the

Federal

National

Mortgage

Association

("Fannie

Mae"),

the

Federal

Home

Loan

Mortgage

Corporation

("Freddie

Mac"),

or

other

governmental

or

government-related

entities.

Ginnie

Mae's

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

("FHFA"),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities'

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA's

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities'

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund's

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

#### TBA

#### Commitments
The

Fund

may

enter

into

"to

be

announced"

or

"TBA"

commitments.

TBAs

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities,

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

Although

TBA

securities

must

meet

industry-accepted

"good

delivery"

standards,

there

can

be

no

assurance

that

a

security

purchased

on

forward

commitment

basis

will

ultimately

be

issued

or

delivered

by

the

counterparty.

During

the

settlement

period,

the

Fund

will

still

bear

the

risk

of

any

decline

in

the

value

of

the

security

to

be

delivered.

Because

TBA

commitments

do

not

require

the

delivery

of

a

specific

security,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

("MSFTA")

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund's

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund's

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash.

#### When-Issued,

#### Delayed

#### Delivery

#### and

#### Forward

#### Commitment

#### Transactions
The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund's

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security's

price

appreciates

in

value

such

that

the

security's

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

As

of

October

31,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$102,501

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2025 is $104,750,

resulting

in

the

net

amount

due

to

the

counterparty

of

$2,249.

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,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.21% of

the

Fund's

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent

that

the

Fund's

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business)

exceed

the

annual

rate

0.22% of

the

Fund's

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

through

February

28,

2026. The

previous

expense

limit

for

the

period

from

February

29,

2024

through

February

28,

2025

was

0.23%. If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

"Excess

Expense

Reimbursement

and

Waivers"

on

the

Statement

of

Operations.

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.

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2025, the

Adviser

owned 8,341

shares

or 0.01%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2025 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,

2025,

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$27,695,955

$—

$(107,080,785)

$—

$(5,934,905)

$77,000,907

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2025

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.

6. #### Capital

#### Share

#### Transactions
7. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(64,506,128)

$(42,574,657)

$(107,080,785)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$11,165,243,402

$88,831,012

$(11,830,105)

$77,000,907

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$(2,688,536,156)

$575,305

$(6,510,210)

$(5,934,905)

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$288,177,540

$—

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$194,947,817

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

47,350,000

$

2,123,865,835

57,325,000

$

2,570,805,671

Shares

repurchased

(6,400,000)

(284,869,929)

(400,000)

(18,353,785)

Net

Increase/(Decrease)

40,950,000

$

1,838,995,906

56,925,000

$

2,552,451,886

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

For

the

year

ended

October

31,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows:

For

the

year

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

8. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

9. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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*

$7,371,376,553

$5,489,995,788

$—

$—

*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*

$19,578,039

$—

$—

$—

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Janus

Detroit

Street

Trust

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(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,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

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

audits

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,

2025

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

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Designation

#### Requirements
(unaudited)

October

31,

2025

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

98.36%

#### Janus

#### Henderson

#### Mortgage-Backed

#### Securities

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93085

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

.4

%

1988

CLO

Ltd.

2022-1A

AR,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

10/15/39

(144A)

‡

$

133,000,000

$

133,344,084

1988

CLO

Ltd.

2023-2A

A1R,

CME

Term

SOFR

Month

+

1.2000%,

5.1045%,

4/15/38

(144A)

‡

89,620,000

89,721,091

Capital

CLO

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.5000%,

5.4045%,

7/15/38

(144A)

‡

10,000,000

10,036,518

522

Funding

CLO

Ltd.

2020-6A

A1R2,

CME

Term

SOFR

Month

+

1.2000%,

5.0598%,

10/23/34

(144A)

‡

16,000,000

16,012,442

720

East

CLO

VII

Ltd.

2025-7A

A1,

CME

Term

SOFR

Month

+

1.0600%,

4.9444%,

4/20/37

(144A)

‡

127,820,000

127,701,345

720

East

CLO

VIII

Ltd.

2025-8A

A1,

CME

Term

SOFR

Month

+

1.3100%,

5.3892%,

7/20/38

(144A)

‡

30,942,613

31,014,486

AB

BSL

CLO

Ltd.

2020-1A

A1R,

CME

Term

SOFR

Month

+

1.3700%,

5.2745%,

1/15/35

(144A)

‡

28,500,000

28,500,000

AB

BSL

CLO

Ltd.

2020-1A

A1R2,

CME

Term

SOFR

Month

+

1.2500%,

0.0000%,

10/15/38

(144A)

†,‡

175,000,000

175,047,950

AB

BSL

CLO

Ltd.

2024-5A

A1,

CME

Term

SOFR

Month

+

1.3600%,

5.2444%,

1/20/38

(144A)

‡

70,000,000

70,196,469

AB

BSL

CLO

Ltd.

2025-6A

A,

CME

Term

SOFR

Month

+

1.4300%,

5.3144%,

7/20/37

(144A)

‡

100,000,000

100,221,700

AGL

CLO

Ltd.

2021-16A

AR,

CME

Term

SOFR

Month

+

0.9500%,

4.8344%,

1/20/35

(144A)

‡

143,394,000

143,250,721

AGL

CLO

Ltd.

2022-17A

AR,

CME

Term

SOFR

Month

+

0.9500%,

4.8200%,

1/21/35

(144A)

‡

131,858,000

131,726,155

AGL

CLO

Ltd.

2022-23A

A1R,

CME

Term

SOFR

Month

+

1.1500%,

5.0344%,

4/20/38

(144A)

‡

78,100,000

78,062,731

AGL

CLO

Ltd.

2023-26A

A2R,

CME

Term

SOFR

Month

+

1.5500%,

5.4200%,

10/21/38

(144A)

‡

15,000,000

15,059,709

AGL

CLO

Ltd.

2024-30RA

A1,

CME

Term

SOFR

Month

+

1.5300%,

5.4000%,

4/21/37

(144A)

‡

26,000,000

26,077,987

AGL

CLO

Ltd.

2024-32A

A1,

CME

Term

SOFR

Month

+

1.3800%,

5.2500%,

7/21/37

(144A)

‡

10,000,000

10,021,921

AGL

CLO

Ltd.

2024-34A

A1,

CME

Term

SOFR

Month

+

1.3400%,

5.1973%,

1/22/38

(144A)

‡

10,000,000

10,026,418

AGL

CLO

Ltd.

2024-37A

A1,

CME

Term

SOFR

Month

+

1.2400%,

5.0974%,

4/22/38

(144A)

‡

35,151,724

35,210,287

AGL

CLO

Ltd.

2025-40A

A1,

CME

Term

SOFR

Month

+

1.2400%,

5.0974%,

7/22/38

(144A)

‡

20,000,000

20,034,600

AGL

CLO

Ltd.

2025-42A

A1,

CME

Term

SOFR

Month

+

1.3000%,

5.5692%,

7/22/38

(144A)

‡

23,675,000

23,721,308

AGL

Core

CLO

Ltd.

2019-2A

A1R,

CME

Term

SOFR

Month

+

1.4600%,

5.3444%,

7/20/37

(144A)

‡

85,000,000

85,294,840

AGL

Core

CLO

Ltd.

2025-38A

A1,

CME

Term

SOFR

Month

+

1.2400%,

5.0974%,

1/22/38

(144A)

‡

82,500,000

82,635,547

AIMCO

CLO

2018-AA

AR,

CME

Term

SOFR

Month

+

1.3100%,

5.1916%,

10/17/37

(144A)

‡

75,800,000

75,945,233

AIMCO

CLO

2017-AA

AR2,

CME

Term

SOFR

Month

+

1.1400%,

5.0244%,

1/20/38

(144A)

‡

21,310,000

21,295,439

AIMCO

CLO

2015-AA

A1R4,

CME

Term

SOFR

Month

+

1.2500%,

5.1316%,

10/17/38

(144A)

‡

84,330,000

84,456,495

Aimco

CLO

Ltd.

2021-14A

A1R,

CME

Term

SOFR

Month

+

1.2200%,

5.1375%,

10/20/38

(144A)

‡

20,000,000

20,024,578

Aimco

CLO

Ltd.

2023-20A

A1R,

CME

Term

SOFR

Month

+

1.2100%,

5.1036%,

10/16/38

(144A)

‡

88,000,000

88,109,111

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

AIMCO

CLO

Ltd.

2025-23A

A,

CME

Term

SOFR

Month

+

1.1300%,

5.0144%,

4/20/38

(144A)

‡

$

21,750,000

$

21,736,985

Allegro

CLO

XIII

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.3400%,

5.2244%,

7/20/38

(144A)

‡

30,995,724

31,067,293

Allegro

CLO

XIV

Ltd.

2021-2A

A1R,

CME

Term

SOFR

Month

+

1.3400%,

5.2445%,

10/15/37

(144A)

‡

10,000,000

10,025,737

Allegro

CLO

XVIII

Ltd.

2024-4A

A1,

CME

Term

SOFR

Month

+

1.3800%,

5.2380%,

1/25/38

(144A)

‡

42,100,000

42,218,259

AMMC

CLO

Ltd.

2021-24A

AR,

CME

Term

SOFR

Month

+

1.2000%,

5.0844%,

1/20/35

(144A)

‡

32,400,000

32,401,166

AMMC

CLO

Ltd.

2022-25A

A1R2,

CME

Term

SOFR

Month

+

1.3000%,

5.2045%,

10/15/38

(144A)

‡

94,100,000

94,341,988

AMMC

CLO

Ltd.

2023-26A

A1R,

CME

Term

SOFR

Month

+

1.2700%,

5.1745%,

4/15/36

(144A)

‡

167,750,000

167,993,003

AMMC

CLO

Ltd.

2022-27A

A1R,

CME

Term

SOFR

Month

+

1.0800%,

4.9644%,

1/20/37

(144A)

‡

143,150,000

143,020,950

AMMC

CLO

Ltd.

2024-30A

A2,

CME

Term

SOFR

Month

+

1.9500%,

5.8545%,

1/15/37

(144A)

‡

8,000,000

8,033,494

Anchorage

Capital

CLO

LLC

2019-13A

ARR,

CME

Term

SOFR

Month

+

1.2700%,

5.1745%,

4/15/38

(144A)

‡

95,300,000

95,412,054

Anchorage

Capital

CLO

Ltd.

2020-15A

A1R2,

CME

Term

SOFR

Month

+

1.4100%,

5.6210%,

7/20/38

(144A)

‡

110,000,000

110,316,349

Anchorage

Capital

CLO

Ltd.

2020-16A

A1R2,

CME

Term

SOFR

Month

+

1.2500%,

5.1344%,

1/19/38

(144A)

‡

236,875,000

237,276,029

Anchorage

Capital

CLO

Ltd.

2021-17A

A1R,

CME

Term

SOFR

Month

+

1.2300%,

5.1345%,

2/15/38

(144A)

‡

207,000,000

207,260,861

Anchorage

Capital

CLO

Ltd.

2022-24A

A2R,

CME

Term

SOFR

Month

+

1.6500%,

5.5545%,

7/15/37

(144A)

‡

18,000,000

18,047,799

Anchorage

Capital

CLO

Ltd.

2024-30A

A1,

CME

Term

SOFR

Month

+

1.3000%,

5.1844%,

1/20/37

(144A)

‡

35,000,000

35,048,986

Anchorage

Capital

CLO

Ltd.

2015-6A

AR4,

CME

Term

SOFR

Month

+

1.3700%,

5.6404%,

7/22/38

(144A)

‡

34,500,000

34,576,373

Anchorage

Capital

CLO

Ltd.

2016-9A

AR3,

CME

Term

SOFR

Month

+

1.4500%,

5.3545%,

7/15/37

(144A)

‡

10,000,000

10,035,915

Apex

Credit

CLO

Ltd.

2025-12A

A1,

CME

Term

SOFR

Month

+

1.2700%,

5.1544%,

4/20/38

(144A)

‡

12,800,000

12,814,074

Apex

Credit

CLO

LLC

2020-2A

AR,

CME

Term

SOFR

Month

+

1.4600%,

5.5795%,

10/20/38

(144A)

‡

73,750,000

74,003,029

Apex

Credit

CLO

Ltd.

2021-1A

ANR,

CME

Term

SOFR

Month

+

1.2200%,

5.1044%,

7/18/34

(144A)

‡

12,100,000

12,100,000

Apex

Credit

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

Month

+

1.8000%,

5.6844%,

4/20/36

(144A)

‡

15,000,000

15,034,582

Apex

Credit

CLO

Ltd.

2024-2A

A,

CME

Term

SOFR

Month

+

1.5200%,

5.3780%,

7/25/37

(144A)

‡

66,050,000

66,257,238

Apidos

CLO

LIII

2025-53A

A1,

CME

Term

SOFR

Month

+

1.3200%,

5.2044%,

7/20/38

(144A)

‡

23,450,000

23,509,167

Apidos

CLO

Xxv

2016-25A

A1R3,

CME

Term

SOFR

Month

+

1.1400%,

5.0244%,

1/20/37

(144A)

‡

147,155,000

147,066,707

Apidos

CLO

XXXVII

2021-37A

A,

CME

Term

SOFR

Month

+

1.3916%,

5.2490%,

10/22/34

(144A)

‡

20,900,000

20,913,125

Ares

LIII

CLO

Ltd.

2019-53A

A1R,

CME

Term

SOFR

Month

+

1.2800%,

5.1454%,

10/24/36

(144A)

‡

253,955,000

254,144,527

Ares

LIII

CLO

Ltd.

2019-53A

A2R,

CME

Term

SOFR

Month

+

1.5000%,

5.3654%,

10/24/36

(144A)

‡

13,000,000

13,019,172

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

ARES

Loan

Funding

II

Ltd.

2022-ALF2A

A1R2,

CME

Term

SOFR

Month

+

1.2500%,

5.4295%,

10/20/38

(144A)

‡

$

130,000,000

$

130,139,880

Ares

Loan

Funding

IX

Ltd.

2025-ALF9A

A1,

CME

Term

SOFR

Month

+

1.1800%,

5.0845%,

3/31/38

(144A)

‡

154,500,000

154,440,255

Ares

Loan

Funding

VIII

Ltd.

2024-ALF8

A1,

CME

Term

SOFR

Month

+

1.2500%,

5.1154%,

1/24/38

(144A)

‡

243,440,000

243,877,218

Ares

LV

CLO

Ltd.

2020-55A

A1R2,

CME

Term

SOFR

Month

+

1.3700%,

5.2745%,

10/15/37

(144A)

‡

39,250,000

39,357,773

Ares

LXIII

CLO

Ltd.

2022-63A

A1R,

CME

Term

SOFR

Month

+

1.3100%,

5.5931%,

10/15/38

(144A)

‡

27,800,000

27,872,758

Ares

LXIV

CLO

Ltd.

2022-64A

AR,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

10/24/39

(144A)

‡

15,000,000

15,037,075

Ares

LXIX

CLO

Ltd.

2024-69A

A2,

CME

Term

SOFR

Month

+

1.7000%,

5.6045%,

4/15/36

(144A)

‡

17,500,000

17,551,149

Ares

LXVI

CLO

Ltd.

2022-66A

A1R2,

CME

Term

SOFR

Month

+

1.2700%,

5.3284%,

10/25/38

(144A)

‡

23,350,000

23,382,067

Ares

LXVII

CLO

Ltd.

2022-67A

A1R,

CME

Term

SOFR

Month

+

1.1900%,

5.0480%,

1/25/38

(144A)

‡

59,500,000

59,509,062

Ares

LXXII

CLO

Ltd.

2024-72A

A2,

CME

Term

SOFR

Month

+

1.5800%,

5.4845%,

7/15/36

(144A)

‡

24,500,000

24,555,747

Ares

LXXIV

CLO

Ltd.

2024-74A

A2,

CME

Term

SOFR

Month

+

1.5500%,

5.4545%,

10/15/36

(144A)

‡

22,500,000

22,548,060

Ares

XLIII

CLO

Ltd.

2017-43A

A2R2,

CME

Term

SOFR

Month

+

1.6000%,

5.5045%,

1/15/38

(144A)

‡

5,000,000

5,012,237

Ares

XXXIX

CLO

Ltd.

2016-39A

AR3,

CME

Term

SOFR

Month

+

1.4200%,

5.3044%,

7/18/37

(144A)

‡

15,250,000

15,289,437

Arini

US

CLO

I

Ltd.

1A

A,

CME

Term

SOFR

Month

+

1.5000%,

5.4045%,

4/15/38

(144A)

‡

10,000,000

10,034,846

Arini

US

CLO

II

Ltd.

2A

A,

CME

Term

SOFR

Month

+

1.4000%,

5.6871%,

3/31/38

(144A)

‡

39,170,000

39,252,022

Atlantic

Avenue

Ltd.

2024-2A

A,

CME

Term

SOFR

Month

+

1.6500%,

5.5344%,

4/20/37

(144A)

‡

50,000,000

50,199,275

Atlas

Senior

Loan

Fund

XVII

Ltd.

2021-17A

AR,

CME

Term

SOFR

Month

+

1.0600%,

4.9444%,

10/20/34

(144A)

‡

19,100,000

19,083,373

Atlas

Senior

Loan

Fund

XVIII

Ltd.

2021-18A

A1R,

CME

Term

SOFR

Month

+

1.1100%,

4.9944%,

1/18/35

(144A)

‡

37,000,000

36,982,462

Atrium

XIV

LLC

14A

A2RR,

CME

Term

SOFR

Month

+

1.6100%,

5.5036%,

10/16/37

(144A)

‡

35,200,000

35,285,385

Atrium

XV

15A

A2RR,

CME

Term

SOFR

Month

+

1.5900%,

5.4836%,

7/16/37

(144A)

‡

47,250,000

47,361,836

Bain

Capital

Credit

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

Month

+

0.9400%,

4.8244%,

4/18/34

(144A)

‡

57,450,000

57,392,550

Bain

Capital

Credit

CLO

Ltd.

2017-2A

A2R3,

CME

Term

SOFR

Month

+

1.6000%,

5.4580%,

7/25/37

(144A)

‡

15,040,000

15,075,759

Bain

Capital

Credit

CLO

Ltd.

2022-1A

A2R,

CME

Term

SOFR

Month

+

1.5000%,

5.3844%,

10/18/38

(144A)

‡

16,500,000

16,538,122

Bain

Capital

Credit

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

Month

+

1.3100%,

5.1754%,

10/24/38

(144A)

‡

34,275,000

34,363,580

Balboa

Bay

Loan

Funding

Ltd.

2021-1A

AR,

CME

Term

SOFR

Month

+

0.9900%,

4.8744%,

7/20/34

(144A)

‡

244,000,000

243,797,724

Balboa

Bay

Loan

Funding

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

Month

+

1.2900%,

5.1744%,

10/20/35

(144A)

‡

14,130,000

14,140,778

Balboa

Bay

Loan

Funding

Ltd.

2020-1A

A2RR,

CME

Term

SOFR

Month

+

1.6200%,

5.5044%,

10/20/35

(144A)

‡

16,000,000

16,032,981

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Balboa

Bay

Loan

Funding

Ltd.

2022-1A

AR,

CME

Term

SOFR

Month

+

1.1900%,

5.0744%,

4/20/37

(144A)

‡

$

175,000,000

$

175,054,250

Balboa

Bay

Loan

Funding

Ltd.

2024-2A

A1,

CME

Term

SOFR

Month

+

1.3300%,

5.2144%,

1/20/38

(144A)

‡

10,000,000

10,024,442

Ballyrock

CLO

Ltd.

2020-14A

A1AR,

CME

Term

SOFR

Month

+

1.3800%,

5.2644%,

7/20/37

(144A)

‡

100,000

100,264

Ballyrock

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.3300%,

5.2345%,

1/15/38

(144A)

‡

10,050,000

10,074,282

Ballyrock

CLO

Ltd.

2023-25A

A1AR,

CME

Term

SOFR

Month

+

1.1800%,

5.0380%,

1/25/38

(144A)

‡

26,100,000

26,101,845

Ballyrock

CLO

Ltd.

2024-26A

A1A,

CME

Term

SOFR

Month

+

1.5100%,

5.3680%,

7/25/37

(144A)

‡

22,250,000

22,329,648

Ballyrock

CLO

Ltd.

2019-2A

A1R3,

CME

Term

SOFR

Month

+

1.2400%,

5.1290%,

10/25/38

(144A)

‡

125,000,000

125,118,575

Barings

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

Month

+

1.1300%,

5.0144%,

4/20/38

(144A)

‡

53,000,000

52,965,900

Barings

CLO

Ltd.

2019-1A

AR2,

CME

Term

SOFR

Month

+

1.2500%,

5.1724%,

10/15/38

(144A)

‡

125,000,000

125,163,875

Barings

CLO

Ltd.

2025-5A

A1,

CME

Term

SOFR

Month

+

1.2700%,

5.2407%,

10/15/38

(144A)

‡

26,000,000

26,038,480

Barings

CLO

Ltd.

2025-4A

A2,

CME

Term

SOFR

Month

+

1.5200%,

5.4869%,

10/15/40

(144A)

‡

18,000,000

18,046,183

Barings

Loan

Partners

CLO

Ltd.

LP-5A

A,

CME

Term

SOFR

Month

+

1.2200%,

5.1044%,

1/20/35

(144A)

‡

74,219,313

74,219,313

Barrow

Hanley

CLO

I

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.3400%,

5.2244%,

1/20/38

(144A)

‡

70,000,000

70,159,537

Barrow

Hanley

CLO

III

Ltd.

2024-3A

A2,

CME

Term

SOFR

Month

+

1.8200%,

5.7044%,

4/20/37

(144A)

‡

12,000,000

12,042,079

Battery

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

Month

+

1.4000%,

5.3045%,

7/15/36

(144A)

‡

34,140,000

34,206,914

BBAM

US

CLO

I

Ltd.

2022-1A

AR,

CME

Term

SOFR

Month

+

1.2000%,

5.1045%,

3/30/38

(144A)

‡

117,550,000

117,685,300

BBAM

US

CLO

III

Ltd.

2023-3A

A1R,

CME

Term

SOFR

Month

+

1.1700%,

5.1116%,

10/15/38

(144A)

‡

125,000,000

125,007,787

Beechwood

Park

CLO

Ltd.

2019-1A

A2R,

CME

Term

SOFR

Month

+

1.5000%,

5.3816%,

1/17/35

(144A)

‡

10,000,000

10,012,286

Benefit

Street

Partners

CLO

Ltd.

2025-43A

A,

CME

Term

SOFR

Month

+

1.2700%,

5.1875%,

10/20/38

(144A)

‡

12,500,000

12,522,085

Benefit

Street

Partners

CLO

XII-B

Ltd.

2017-12BRA

A,

CME

Term

SOFR

Month

+

1.3700%,

5.2745%,

10/15/37

(144A)

‡

113,841,000

114,144,933

Benefit

Street

Partners

CLO

XV

Ltd.

2018-15A

A1R,

CME

Term

SOFR

Month

+

1.3900%,

5.2945%,

7/15/37

(144A)

‡

10,000,000

10,020,051

Benefit

Street

Partners

CLO

XXI

Ltd.

2020-21A

A2R,

CME

Term

SOFR

Month

+

1.6616%,

5.5662%,

10/15/34

(144A)

‡

5,000,000

5,010,448

Benefit

Street

Partners

CLO

XXV

Ltd.

2021-25A

A1R,

CME

Term

SOFR

Month

+

1.0000%,

4.9045%,

1/15/35

(144A)

‡

147,500,000

147,401,750

Benefit

Street

Partners

CLO

XXXII

Ltd.

2023-32A

AR,

CME

Term

SOFR

Month

+

1.2100%,

5.0702%,

10/25/38

(144A)

‡

125,000,000

125,025,000

Birch

Grove

CLO

Ltd.

2024-11A

A1,

CME

Term

SOFR

Month

+

1.3600%,

5.2174%,

1/22/38

(144A)

‡

141,000,000

141,400,130

Birch

Grove

CLO

Ltd.

2025-12A

A1,

CME

Term

SOFR

Month

+

1.1700%,

5.0273%,

4/22/38

(144A)

‡

32,500,000

32,495,535

Birch

Grove

CLO

Ltd.

2023-6A

A1R,

CME

Term

SOFR

Month

+

1.3800%,

5.7509%,

7/20/37

(144A)

‡

46,000,000

46,096,904

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

BlueMountain

CLO

XXV

Ltd.

2019-25A

A1RR,

CME

Term

SOFR

Month

+

1.3500%,

5.2545%,

1/15/38

(144A)

‡

$

104,380,000

$

104,632,245

BlueMountain

CLO

XXXII

Ltd.

2021-32A

AR,

CME

Term

SOFR

Month

+

1.1000%,

5.0045%,

10/15/34

(144A)

‡

109,700,000

109,646,104

BlueMountain

CLO

XXXIII

Ltd.

2021-33A

A1R,

CME

Term

SOFR

Month

+

1.3600%,

5.2775%,

10/20/38

(144A)

‡

23,250,000

23,302,312

BlueMountain

CLO

XXXV

Ltd.

2022-35A

A1R,

CME

Term

SOFR

Month

+

1.4200%,

5.2774%,

10/22/37

(144A)

‡

63,450,000

63,625,833

Brant

Point

CLO

Ltd.

2024-3A

A2,

CME

Term

SOFR

Month

+

1.8000%,

6.0035%,

2/20/37

(144A)

‡

8,200,000

8,228,193

Brant

Point

CLO

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.3800%,

5.2380%,

7/26/38

(144A)

‡

12,600,000

12,629,046

Bridge

Street

CLO

V

Ltd.

2025-1A

A1,

CME

Term

SOFR

Month

+

1.2200%,

5.1044%,

4/20/38

(144A)

‡

16,250,000

16,271,502

Bryant

Park

Funding

Ltd.

2025-26A

A,

CME

Term

SOFR

Month

+

1.2000%,

5.0844%,

4/20/38

(144A)

‡

23,000,000

23,025,341

Canyon

Capital

CLO

Ltd.

2019-2A

AR2,

CME

Term

SOFR

Month

+

1.0100%,

4.9145%,

10/15/34

(144A)

‡

140,200,000

140,031,760

Canyon

Capital

CLO

Ltd.

2022-2A

A1R,

CME

Term

SOFR

Month

+

1.1800%,

5.0845%,

4/15/38

(144A)

‡

13,500,000

13,501,249

Capital

Four

US

CLO

III

Ltd.

2022-2A

A1R,

CME

Term

SOFR

Month

+

1.2600%,

5.1300%,

4/21/38

(144A)

‡

25,000,000

25,029,005

Carlyle

US

CLO

Ltd.

2022-4A

A2R,

CME

Term

SOFR

Month

+

1.5700%,

5.4280%,

7/25/36

(144A)

‡

16,150,000

16,186,200

Carlyle

US

CLO

Ltd.

2019-2A

AR2,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

10/15/37

(144A)

‡

61,860,000

62,013,283

Carlyle

US

CLO

Ltd.

2022-5A

A2R,

CME

Term

SOFR

Month

+

1.6000%,

5.5045%,

10/15/37

(144A)

‡

25,000,000

25,060,130

Carlyle

US

CLO

Ltd.

2021-6A

A1R,

CME

Term

SOFR

Month

+

1.2900%,

5.1945%,

1/15/38

(144A)

‡

53,400,000

53,505,321

Carlyle

US

CLO

Ltd.

2021-10A

A1R,

CME

Term

SOFR

Month

+

1.3100%,

5.1944%,

1/20/38

(144A)

‡

174,750,000

175,097,053

Carlyle

US

CLO

Ltd.

2021-7A

A1R,

CME

Term

SOFR

Month

+

1.2000%,

5.1045%,

4/15/38

(144A)

‡

84,100,000

84,192,762

Carlyle

US

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

Month

+

1.2300%,

5.1345%,

10/15/38

(144A)

‡

15,000,000

15,019,887

Carlyle

US

CLO

Ltd.

2021-8A

A1R,

CME

Term

SOFR

Month

+

1.2700%,

5.2517%,

10/15/38

(144A)

‡

75,000,000

75,125,490

Carlyle

US

CLO

Ltd.

2025-5A

A2,

CME

Term

SOFR

Month

+

1.4500%,

0.0000%,

1/15/39

(144A)

†,‡

7,500,000

7,500,000

CarVal

CLO

VII-C

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.4400%,

5.3244%,

7/20/37

(144A)

‡

10,000,000

10,028,000

CBAM

Ltd.

2019-11RA

A2,

CME

Term

SOFR

Month

+

1.7616%,

5.6460%,

1/20/35

(144A)

‡

13,889,000

13,923,271

CBAM

Ltd.

2017-1A

AR2,

CME

Term

SOFR

Month

+

1.3900%,

5.2744%,

1/20/38

(144A)

‡

162,000,000

162,418,462

CBAM

Ltd.

2018-5A

A1R,

CME

Term

SOFR

Month

+

1.3400%,

5.4523%,

10/17/38

(144A)

‡

38,000,000

38,092,758

CBAMR

Ltd.

2021-14A

A1R,

CME

Term

SOFR

Month

+

1.2800%,

5.2356%,

10/20/38

(144A)

‡

101,450,000

101,626,787

Cedar

Funding

II

CLO

Ltd.

2013-1A

AR3,

CME

Term

SOFR

Month

+

1.3100%,

5.3975%,

7/22/38

(144A)

‡

15,695,000

15,735,863

Cedar

Funding

IV

CLO

Ltd.

2014-4A

AR3,

CME

Term

SOFR

Month

+

1.3400%,

5.1998%,

1/23/38

(144A)

‡

126,075,000

126,373,899

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Cedar

Funding

IX

CLO

Ltd.

2018-9A

AR,

CME

Term

SOFR

Month

+

1.4200%,

5.3044%,

7/20/37

(144A)

‡

$

49,365,000

$

49,485,233

Cedar

Funding

VIII

CLO

Ltd.

2017-8A

ARR,

CME

Term

SOFR

Month

+

1.2200%,

5.1016%,

1/17/38

(144A)

‡

10,000,000

10,011,540

Cedar

Funding

XII

CLO

Ltd.

2020-12A

ARR,

CME

Term

SOFR

Month

+

1.2000%,

5.0580%,

1/25/38

(144A)

‡

25,000,000

25,003,998

Cedar

Funding

XIV

CLO

Ltd.

2021-14A

AR,

CME

Term

SOFR

Month

+

1.3800%,

5.2845%,

10/15/37

(144A)

‡

143,415,000

143,827,490

CFIP

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

Month

+

1.4816%,

5.3660%,

1/20/35

(144A)

‡

18,000,000

18,010,980

CIFC

Funding

2015-IV

Ltd.

2015-4A

A1A2,

CME

Term

SOFR

Month

+

1.3316%,

5.2161%,

4/20/34

(144A)

‡

21,190,000

21,196,558

CIFC

Funding

2025-III

Ltd.

2025-3A

A1,

CME

Term

SOFR

Month

+

1.3500%,

5.2200%,

7/21/38

(144A)

‡

29,850,000

29,925,201

CIFC

Funding

Ltd.

2022-2A

A1R,

CME

Term

SOFR

Month

+

0.9700%,

4.8544%,

4/19/35

(144A)

‡

90,000,000

89,922,753

CIFC

Funding

Ltd.

2014-5A

A1R3,

CME

Term

SOFR

Month

+

1.3800%,

5.2616%,

7/17/37

(144A)

‡

120,500,000

120,745,386

CIFC

Funding

Ltd.

2014-5A

A2R3,

CME

Term

SOFR

Month

+

1.5800%,

5.4616%,

7/17/37

(144A)

‡

11,250,000

11,275,599

CIFC

Funding

Ltd.

2024-3A

A1,

CME

Term

SOFR

Month

+

1.4800%,

5.3500%,

7/21/37

(144A)

‡

10,000,000

10,036,409

CIFC

Funding

Ltd.

2021-4A

AR,

CME

Term

SOFR

Month

+

1.3600%,

5.2198%,

7/23/37

(144A)

‡

21,750,000

21,801,635

CIFC

Funding

Ltd.

2021-5A

A1R,

CME

Term

SOFR

Month

+

1.2600%,

5.1645%,

1/15/38

(144A)

‡

25,950,000

25,996,910

CIFC

Funding

Ltd.

2018-1A

A1R,

CME

Term

SOFR

Month

+

1.3200%,

5.2044%,

1/18/38

(144A)

‡

15,965,000

16,004,912

CIFC

Funding

Ltd.

2018-1A

A2R,

CME

Term

SOFR

Month

+

1.5600%,

5.4444%,

1/18/38

(144A)

‡

22,000,000

22,049,353

CIFC

Funding

Ltd.

2014-3A

A1R,

CME

Term

SOFR

Month

+

1.1800%,

5.0845%,

3/31/38

(144A)

‡

88,359,276

88,327,096

CIFC

Funding

Ltd.

2025-2A

A,

CME

Term

SOFR

Month

+

1.1300%,

5.0345%,

4/15/38

(144A)

‡

81,325,000

81,279,718

CIFC

Funding

Ltd.

2025-1A

A,

CME

Term

SOFR

Month

+

1.1500%,

5.0098%,

4/23/38

(144A)

‡

20,000,000

19,989,908

CIFC

Funding

Ltd.

2019-4A

AJR2,

CME

Term

SOFR

Month

+

1.5700%,

5.4745%,

7/15/38

(144A)

‡

15,000,000

15,059,607

CIFC

Funding

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.2400%,

5.1445%,

10/15/38

(144A)

‡

45,000,000

45,044,865

CIFC

Funding

Ltd.

2023-1A

A2R,

CME

Term

SOFR

Month

+

1.4500%,

5.3545%,

10/15/38

(144A)

‡

10,000,000

10,037,168

CIFC

Funding

Ltd.

2019-5A

A2R2,

CME

Term

SOFR

Month

+

1.5200%,

5.6093%,

10/15/38

(144A)

‡

15,000,000

15,029,722

CIFC

Funding

Ltd.

2018-3A

A1R,

CME

Term

SOFR

Month

+

1.2700%,

5.3524%,

10/18/38

(144A)

‡

18,872,000

18,899,948

CIFC

Funding

Ltd.

2018-3A

A2R,

CME

Term

SOFR

Month

+

1.5000%,

5.5824%,

10/18/38

(144A)

‡

8,000,000

8,028,573

CIFC

Funding

Ltd.

2019-7A

A2R,

CME

Term

SOFR

Month

+

1.5300%,

5.6213%,

10/19/38

(144A)

‡

12,000,000

12,024,245

CIFC

Funding

Ltd.

2020-3A

A1R2,

CME

Term

SOFR

Month

+

1.2100%,

5.0723%,

10/20/38

(144A)

‡

121,200,000

121,335,126

CIFC

Funding

Ltd.

2020-3A

A2R2,

CME

Term

SOFR

Month

+

1.4400%,

5.3023%,

10/20/38

(144A)

‡

10,000,000

9,999,965

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

CIFC

Funding

Ltd.

2025-4A

A1,

CME

Term

SOFR

Month

+

1.2900%,

5.4032%,

10/24/38

(144A)

‡

$

40,000,000

$

40,060,840

CQS

US

CLO

Ltd.

2025-5A

A2,

CME

Term

SOFR

Month

+

1.5200%,

0.0000%,

1/17/39

(144A)

†,‡

22,800,000

22,914,000

CQS

US

CLO

Ltd.

2025-4A

A1,

CME

Term

SOFR

Month

+

1.4500%,

5.7217%,

7/20/36

(144A)

‡

57,175,000

57,369,252

CQS

US

CLO

Ltd.

2023-3A

AJ,

CME

Term

SOFR

Month

+

2.1500%,

6.0080%,

1/25/37

(144A)

‡

9,000,000

9,045,941

Crown

City

CLO

I

2020-1A

A1RR,

CME

Term

SOFR

Month

+

1.3700%,

5.5330%,

7/20/38

(144A)

‡

38,000,000

38,085,329

Crown

City

CLO

IV

2022-4A

AJ,

CME

Term

SOFR

Month

+

1.8200%,

5.7044%,

4/20/37

(144A)

‡

19,000,000

19,065,531

Crown

Point

CLO

Ltd.

2021-11A

A1R,

CME

Term

SOFR

Month

+

1.2600%,

5.1416%,

2/28/38

(144A)

‡

20,000,000

20,023,900

Crown

Point

CLO

Ltd.

2019-8A

AR,

CME

Term

SOFR

Month

+

1.4516%,

5.3360%,

10/20/34

(144A)

‡

10,000,000

10,005,000

CTM

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

Month

+

1.5000%,

5.8346%,

7/15/38

(144A)

‡

10,000,000

10,033,041

Diameter

Capital

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.3900%,

5.2945%,

10/15/37

(144A)

‡

81,535,000

81,770,995

Diameter

Capital

CLO

Ltd.

2025-10A

A,

CME

Term

SOFR

Month

+

1.3100%,

5.1944%,

4/20/38

(144A)

‡

16,750,000

16,780,400

Diameter

Capital

CLO

Ltd.

2022-3A

A1R,

CME

Term

SOFR

Month

+

1.3300%,

5.2345%,

1/15/38

(144A)

‡

83,250,000

83,441,408

Diameter

Capital

CLO

Ltd.

2025-9A

A,

CME

Term

SOFR

Month

+

1.1700%,

5.0544%,

4/20/38

(144A)

‡

168,750,000

168,648,868

Dryden

CLO

Ltd.

2022-106A

A1R,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

10/15/37

(144A)

‡

60,000,000

60,148,242

Dryden

CLO

Ltd.

2022-108A

A1R,

CME

Term

SOFR

Month

+

1.3600%,

5.2444%,

7/18/37

(144A)

‡

64,500,000

64,658,573

Dryden

Senior

Loan

Fund

2016-45A

A1RR,

CME

Term

SOFR

Month

+

1.0800%,

4.9845%,

10/15/30

(144A)

‡

292,315

292,349

Dryden

CLO

Ltd.

2019-76A

A1R2,

CME

Term

SOFR

Month

+

1.3700%,

5.2745%,

10/15/37

(144A)

‡

136,000,000

136,349,343

Eaton

Vance

CLO

Ltd.

2019-1A

AR2,

CME

Term

SOFR

Month

+

1.5100%,

5.4145%,

7/15/37

(144A)

‡

47,500,000

47,668,644

Eaton

Vance

CLO

Ltd.

2013-1A

AR4,

CME

Term

SOFR

Month

+

1.3400%,

5.2445%,

10/15/38

(144A)

‡

32,000,000

32,075,478

Elevation

CLO

Ltd.

2021-13A

A1R,

CME

Term

SOFR

Month

+

1.0600%,

4.9645%,

7/15/34

(144A)

‡

12,500,000

12,489,510

Elevation

CLO

Ltd.

2021-14A

A1R,

CME

Term

SOFR

Month

+

1.2800%,

5.1644%,

1/20/38

(144A)

‡

62,250,000

62,357,730

Elevation

CLO

Ltd.

2016-5A

A1RR,

CME

Term

SOFR

Month

+

1.3700%,

5.2280%,

1/25/38

(144A)

‡

18,250,000

18,302,109

Elevation

CLO

Ltd.

2025-18A

A1,

CME

Term

SOFR

Month

+

1.2400%,

5.1244%,

3/28/38

(144A)

‡

132,300,000

132,476,224

Elevation

CLO

Ltd.

2013-1A

A1R3,

CME

Term

SOFR

Month

+

1.4000%,

5.6195%,

7/25/38

(144A)

‡

19,000,000

19,043,472

Elmwood

CLO

Ltd.

2023-3A

AR,

CME

Term

SOFR

Month

+

1.3200%,

5.2016%,

1/17/38

(144A)

‡

79,200,000

79,370,518

Elmwood

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.7300%,

5.6116%,

4/17/37

(144A)

‡

10,000,000

10,030,595

Elmwood

CLO

Ltd.

2024-3A

A,

CME

Term

SOFR

Month

+

1.5200%,

5.4044%,

4/18/37

(144A)

‡

18,700,000

18,752,958

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Elmwood

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

Month

+

1.1500%,

5.0074%,

4/22/38

(144A)

‡

$

36,000,000

$

35,982,108

Elmwood

CLO

Ltd.

2025-6A

A2,

CME

Term

SOFR

Month

+

1.5800%,

5.8985%,

7/20/38

(144A)

‡

7,500,000

7,520,635

Elmwood

CLO

Ltd.

2025-8A

A1,

CME

Term

SOFR

Month

+

1.2500%,

5.1301%,

10/17/38

(144A)

‡

34,000,000

34,019,924

Elmwood

CLO

I

Ltd.

2019-1A

A1RR,

CME

Term

SOFR

Month

+

1.5200%,

5.4044%,

4/20/37

(144A)

‡

10,000,000

10,029,657

Elmwood

CLO

II

Ltd.

2019-2A

A1RR,

CME

Term

SOFR

Month

+

1.3500%,

5.2344%,

10/20/37

(144A)

‡

38,065,000

38,156,851

Elmwood

CLO

III

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

Month

+

1.3800%,

5.2644%,

7/18/37

(144A)

‡

38,000,000

38,089,555

Elmwood

CLO

IX

Ltd.

2021-2A

AR,

CME

Term

SOFR

Month

+

1.1400%,

5.0244%,

4/20/38

(144A)

‡

40,000,000

39,973,640

Elmwood

CLO

VII

Ltd.

2020-4A

A1RR,

CME

Term

SOFR

Month

+

1.3600%,

5.2416%,

10/17/37

(144A)

‡

103,750,000

104,009,261

Elmwood

CLO

X

Ltd.

2021-3A

AR2,

CME

Term

SOFR

Month

+

1.3000%,

5.1844%,

7/20/38

(144A)

‡

62,750,000

62,875,500

Elmwood

CLO

XII

Ltd.

2021-5A

AR,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

10/15/37

(144A)

‡

17,350,000

17,392,893

Empower

CLO

Ltd.

2023-2A

AR,

CME

Term

SOFR

Month

+

1.3200%,

5.2245%,

10/15/38

(144A)

‡

38,000,000

38,099,522

Fortress

Credit

BSL

XVI

Ltd.

2022-3A

AR,

CME

Term

SOFR

Month

+

1.3700%,

5.2544%,

10/20/35

(144A)

‡

9,000,000

9,005,120

Fortress

Credit

BSL

XVIII

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.5700%,

5.4298%,

4/23/36

(144A)

‡

164,500,000

164,987,907

Fortress

Credit

BSL

XXIII

Ltd.

2025-2A

A,

CME

Term

SOFR

Month

+

1.4000%,

5.5564%,

10/15/38

(144A)

‡

10,000,000

10,022,978

Fortress

Credit

BSL

XXIV

Ltd.

2025-1A

A,

CME

Term

SOFR

Month

+

1.2700%,

5.1544%,

4/20/38

(144A)

‡

47,500,000

47,557,722

Galaxy

CLO

Ltd.

2025-35A

A,

CME

Term

SOFR

Month

+

1.1800%,

5.0644%,

4/20/38

(144A)

‡

171,500,000

171,498,405

Galaxy

XXII

CLO

Ltd.

2016-22A

ARRR,

CME

Term

SOFR

Month

+

1.2400%,

5.1336%,

4/16/34

(144A)

‡

68,570,000

68,608,187

Generate

CLO

Ltd.

2025-19A

A,

CME

Term

SOFR

Month

+

1.2500%,

5.1073%,

4/22/36

(144A)

‡

26,650,000

26,676,586

Generate

CLO

Ltd.

2024-20A

A,

CME

Term

SOFR

Month

+

1.3000%,

5.1580%,

1/25/38

(144A)

‡

24,925,000

24,978,028

Generate

CLO

Ltd.

2025-22A

A,

CME

Term

SOFR

Month

+

1.3300%,

5.4289%,

7/20/38

(144A)

‡

112,250,000

112,513,316

Generate

CLO

Ltd.

9A

AR,

CME

Term

SOFR

Month

+

1.3500%,

5.2344%,

1/20/38

(144A)

‡

81,250,000

81,432,926

GoldenTree

Loan

Management

US

CLO

Ltd.

2021-10A

AJ,

CME

Term

SOFR

Month

+

1.5800%,

5.4644%,

10/20/37

(144A)

‡

18,900,000

18,943,901

GoldenTree

Loan

Management

US

CLO

Ltd.

2022-16A

ARR,

CME

Term

SOFR

Month

+

1.1200%,

5.0044%,

1/20/38

(144A)

‡

143,680,000

143,586,752

GoldenTree

Loan

Management

US

CLO

Ltd.

2025-26A

AJ,

CME

Term

SOFR

Month

+

1.5500%,

5.8241%,

7/20/38

(144A)

‡

10,500,000

10,526,490

GoldenTree

Loan

Management

US

CLO

Ltd.

2019-6A

AR2,

CME

Term

SOFR

Month

+

0.9700%,

4.8544%,

4/20/35

(144A)

‡

129,000,000

128,841,098

Golub

Capital

Partners

CLO

37B

Ltd.

2017-19RA

A1R3,

CME

Term

SOFR

Month

+

1.1500%,

5.0400%,

10/20/36

(144A)

‡

155,000,000

155,000,000

Golub

Capital

Partners

CLO

41B-R

Ltd.

2019-41A

AR2,

CME

Term

SOFR

Month

+

1.3300%,

5.2144%,

7/20/38

(144A)

‡

15,420,000

15,457,742

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Golub

Capital

Partners

CLO

53B

Ltd.

2021-53A

AR,

CME

Term

SOFR

Month

+

0.9800%,

4.8644%,

7/20/34

(144A)

‡

$

154,500,000

$

154,336,972

Golub

Capital

Partners

CLO

58B-R

Ltd.

2021-58A

A2R,

CME

Term

SOFR

Month

+

1.5500%,

5.7826%,

10/25/37

(144A)

‡

12,000,000

12,027,704

Greywolf

CLO

IV

Ltd.

2019-1A

A1R2,

CME

Term

SOFR

Month

+

1.2400%,

5.1216%,

4/17/34

(144A)

‡

100,000,000

100,068,500

Guggenheim

CLO

Ltd.

2022-2A

A2R,

CME

Term

SOFR

Month

+

1.4000%,

5.3045%,

1/15/35

(144A)

‡

10,000,000

9,999,726

HalseyPoint

CLO

Ltd.

2020-3A

A1R,

CME

Term

SOFR

Month

+

1.4800%,

5.3183%,

7/30/37

(144A)

‡

10,170,000

10,204,737

Halseypoint

CLO

Ltd.

2022-6A

A1R,

CME

Term

SOFR

Month

+

1.3500%,

5.2344%,

1/20/38

(144A)

‡

23,000,000

23,055,669

Halseypoint

CLO

Ltd.

2023-7A

A1R,

CME

Term

SOFR

Month

+

1.4500%,

5.3344%,

7/20/38

(144A)

‡

18,950,000

19,015,715

Harmony-Peace

Park

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

Month

+

1.3500%,

5.2344%,

10/20/37

(144A)

‡

26,850,000

26,916,518

Hartwick

Park

CLO

Ltd.

2023-1A

AR,

CME

Term

SOFR

Month

+

1.1600%,

5.0444%,

1/20/37

(144A)

‡

29,841,000

29,825,650

Harvest

US

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.8500%,

5.7344%,

4/18/37

(144A)

‡

8,000,000

8,029,039

Harvest

US

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

Month

+

1.1800%,

5.0644%,

4/18/38

(144A)

‡

25,000,000

25,001,917

Hayfin

US

XII

Ltd.

2020-12A

A1R,

CME

Term

SOFR

Month

+

1.2300%,

5.1144%,

1/20/38

(144A)

‡

33,210,000

33,255,986

Hayfin

US

XIV

Ltd.

2021-14A

AJR,

CME

Term

SOFR

Month

+

1.5500%,

5.4344%,

3/20/38

(144A)

‡

13,525,000

13,578,724

Hayfin

US

XV

Ltd.

2024-15A

A2,

CME

Term

SOFR

Month

+

1.9200%,

5.7794%,

4/28/37

(144A)

‡

8,000,000

8,032,009

HPS

Loan

Management

15-2019

Ltd.

15A-19

A1R,

CME

Term

SOFR

Month

+

1.3200%,

5.1774%,

1/22/35

(144A)

‡

15,595,000

15,609,694

HPS

Loan

Management

Ltd.

2021-16A

A1R,

CME

Term

SOFR

Month

+

1.1100%,

4.9698%,

1/23/35

(144A)

‡

100,000,000

100,006,620

ICG

US

CLO

I

Ltd.

2023-1A

AR,

CME

Term

SOFR

Month

+

1.3800%,

5.2644%,

7/18/38

(144A)

‡

32,000,000

32,072,691

Invesco

US

CLO

Ltd.

2024-4A

A1,

CME

Term

SOFR

Month

+

1.3300%,

5.2345%,

1/15/38

(144A)

‡

20,175,000

20,220,259

Katayma

CLO

I

Ltd.

2023-1A

A2,

CME

Term

SOFR

Month

+

2.2000%,

6.0844%,

10/20/36

(144A)

‡

16,000,000

16,039,162

Katayma

CLO

II

Ltd.

2024-2A

A1,

CME

Term

SOFR

Month

+

1.6500%,

5.5344%,

4/20/37

(144A)

‡

98,500,000

98,891,961

KKR

CLO

Ltd.

ARR,

CME

Term

SOFR

Month

+

1.1000%,

5.0045%,

10/15/34

(144A)

‡

40,000,000

40,001,028

KKR

CLO

Ltd.

27A

A1R2,

CME

Term

SOFR

Month

+

1.1100%,

5.0145%,

1/15/35

(144A)

‡

128,000,000

128,006,771

KKR

CLO

Ltd.

27A

A2R2,

CME

Term

SOFR

Month

+

1.4300%,

5.3345%,

1/15/35

(144A)

‡

13,500,000

13,505,476

KKR

CLO

Ltd.

33A

A,

CME

Term

SOFR

Month

+

1.4316%,

5.3161%,

7/20/34

(144A)

‡

24,635,000

24,638,922

KKR

CLO

Ltd.

34A

AR,

CME

Term

SOFR

Month

+

1.1000%,

5.0045%,

7/15/34

(144A)

‡

65,650,000

65,617,004

KKR

CLO

Ltd.

35A

AR,

CME

Term

SOFR

Month

+

1.2000%,

5.0844%,

1/20/38

(144A)

‡

259,254,000

259,383,886

KKR

CLO

Ltd.

37A

AR,

CME

Term

SOFR

Month

+

1.1700%,

5.0544%,

4/20/38

(144A)

‡

75,600,000

75,604,355

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

KKR

CLO

Ltd.

40A

AR,

CME

Term

SOFR

Month

+

1.3000%,

5.1844%,

10/20/34

(144A)

‡

$

228,840,000

$

228,996,572

KKR

CLO

45a

Ltd.

2024-45A

A1R,

CME

Term

SOFR

Month

+

1.3200%,

5.6140%,

7/15/38

(144A)

‡

10,000,000

10,024,666

KKR

CLO

Ltd.

2023-46A

AR,

CME

Term

SOFR

Month

+

1.4000%,

5.2844%,

10/20/37

(144A)

‡

16,000,000

16,031,934

KKR

CLO

Ltd.

2023-52A

A1R,

CME

Term

SOFR

Month

+

1.3200%,

5.2136%,

7/16/38

(144A)

‡

112,100,000

112,379,297

KKR

CLO

Ltd.

2024-54A

A,

CME

Term

SOFR

Month

+

1.3200%,

5.2245%,

1/15/38

(144A)

‡

93,000,000

93,213,054

KKR

CLO

Ltd.

2024-56A

A1,

CME

Term

SOFR

Month

+

1.4000%,

5.3045%,

10/15/37

(144A)

‡

28,000,000

28,055,090

KKR

CLO

Ltd.

2025-58A

A1,

CME

Term

SOFR

Month

+

1.2900%,

5.2684%,

10/15/38

(144A)

‡

107,830,000

108,076,284

KKR

CLO

Ltd.

2025-61A

A1,

CME

Term

SOFR

Month

+

1.4500%,

5.7449%,

7/15/37

(144A)

‡

56,000,000

56,183,557

Lake

George

Park

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

Month

+

1.1300%,

5.0345%,

4/15/38

(144A)

‡

10,000,000

9,994,608

LCM

Ltd.

34A

A1R,

CME

Term

SOFR

Month

+

1.1800%,

5.0644%,

10/20/34

(144A)

‡

125,000,000

125,062,500

LCM

Ltd.

35A

A1R,

CME

Term

SOFR

Month

+

1.0800%,

4.9845%,

10/15/34

(144A)

‡

56,250,000

56,212,369

LCM

Ltd.

40A

A1R,

CME

Term

SOFR

Month

+

1.3700%,

5.2745%,

1/15/38

(144A)

‡

73,150,000

73,363,788

LCM

Ltd.

41A

A1R,

CME

Term

SOFR

Month

+

1.2000%,

5.1045%,

4/15/36

(144A)

‡

69,000,000

69,041,710

LCM

Ltd.

42A

A1,

CME

Term

SOFR

Month

+

1.3800%,

5.2845%,

1/15/38

(144A)

‡

45,000,000

45,125,955

Madison

Park

Funding

LVII

Ltd.

2022-57A

A1R,

CME

Term

SOFR

Month

+

1.2800%,

5.1380%,

7/27/34

(144A)

‡

50,000,000

50,034,690

Madison

Park

Funding

LVII

Ltd.

2022-57A

A2R,

CME

Term

SOFR

Month

+

1.5000%,

5.3580%,

7/27/34

(144A)

‡

16,500,000

16,522,996

Madison

Park

Funding

LXIII

Ltd.

2023-63A

A1R,

CME

Term

SOFR

Month

+

1.4000%,

5.2700%,

7/21/38

(144A)

‡

74,350,000

74,500,767

Madison

Park

Funding

LXV

Ltd.

2025-65A

A1,

CME

Term

SOFR

Month

+

1.3000%,

5.6208%,

7/16/38

(144A)

‡

20,000,000

20,038,382

Madison

Park

Funding

LXXI

Ltd.

2025-71A

A1,

CME

Term

SOFR

Month

+

1.1400%,

4.9998%,

4/23/38

(144A)

‡

150,580,000

150,494,169

Madison

Park

Funding

LXXIII

Ltd.

2025-73A

A1,

CME

Term

SOFR

Month

+

1.3000%,

5.2630%,

10/17/38

(144A)

‡

20,000,000

20,046,354

Madison

Park

Funding

LXXIII

Ltd.

2025-73A

A2,

CME

Term

SOFR

Month

+

1.5500%,

5.5130%,

10/17/38

(144A)

‡

12,000,000

12,031,777

Madison

Park

Funding

XL-R

Ltd.

2025-40RA

A,

CME

Term

SOFR

Month

+

1.2900%,

5.2525%,

10/16/38

(144A)

‡

135,800,000

136,115,735

Madison

Park

Funding

XVII

Ltd.

2015-17A

AR3,

CME

Term

SOFR

Month

+

1.3500%,

5.2200%,

10/21/37

(144A)

‡

30,000,000

30,076,029

Madison

Park

Funding

XXII

Ltd.

2016-22A

AR2,

CME

Term

SOFR

Month

+

1.3100%,

5.2145%,

1/15/38

(144A)

‡

23,000,000

23,043,976

Madison

Park

Funding

XXIX

Ltd.

2018-29A

A1R2,

CME

Term

SOFR

Month

+

1.1800%,

5.0644%,

3/25/38

(144A)

‡

62,340,000

62,344,794

Madison

Park

Funding

XXVIII

Ltd.

2018-28A

A2R,

CME

Term

SOFR

Month

+

1.5500%,

5.4545%,

1/15/38

(144A)

‡

15,575,000

15,608,591

Madison

Park

Funding

XXX

Ltd.

2018-30A

A1R,

CME

Term

SOFR

Month

+

1.3600%,

5.2536%,

7/16/37

(144A)

‡

99,220,000

99,443,523

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A1R2,

CME

Term

SOFR

Month

+

1.3600%,

5.2174%,

7/22/37

(144A)

‡

$

97,000,000

$

97,242,190

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A2R2,

CME

Term

SOFR

Month

+

1.5600%,

5.4173%,

7/22/37

(144A)

‡

24,000,000

24,053,890

Madison

Park

Funding

XXXVIII

Ltd.

2021-38A

A1R,

CME

Term

SOFR

Month

+

1.2400%,

5.1575%,

10/17/38

(144A)

‡

100,000,000

100,084,270

Magnetite

Ltd.

2025-50A

A1,

CME

Term

SOFR

Month

+

1.2800%,

5.5888%,

7/25/38

(144A)

‡

11,500,000

11,517,365

Magnetite

XL

Ltd.

2024-40A

A1,

CME

Term

SOFR

Month

+

1.4500%,

5.3545%,

7/15/37

(144A)

‡

12,000,000

12,041,989

Magnetite

Xlii

Ltd.

2024-42A

A1,

CME

Term

SOFR

Month

+

1.3100%,

5.1680%,

1/25/38

(144A)

‡

12,000,000

12,024,132

Magnetite

Xlv

Ltd.

2025-45A

A1,

CME

Term

SOFR

Month

+

1.1500%,

5.0545%,

4/15/38

(144A)

‡

10,000,000

9,994,905

Magnetite

XLVII

Ltd.

2024-47A

A,

CME

Term

SOFR

Month

+

1.3300%,

5.1880%,

1/25/38

(144A)

‡

121,000,000

121,307,231

Magnetite

XXVI

Ltd.

2020-26A

AR2,

CME

Term

SOFR

Month

+

1.1500%,

5.0080%,

1/25/38

(144A)

‡

101,815,000

101,734,464

Magnetite

XXXII

Ltd.

2022-32A

AR,

CME

Term

SOFR

Month

+

1.1500%,

5.3322%,

10/15/37

(144A)

‡

200,800,000

200,817,590

Magnetite

XXXII

Ltd.

2022-32A

AJR,

CME

Term

SOFR

Month

+

1.3800%,

5.5622%,

10/15/37

(144A)

‡

10,000,000

10,025,432

Magnetite

XXXIV

Ltd.

2023-34A

A1R,

CME

Term

SOFR

Month

+

1.1400%,

5.0445%,

1/15/38

(144A)

‡

12,430,000

12,416,075

Magnetite

XXXIX

Ltd.

2023-39A

AR,

CME

Term

SOFR

Month

+

1.1700%,

5.0280%,

1/25/37

(144A)

‡

239,750,000

239,646,931

Man

US

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

Month

+

1.5500%,

5.4344%,

7/20/37

(144A)

‡

25,000,000

25,075,350

Marble

Point

CLO

XIX

Ltd.

2020-3A

AR2,

CME

Term

SOFR

Month

+

1.3000%,

5.4428%,

10/19/38

(144A)

‡

20,500,000

20,534,936

Marble

Point

CLO

XVII

Ltd.

2020-1A

AR,

CME

Term

SOFR

Month

+

1.4400%,

5.3244%,

7/20/37

(144A)

‡

26,200,000

26,273,033

Meacham

Park

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.5300%,

5.4144%,

10/20/37

(144A)

‡

10,000,000

10,021,039

Menlo

CLO

III

Ltd.

2025-3A

A,

CME

Term

SOFR

Month

+

1.3000%,

5.1936%,

10/16/38

(144A)

‡

30,000,000

30,076,227

MidOcean

Credit

CLO

XI

Ltd.

2022-11A

A1R2,

CME

Term

SOFR

Month

+

1.2100%,

5.0944%,

1/18/36

(144A)

‡

32,000,000

32,027,152

MidOcean

Credit

CLO

XVIII

LLC

2025-18A

A1,

CME

Term

SOFR

Month

+

1.1700%,

5.4875%,

10/18/35

(144A)

‡

75,000,000

75,016,732

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2023-20A

A2,

CME

Term

SOFR

Month

+

2.0000%,

5.8844%,

1/20/37

(144A)

‡

8,000,000

8,034,930

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.2900%,

5.2340%,

10/23/37

(144A)

‡

15,000,000

15,026,221

Nassau

Ltd.

2021-IA

A1R,

CME

Term

SOFR

Month

+

1.1100%,

5.0145%,

8/26/34

(144A)

‡

39,815,000

39,798,779

Navesink

CLO

Ltd.

2025-3A

A1,

CME

Term

SOFR

Month

+

1.4800%,

5.8035%,

7/15/37

(144A)

‡

100,000,000

100,329,440

Neuberger

Berman

CLO

XVI-S

Ltd.

2017-16SA

A1R2,

CME

Term

SOFR

Month

+

1.1800%,

5.0845%,

4/15/39

(144A)

‡

14,970,000

14,971,063

Neuberger

Berman

CLO

XXI

Ltd.

2016-21A

A1R3,

CME

Term

SOFR

Month

+

1.3200%,

5.2044%,

1/20/39

(144A)

‡

22,000,000

22,047,784

Neuberger

Berman

CLO

XXII

Ltd.

2016-22A

A2R2,

CME

Term

SOFR

Month

+

1.7200%,

5.6016%,

4/15/38

(144A)

‡

15,200,000

15,245,749

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2017-24A

AR2,

CME

Term

SOFR

Month

+

1.3600%,

5.2444%,

10/19/38

(144A)

‡

$

10,000,000

$

10,024,966

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2019-33A

AR2,

CME

Term

SOFR

Month

+

1.2200%,

5.1136%,

4/16/39

(144A)

‡

109,150,000

109,325,131

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2019-34A

A1R2,

CME

Term

SOFR

Month

+

1.3000%,

5.1844%,

7/20/39

(144A)

‡

67,550,000

67,686,478

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2021-40A

AR,

CME

Term

SOFR

Month

+

1.2300%,

5.3300%,

10/16/37

(144A)

‡

217,940,000

218,185,182

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2022-51A

AR,

CME

Term

SOFR

Month

+

1.2800%,

5.1398%,

10/23/36

(144A)

‡

101,885,000

101,957,522

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2025-61A

A2,

CME

Term

SOFR

Month

+

1.5800%,

5.6709%,

7/17/39

(144A)

‡

11,000,000

11,030,757

Neuberger

Berman

Loan

Advisers

NBLA

CLO

Ltd.

2023-53A

A2R,

CME

Term

SOFR

Month

+

1.5400%,

5.4054%,

10/24/37

(144A)

‡

33,000,000

33,069,406

New

Mountain

CLO

Ltd.

CLO-1A

A1RR,

CME

Term

SOFR

Month

+

1.2500%,

5.1545%,

1/15/38

(144A)

‡

58,070,000

58,170,287

New

Mountain

CLO

Ltd.

CLO-2A

A1R,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

1/15/38

(144A)

‡

105,420,000

105,720,468

New

Mountain

CLO

Ltd.

CLO-5A

AR,

CME

Term

SOFR

Month

+

1.2500%,

5.1344%,

7/20/36

(144A)

‡

12,000,000

12,016,328

New

Mountain

CLO

Ltd.

CLO-6A

A,

CME

Term

SOFR

Month

+

1.4000%,

5.2844%,

10/15/37

(144A)

‡

62,500,000

62,624,744

New

Mountain

CLO

Ltd.

CLO-7A

A1,

CME

Term

SOFR

Month

+

1.2000%,

5.0844%,

3/31/38

(144A)

‡

35,000,000

35,038,007

NGC

CLO

Ltd.

2025-2A

A1,

CME

Term

SOFR

Month

+

1.2300%,

5.1144%,

4/20/38

(144A)

‡

15,000,000

15,020,983

Northwoods

Capital

Ltd.

2021-27A

A1R,

CME

Term

SOFR

Month

+

1.1800%,

5.0616%,

10/17/34

(144A)

‡

10,000,000

10,003,282

Oak

Hill

Credit

Partners

X-R

Ltd.

2014-10RA

AR2,

CME

Term

SOFR

Month

+

1.1300%,

5.0144%,

4/20/38

(144A)

‡

45,500,000

45,471,426

Oaktree

CLO

Ltd.

2021-2A

AR,

CME

Term

SOFR

Month

+

0.9700%,

4.8745%,

1/15/35

(144A)

‡

80,236,000

80,148,101

Oaktree

CLO

Ltd.

2020-1A

ARR,

CME

Term

SOFR

Month

+

1.1900%,

5.0945%,

1/15/38

(144A)

‡

76,100,000

76,112,633

Oaktree

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.3500%,

5.2545%,

1/15/38

(144A)

‡

62,750,000

62,892,047

Oaktree

CLO

Ltd.

2019-3A

A2R2,

CME

Term

SOFR

Month

+

1.5800%,

5.4644%,

1/20/38

(144A)

‡

20,200,000

20,247,563

Oaktree

CLO

Ltd.

2023-2A

A1R,

CME

Term

SOFR

Month

+

1.3500%,

5.2344%,

7/20/38

(144A)

‡

24,500,000

24,550,862

Obra

CLO

Ltd.

2025-2A

A1,

CME

Term

SOFR

Month

+

1.5400%,

5.8102%,

7/20/38

(144A)

‡

25,000,000

25,100,002

Ocean

Trails

CLO

XIV

Ltd.

2023-14A

AR,

CME

Term

SOFR

Month

+

1.3400%,

5.2244%,

1/20/38

(144A)

‡

144,000,000

144,324,144

OCP

Aegis

CLO

Ltd.

2024-39A

A1,

CME

Term

SOFR

Month

+

1.2200%,

5.1136%,

1/16/37

(144A)

‡

201,000,000

201,200,035

OCP

Aegis

CLO

Ltd.

2024-39A

A2,

CME

Term

SOFR

Month

+

1.4200%,

5.3136%,

1/16/37

(144A)

‡

12,000,000

12,003,313

OCP

CLO

Ltd.

2021-23A

AR,

CME

Term

SOFR

Month

+

1.1600%,

5.0416%,

1/17/37

(144A)

‡

266,700,000

266,552,462

OCP

CLO

Ltd.

2023-26A

AR,

CME

Term

SOFR

Month

+

1.0800%,

4.9616%,

4/17/37

(144A)

‡

62,250,000

62,204,284

OCP

CLO

Ltd.

2024-32A

A1,

CME

Term

SOFR

Month

+

1.5200%,

5.3798%,

4/23/37

(144A)

‡

12,800,000

12,838,001

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

OCP

CLO

Ltd.

2017-14A

A1R,

CME

Term

SOFR

Month

+

1.3700%,

5.2544%,

7/20/37

(144A)

‡

$

132,000,000

$

132,334,409

OCP

CLO

Ltd.

2025-40A

A,

CME

Term

SOFR

Month

+

1.1400%,

5.0336%,

4/16/38

(144A)

‡

33,270,000

33,248,142

OCP

CLO

Ltd.

2020-19A

A1R2,

CME

Term

SOFR

Month

+

1.1800%,

5.0644%,

4/20/38

(144A)

‡

121,700,000

121,709,517

Octagon

Ltd.

2021-1A

A2R,

CME

Term

SOFR

Month

+

1.6000%,

5.4598%,

7/23/37

(144A)

‡

10,000,000

10,023,617

Octagon

Ltd.

2022-1A

A2R,

CME

Term

SOFR

Month

+

1.5800%,

5.4644%,

10/20/37

(144A)

‡

15,000,000

15,034,606

Octagon

Ltd.

2022-1A

A1R,

CME

Term

SOFR

Month

+

1.2600%,

5.1300%,

7/21/35

(144A)

‡

82,600,000

82,655,425

Octagon

Ltd.

2024-4A

A2,

CME

Term

SOFR

Month

+

1.5800%,

5.4398%,

10/23/37

(144A)

‡

18,750,000

18,793,513

Octagon

Ltd.

2023-1A

A2R,

CME

Term

SOFR

Month

+

1.5000%,

5.3654%,

10/20/38

(144A)

‡

15,500,000

15,535,261

Octagon

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.7000%,

5.5844%,

4/18/37

(144A)

‡

15,000,000

15,042,800

Octagon

Ltd.

2025-2A

A1,

CME

Term

SOFR

Month

+

1.1300%,

4.9874%,

4/22/38

(144A)

‡

31,000,000

30,982,668

Octagon

Investment

Partners

20-R

Ltd.

2019-4A

A1RR,

CME

Term

SOFR

Month

+

1.4000%,

5.6264%,

8/12/37

(144A)

‡

28,000,000

28,062,216

Octagon

Investment

Partners

Ltd.

2016-1A

A2RR,

CME

Term

SOFR

Month

+

1.7200%,

5.5854%,

4/24/37

(144A)

‡

10,250,000

10,281,218

Octagon

Investment

Partners

Ltd.

2016-1A

A1R2,

CME

Term

SOFR

Month

+

1.4200%,

5.3044%,

7/18/37

(144A)

‡

63,900,000

64,064,402

Octagon

Investment

Partners

Ltd.

2016-1A

A2R2,

CME

Term

SOFR

Month

+

1.6200%,

5.5044%,

7/18/37

(144A)

‡

10,000,000

10,025,556

Octagon

Investment

Partners

Ltd.

2017-1A

A1R3,

CME

Term

SOFR

Month

+

1.3800%,

5.2845%,

10/31/37

(144A)

‡

87,000,000

87,217,500

Octagon

Investment

Partners

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

7/15/37

(144A)

‡

97,000,000

97,221,150

Octagon

Investment

Partners

Ltd.

2019-1A

AR2,

CME

Term

SOFR

Month

+

1.1500%,

5.0545%,

10/15/34

(144A)

‡

129,000,000

129,000,000

Octagon

Investment

Partners

Ltd.

2019-1A

A1RR,

CME

Term

SOFR

Month

+

1.1500%,

5.0545%,

4/15/35

(144A)

‡

11,000,000

11,002,750

Octagon

Investment

Partners

Ltd.

2020-4A

AR,

CME

Term

SOFR

Month

+

1.4116%,

5.3161%,

1/15/35

(144A)

‡

53,400,000

53,445,823

Octagon

Investment

Partners

Ltd.

2021-1A

AR,

CME

Term

SOFR

Month

+

0.9900%,

4.8744%,

7/20/34

(144A)

‡

261,500,000

261,254,765

OHA

Credit

Funding

16-R

Ltd.

2023-16RA

A1,

CME

Term

SOFR

Month

+

1.2000%,

5.0844%,

10/20/38

(144A)

‡

15,000,000

15,019,228

OHA

Credit

Funding

Ltd.

2025-21A

A1,

CME

Term

SOFR

Month

+

1.2500%,

5.2043%,

10/20/38

(144A)

‡

10,000,000

10,023,041

OHA

Credit

Funding

Ltd.

2020-5A

AR,

CME

Term

SOFR

Month

+

1.3500%,

5.2344%,

10/18/37

(144A)

‡

49,750,000

49,871,221

OHA

Credit

Funding

Ltd.

2020-6A

AR2,

CME

Term

SOFR

Month

+

1.3300%,

5.2144%,

10/20/37

(144A)

‡

12,980,000

13,014,293

OHA

Credit

Funding

Ltd.

2020-7A

A1R2,

CME

Term

SOFR

Month

+

1.2800%,

5.1644%,

7/19/38

(144A)

‡

54,750,000

54,837,879

OHA

Credit

Partners

XIV

Ltd.

2017-14A

A2R,

CME

Term

SOFR

Month

+

1.5700%,

5.4400%,

7/21/37

(144A)

‡

20,000,000

20,045,782

Orion

CLO

Ltd.

2024-3A

A,

CME

Term

SOFR

Month

+

1.5600%,

5.4180%,

7/25/37

(144A)

‡

10,000,000

10,029,154

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Palmer

Square

CLO

Ltd.

2015-1A

A1B5,

CME

Term

SOFR

Month

+

1.3500%,

5.5650%,

5/21/34

(144A)

‡

$

29,000,000

$

29,017,925

Palmer

Square

CLO

Ltd.

2022-3A

A2R,

CME

Term

SOFR

Month

+

1.5500%,

5.4344%,

7/20/37

(144A)

‡

15,400,000

15,433,543

Palmer

Square

CLO

Ltd.

2024-2A

A2,

CME

Term

SOFR

Month

+

1.6000%,

5.4844%,

7/20/37

(144A)

‡

6,000,000

6,014,296

Palmer

Square

CLO

Ltd.

2025-3A

A,

CME

Term

SOFR

Month

+

1.3000%,

5.5755%,

7/20/37

(144A)

‡

14,200,000

14,226,029

Palmer

Square

CLO

Ltd.

2021-1A

A1AR,

CME

Term

SOFR

Month

+

1.1500%,

5.0344%,

4/20/38

(144A)

‡

16,750,000

16,741,625

Palmer

Square

CLO

Ltd.

2019-1A

A1R2,

CME

Term

SOFR

Month

+

1.2500%,

5.3606%,

8/14/38

(144A)

‡

51,250,000

51,339,037

Palmer

Square

Loan

Funding

Ltd.

2022-3A

A1BR,

CME

Term

SOFR

Month

+

1.4000%,

5.3045%,

4/15/31

(144A)

‡

750,000

749,975

Park

Blue

CLO

2023-IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

Month

+

2.0000%,

5.8580%,

1/25/37

(144A)

‡

5,000,000

5,021,846

Park

Blue

CLO

2024-VI

Ltd.

2024-6A

A1,

CME

Term

SOFR

Month

+

1.3400%,

5.1980%,

1/25/38

(144A)

‡

75,695,000

75,869,265

Park

Blue

CLO

2025-VII

Ltd.

2025-7A

A1,

CME

Term

SOFR

Month

+

1.2200%,

5.0780%,

4/25/38

(144A)

‡

9,750,000

9,763,189

Pikes

Peak

CLO

Ltd.

2023-12A

AR,

CME

Term

SOFR

Month

+

1.2200%,

5.1044%,

4/20/38

(144A)

‡

61,700,000

61,784,430

Pikes

Peak

CLO

2025-18A

A1,

CME

Term

SOFR

Month

+

1.2200%,

5.1044%,

4/20/38

(144A)

‡

17,250,000

17,271,668

Pikes

Peak

CLO

2020-6A

ARR,

CME

Term

SOFR

Month

+

0.9400%,

5.1252%,

5/18/34

(144A)

‡

65,450,000

65,384,917

Pikes

Peak

CLO

2021-8A

A1R,

CME

Term

SOFR

Month

+

1.3300%,

5.2144%,

1/20/38

(144A)

‡

18,400,000

18,443,144

Pixley

Park

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.5200%,

5.4245%,

1/15/37

(144A)

‡

27,000,000

27,055,436

Post

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

Month

+

1.0800%,

4.9845%,

10/15/34

(144A)

‡

164,000,000

163,938,615

PPM

CLO

Ltd.

2020-4A

A1R2,

CME

Term

SOFR

Month

+

1.3300%,

5.2144%,

3/18/38

(144A)

‡

13,500,000

13,535,813

PPM

CLO

6-R

Ltd.

2022-6RA

A1R,

CME

Term

SOFR

Month

+

1.9500%,

5.8344%,

1/20/37

(144A)

‡

10,000,000

10,026,286

Rad

CLO

Ltd.

2021-12A

A1AR,

CME

Term

SOFR

Month

+

1.3200%,

5.1583%,

7/30/40

(144A)

‡

32,770,000

32,854,320

Rad

CLO

Ltd.

2023-18A

A1R,

CME

Term

SOFR

Month

+

1.4000%,

5.3045%,

7/15/37

(144A)

‡

125,000,000

125,253,662

Rad

CLO

Ltd.

2023-18A

A2R,

CME

Term

SOFR

Month

+

1.7000%,

5.6045%,

7/15/37

(144A)

‡

20,000,000

20,057,684

RAD

CLO

Ltd.

2023-21A

A1R,

CME

Term

SOFR

Month

+

1.0700%,

4.9280%,

1/25/37

(144A)

‡

235,400,000

235,201,887

RAD

CLO

Ltd.

2024-26A

A,

CME

Term

SOFR

Month

+

1.3700%,

5.2544%,

10/20/37

(144A)

‡

49,250,000

49,381,113

Rad

CLO

Ltd.

2020-7A

A1R,

CME

Term

SOFR

Month

+

1.3500%,

5.2316%,

4/17/36

(144A)

‡

7,100,000

7,103,572

Rad

CLO

Ltd.

2020-7A

A2R,

CME

Term

SOFR

Month

+

1.7000%,

5.5816%,

4/17/36

(144A)

‡

11,000,000

11,023,552

Regatta

Funding

Ltd.

2024-4A

A1,

CME

Term

SOFR

Month

+

1.3200%,

5.1780%,

1/25/38

(144A)

‡

94,645,000

94,845,458

Regatta

Funding

Ltd.

2025-4A

A1,

CME

Term

SOFR

Month

+

1.3400%,

5.4418%,

7/25/38

(144A)

‡

31,510,000

31,586,317

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Regatta

VI

Funding

Ltd.

2016-1A

A1R3,

CME

Term

SOFR

Month

+

1.2500%,

5.2056%,

10/20/38

(144A)

‡

$

10,000,000

$

10,012,480

Regatta

XI

Funding

Ltd.

2018-1A

AR,

CME

Term

SOFR

Month

+

1.4000%,

5.2816%,

7/17/37

(144A)

‡

15,000,000

15,033,000

Regatta

XVII

Funding

Ltd.

2020-1A

AR,

CME

Term

SOFR

Month

+

1.3800%,

5.2845%,

10/15/37

(144A)

‡

22,350,000

22,412,269

Regatta

XVIII

Funding

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.1600%,

5.0645%,

4/15/38

(144A)

‡

160,696,724

160,644,385

Regatta

XX

Funding

Ltd.

2021-2A

AR,

CME

Term

SOFR

Month

+

1.1800%,

5.0845%,

1/15/38

(144A)

‡

14,799,000

14,801,081

Regatta

XXIII

Funding

Ltd.

2021-4A

A2R,

CME

Term

SOFR

Month

+

1.4500%,

0.0000%,

10/15/38

(144A)

†,‡

10,000,000

10,000,000

Regatta

XXIII

Funding

Ltd.

2021-4A

A1R,

CME

Term

SOFR

Month

+

1.2200%,

0.0000%,

10/15/38

(144A)

†,‡

125,000,000

125,000,000

Regatta

XXV

Funding

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.3400%,

5.2445%,

7/15/38

(144A)

‡

119,000,000

119,283,577

Rockford

Tower

CLO

Ltd.

2017-1A

AR2,

CME

Term

SOFR

Month

+

1.3616%,

5.2460%,

4/20/34

(144A)

‡

14,500,000

14,506,822

Rockford

Tower

CLO

Ltd.

2021-3A

A2R,

CME

Term

SOFR

Month

+

1.6500%,

5.5545%,

1/15/38

(144A)

‡

14,000,000

14,036,936

Rockland

Park

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.3000%,

5.1844%,

7/20/38

(144A)

‡

2,000,000

2,003,971

Rockland

Park

CLO

Ltd.

2021-1A

A2R,

CME

Term

SOFR

Month

+

1.5500%,

5.4344%,

7/20/38

(144A)

‡

10,000,000

10,039,727

Romark

CLO

V

Ltd.

2021-5A

AR,

CME

Term

SOFR

Month

+

1.1900%,

5.0945%,

1/15/35

(144A)

‡

25,000,000

25,018,067

RR

Ltd.

2021-19A

A1R,

CME

Term

SOFR

Month

+

1.1800%,

5.0845%,

4/15/40

(144A)

‡

24,600,000

24,588,972

RR

Ltd.

2022-20A

A1R,

CME

Term

SOFR

Month

+

0.9900%,

4.8945%,

7/15/37

(144A)

‡

165,721,000

165,534,531

RR

Ltd.

2022-21A

A1BR,

CME

Term

SOFR

Month

+

1.6000%,

5.5045%,

7/15/39

(144A)

‡

15,000,000

15,036,857

RR

Ltd.

2022-23A

A1B2,

CME

Term

SOFR

Month

+

1.6000%,

5.5045%,

7/15/37

(144A)

‡

8,000,000

8,019,080

RR

Ltd.

2023-27A

A1AR,

CME

Term

SOFR

Month

+

1.2300%,

5.1345%,

10/15/40

(144A)

‡

10,000,000

10,013,650

RR

Ltd.

2025-40A

A1,

CME

Term

SOFR

Month

+

1.3400%,

5.6374%,

7/15/38

(144A)

‡

13,800,000

13,834,199

RR

Ltd.

2025-41A

A1A,

CME

Term

SOFR

Month

+

1.2500%,

5.2142%,

10/15/40

(144A)

‡

21,000,000

21,025,935

RR

Ltd.

2018-5A

A1R,

CME

Term

SOFR

Month

+

1.5000%,

5.4045%,

7/15/39

(144A)

‡

19,000,000

19,068,573

RR

Ltd.

2020-8A

A1R,

CME

Term

SOFR

Month

+

1.3500%,

5.2545%,

7/15/37

(144A)

‡

139,500,000

139,619,552

RRX

Ltd.

2022-7A

A1,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

7/15/35

(144A)

‡

31,980,000

31,997,436

Sagard-Halseypoint

CLO

Ltd.

2025-9A

A,

CME

Term

SOFR

Month

+

1.2900%,

5.1744%,

4/20/38

(144A)

‡

11,000,000

11,019,535

Sandstone

Peak

II

Ltd.

2023-1A

A1R,

CME

Term

SOFR

Month

+

1.4100%,

5.2944%,

7/20/38

(144A)

‡

39,650,000

39,761,028

Sandstone

Peak

III

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.8300%,

5.6880%,

4/25/37

(144A)

‡

8,000,000

8,028,376

Saratoga

Investment

Corp.

CLO

Ltd.

2013-1A

A2R4,

CME

Term

SOFR

Month

+

1.7600%,

5.6444%,

4/20/33

(144A)

‡

10,000,000

10,020,738

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Signal

Peak

CLO

Ltd.

2021-10A

A1R,

CME

Term

SOFR

Month

+

1.1900%,

5.0554%,

1/24/38

(144A)

‡

$

15,000,000

$

15,002,428

Signal

Peak

CLO

Ltd.

2024-11A

A2,

CME

Term

SOFR

Month

+

1.6800%,

5.5644%,

7/18/37

(144A)

‡

20,000,000

20,056,534

Signal

Peak

CLO

Ltd.

2022-12A

A2R,

CME

Term

SOFR

Month

+

1.6000%,

5.4844%,

7/18/37

(144A)

‡

8,000,000

8,019,161

Signal

Peak

CLO

Ltd.

2024-14A

A,

CME

Term

SOFR

Month

+

1.3000%,

5.1573%,

1/22/38

(144A)

‡

19,600,000

19,638,986

Signal

Peak

CLO

Ltd.

2021-9A

A2R,

CME

Term

SOFR

Month

+

1.5500%,

5.4200%,

1/21/38

(144A)

‡

10,000,000

10,021,937

Silver

Point

CLO

Ltd.

2022-1A

A1R,

CME

Term

SOFR

Month

+

1.3200%,

5.2044%,

1/20/38

(144A)

‡

70,670,000

70,844,640

Silver

Point

CLO

Ltd.

2025-10A

A1,

CME

Term

SOFR

Month

+

1.4500%,

5.7180%,

7/15/38

(144A)

‡

18,210,000

18,269,239

Silver

Point

CLO

Ltd.

2025-10A

A2,

CME

Term

SOFR

Month

+

1.6500%,

5.9180%,

7/15/38

(144A)

‡

20,000,000

20,060,678

Silver

Point

CLO

Ltd.

2023-2A

A1R,

CME

Term

SOFR

Month

+

1.3700%,

5.2544%,

4/20/38

(144A)

‡

121,000,000

121,358,801

Silver

Point

CLO

Ltd.

2024-6A

A1,

CME

Term

SOFR

Month

+

1.4000%,

5.3045%,

10/15/37

(144A)

‡

9,750,000

9,769,391

Silver

Rock

CLO

I

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

Month

+

1.4200%,

5.3044%,

10/20/37

(144A)

‡

25,000,000

25,069,975

Silver

Rock

CLO

II

Ltd.

2021-2A

AR,

CME

Term

SOFR

Month

+

1.0400%,

4.9244%,

1/20/35

(144A)

‡

28,500,000

28,479,947

Sixth

Street

CLO

IX

Ltd.

2017-9A

AR,

CME

Term

SOFR

Month

+

1.3800%,

5.2500%,

7/21/37

(144A)

‡

61,445,000

61,608,124

Sixth

Street

CLO

XVII

Ltd.

2021-17A

A1R,

CME

Term

SOFR

Month

+

1.1500%,

5.0316%,

4/17/38

(144A)

‡

46,080,000

46,055,361

Sixth

Street

CLO

XXIII

Ltd.

2023-23A

A1R,

CME

Term

SOFR

Month

+

1.2100%,

5.0769%,

10/17/38

(144A)

‡

126,000,000

126,120,204

Sound

Point

CLO

2025R-1

Ltd.

2025-1RA

A1,

CME

Term

SOFR

Month

+

1.3400%,

5.5435%,

2/20/38

(144A)

‡

36,000,000

36,081,965

Sound

Point

CLO

Ltd.

2025-2A

A1,

CME

Term

SOFR

Month

+

1.2500%,

5.1545%,

4/15/38

(144A)

‡

10,850,000

10,864,441

Sound

Point

CLO

XXVI

Ltd.

2020-1A

AR,

CME

Term

SOFR

Month

+

1.4316%,

5.3161%,

7/20/34

(144A)

‡

11,000,000

10,999,945

Storm

King

Park

CLO

Ltd.

2022-1A

AR,

CME

Term

SOFR

Month

+

1.3600%,

5.2645%,

10/15/37

(144A)

‡

22,700,000

22,756,049

Sycamore

Tree

CLO

Ltd.

2024-5A

A2,

CME

Term

SOFR

Month

+

1.8000%,

5.6844%,

4/20/36

(144A)

‡

15,000,000

15,035,997

Sycamore

Tree

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

Month

+

1.6500%,

5.5344%,

4/20/37

(144A)

‡

148,000,000

148,518,000

Sycamore

Tree

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

Month

+

1.3900%,

5.2744%,

1/20/38

(144A)

‡

101,550,000

101,844,373

Sycamore

Tree

CLO

Ltd.

2025-6A

A1,

CME

Term

SOFR

Month

+

1.2000%,

5.0844%,

4/20/38

(144A)

‡

13,200,000

13,220,439

Symetra

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

Month

+

1.2900%,

5.1744%,

4/20/38

(144A)

‡

10,615,000

10,632,259

Symphony

CLO

Ltd.

2023-30A

A1R,

CME

Term

SOFR

Month

+

1.5400%,

5.4244%,

10/20/37

(144A)

‡

30,500,000

30,596,905

Symphony

CLO

Ltd.

2023-40A

AR,

CME

Term

SOFR

Month

+

1.3100%,

5.2215%,

1/5/38

(144A)

‡

85,470,000

85,633,555

Symphony

CLO

Ltd.

2024-44A

A,

CME

Term

SOFR

Month

+

1.4800%,

5.3915%,

7/14/37

(144A)

‡

10,000,000

10,035,719

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Symphony

CLO

Ltd.

2025-47A

A1,

CME

Term

SOFR

Month

+

1.1400%,

5.0244%,

4/20/38

(144A)

‡

$

111,700,000

$

111,630,333

Symphony

CLO

XVIII

Ltd.

2016-18A

AR4,

CME

Term

SOFR

Month

+

1.2300%,

5.5058%,

10/23/37

(144A)

‡

115,000,000

115,131,560

Symphony

CLO

XXV

Ltd.

2021-25A

A,

CME

Term

SOFR

Month

+

1.2416%,

5.1261%,

4/19/34

(144A)

‡

75,114,000

75,117,418

Symphony

CLO

XXVIII

Ltd.

2021-28A

A,

CME

Term

SOFR

Month

+

1.4016%,

5.2614%,

10/23/34

(144A)

‡

10,000,000

10,006,314

Symphony

Loan

Funding

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

Month

+

1.4300%,

5.2873%,

1/22/38

(144A)

‡

48,800,000

48,940,964

Symphony

Loan

Funding

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.6500%,

5.5073%,

1/22/38

(144A)

‡

12,000,000

12,032,392

Tallman

Park

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.3300%,

5.2144%,

7/20/38

(144A)

‡

48,000,000

48,116,112

TCW

CLO

Ltd.

2024-2A

A1,

CME

Term

SOFR

Month

+

1.4200%,

5.3016%,

7/17/37

(144A)

‡

10,000,000

10,024,860

TCW

CLO

Ltd.

2019-2A

A1R2,

CME

Term

SOFR

Month

+

1.2700%,

5.1544%,

1/20/38

(144A)

‡

29,750,000

29,807,638

TCW

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

Month

+

1.1900%,

5.0744%,

4/20/38

(144A)

‡

53,800,000

53,856,038

Texas

Debt

Capital

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

Month

+

1.7000%,

5.5573%,

4/22/37

(144A)

‡

16,000,000

16,046,722

Texas

Debt

Capital

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

Month

+

1.1400%,

5.0054%,

4/24/38

(144A)

‡

69,000,000

68,959,366

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

CME

Term

SOFR

Month

+

1.7116%,

5.5960%,

1/18/35

(144A)

‡

8,000,000

8,018,908

TPG

CLO

Ltd.

2025-2A

A2,

CME

Term

SOFR

Month

+

1.5000%,

0.0000%,

1/21/39

(144A)

†,‡

11,250,000

11,253,094

Tralee

CLO

V

Ltd.

2018-5A

A1RR,

CME

Term

SOFR

Month

+

1.0800%,

4.9644%,

10/20/34

(144A)

‡

27,500,000

27,482,642

Tralee

CLO

V

Ltd.

2018-5A

A2RR,

CME

Term

SOFR

Month

+

1.4500%,

5.3344%,

10/20/34

(144A)

‡

11,000,000

11,004,848

Trestles

CLO

VI

Ltd.

2023-6A

A1R,

CME

Term

SOFR

Month

+

1.1800%,

5.0380%,

4/25/38

(144A)

‡

45,500,000

45,504,454

Trestles

CLO

VIII

Ltd.

2025-8A

A1,

CME

Term

SOFR

Month

+

1.3300%,

5.6267%,

6/11/35

(144A)

‡

19,000,000

19,027,453

Trinitas

CLO

XI

Ltd.

2019-11A

A1RR,

CME

Term

SOFR

Month

+

1.1900%,

5.0945%,

7/15/34

(144A)

‡

39,700,000

39,710,806

Trinitas

CLO

XXXI

Ltd.

2024-31A

A1,

CME

Term

SOFR

Month

+

1.3500%,

5.2073%,

1/22/38

(144A)

‡

23,000,000

23,052,343

Trinitas

CLO

XXXIII

Ltd.

2025-33A

A,

CME

Term

SOFR

Month

+

1.3200%,

5.6395%,

7/22/38

(144A)

‡

38,150,000

38,243,269

Valley

Stream

Park

CLO

Ltd.

2022-1A

ARR,

CME

Term

SOFR

Month

+

1.1900%,

5.0744%,

1/20/37

(144A)

‡

94,000,000

93,949,437

Venture

CLO

Ltd.

2021-42A

A2,

CME

Term

SOFR

Month

+

1.5616%,

5.4662%,

4/15/34

(144A)

‡

5,000,000

5,008,115

Venture

CLO

Ltd.

2021-43A

A1R,

CME

Term

SOFR

Month

+

1.3500%,

5.2545%,

4/15/34

(144A)

‡

71,000,000

71,027,193

Venture

CLO

Ltd.

2022-46A

A1R,

CME

Term

SOFR

Month

+

1.4500%,

5.3344%,

10/20/37

(144A)

‡

19,000,000

19,054,610

Venture

CLO

Ltd.

2023-47A

A1R,

CME

Term

SOFR

Month

+

1.5000%,

5.3844%,

4/20/36

(144A)

‡

20,000,000

20,071,492

Vibrant

CLO

IX-R

Ltd.

2018-9RA

A1,

CME

Term

SOFR

Month

+

1.0000%,

4.8844%,

4/20/37

(144A)

‡

78,975,000

78,888,467

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Voya

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

Month

+

1.0000%,

4.9045%,

7/15/34

(144A)

‡

$

89,963,000

$

89,882,366

Voya

CLO

Ltd.

2019-1A

A1RR,

CME

Term

SOFR

Month

+

1.3700%,

5.2745%,

10/15/37

(144A)

‡

39,400,000

39,508,315

Voya

CLO

Ltd.

2020-3A

ARR,

CME

Term

SOFR

Month

+

1.2500%,

5.1200%,

1/20/38

(144A)

‡

130,150,000

130,382,057

Voya

CLO

Ltd.

2020-2A

A1RR,

CME

Term

SOFR

Month

+

1.3100%,

5.1944%,

1/20/38

(144A)

‡

20,000,000

20,039,940

Voya

CLO

Ltd.

2021-3A

A1R,

CME

Term

SOFR

Month

+

1.2500%,

5.1545%,

4/15/38

(144A)

‡

35,000,000

35,060,672

Voya

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

Month

+

1.1300%,

5.0144%,

4/20/38

(144A)

‡

22,750,000

22,734,209

Voya

Ltd.

2024-3A

A2,

CME

Term

SOFR

Month

+

1.5800%,

5.4644%,

7/20/37

(144A)

‡

12,000,000

12,027,233

Wehle

Park

CLO

Ltd.

2022-1A

A1R,

CME

Term

SOFR

Month

+

1.2400%,

5.1888%,

10/21/38

(144A)

‡

20,000,000

20,020,000

Wellfleet

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.1800%,

5.0644%,

4/20/34

(144A)

‡

75,000,000

75,037,425

Wellfleet

CLO

Ltd.

2022-1A

A1RN,

CME

Term

SOFR

Month

+

1.4200%,

5.3245%,

7/15/37

(144A)

‡

19,500,000

19,547,884

Wellington

Management

CLO

Ltd.

2024-2A

A,

CME

Term

SOFR

Month

+

1.5500%,

5.4344%,

4/20/37

(144A)

‡

30,000,000

30,088,671

Whitebox

CLO

III

Ltd.

2021-3A

A1R,

CME

Term

SOFR

Month

+

1.2700%,

5.1745%,

10/15/35

(144A)

‡

44,139,000

44,166,627

Whitebox

CLO

IV

Ltd.

2023-4A

A1R,

CME

Term

SOFR

Month

+

1.4900%,

5.3744%,

4/20/36

(144A)

‡

125,000,000

125,429,000

Wind

River

CLO

Ltd.

2021-4A

AR,

CME

Term

SOFR

Month

+

1.2300%,

5.1000%,

1/20/35

(144A)

‡

70,000,000

70,007,546

Wise

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

Month

+

1.2300%,

5.1144%,

1/20/38

(144A)

‡

39,000,000

39,050,236

Wise

CLO

Ltd.

2025-3A

A,

CME

Term

SOFR

Month

+

1.3500%,

5.4533%,

7/15/38

(144A)

‡

17,500,000

17,543,400

WISE

CLO

Ltd.

2023-1A

AR,

CME

Term

SOFR

Month

+

1.3300%,

5.2144%,

10/20/38

(144A)

‡

20,000,000

20,052,110

Zais

CLO

Ltd.

2020-15A

A1RR,

CME

Term

SOFR

Month

+

1.4900%,

5.3494%,

7/28/37

(144A)

‡

38,600,000

38,736,401

Total

Collateralized

Loan

Obligations

(cost

$25,313,492,820)

25,324,074,327

Investment

Companies

-

.8

%

Money

Market

Funds

-

.8

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$196,289,271)

196,288,167

196,327,425

Total

Investments

(total

cost

$

25,509,782,091)

-

.2

%

25,520,401,752

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.2%)

(313,707,585)

Net

Assets

-

100.0%

$25,206,694,167

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

25,520,401,752

.0

%

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares*

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

0.8%

Money

Market

Funds

-

0.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

–

$

14,117,513,269

$

(13,921,164,850)

$

(59,148)

$

38,154

$

196,327,425

196,288,167

$

11,753,899

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

CME

Chicago

Mercantile

Exchange

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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

position

has

not

yet

settled

as

of

October

31,

2025. The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

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

1933

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,

2025

is

$25,324,074,327

which

represents

100.5%

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Collateralized* 

*Loan* 

*Obligations*

$

—

$

25,324,074,327

$

—

$

25,324,074,327

*Investment* 

*Companies*

—

196,327,425

—

196,327,425

#### Total

#### Assets
$

—

$

25,520,401,752

$

—

$

25,520,401,752

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$25,313,492,820)

$

25,324,074,327

Affiliated

investments,

at

value

(cost

$196,289,271)

196,327,425

Restricted

Cash

(1) 21,192,273

Receivables:

Investments

sold

280,224,306

Fund

units

sold

101,525,758

Interest

75,389,894

Due

from

adviser

42,466

Total

Assets

25,998,776,449

Liabilities:

Due

to

custodian

2,978,844

Due

to

authorized

participant

21,192,273

Payables:

Investments

purchased

519,854,453

Fund

units

purchased

243,660,938

Management

fees

4,395,774

Total

Liabilities

792,082,282

Commitments

and

contingent

liabilities

Net

Assets

$

25,206,694,167

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

25,109,365,303

Total

distributable

earnings

(loss)

97,328,864

Total

Net

Assets

$

25,206,694,167

Net

Assets

$

25,206,694,167

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

496,700,000

Net

Asset

Value

Per

Share

$

.75

(1) Includes

cash

pledged

by

an

Authorized

Participant

for

missing

deposit

securities

required

to

secure

Creation

Units.

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

1,157,873,342

Dividends

from

affiliates

11,753,899

Total

Investment

Income

1,169,627,241

Expenses:

Management

Fees

42,264,766

Total

Expenses

42,264,766

Less:

Excess

Expense

Reimbursement

and

Waivers

(336,445)

Net

Expenses

41,928,321

Net

Investment

Income/(Loss)

1,127,698,920

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(18,759,171)

Investments

in

affiliates

(59,148)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(18,818,319)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(27,203,390)

Investments

in

affiliates

38,154

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(27,165,236)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,081,715,365

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

1,127,698,920

$

586,645,236

Net

realized

gain/(loss)

on

investments

(18,818,319)

17,055,183

Change

in

unrealized

net

appreciation/depreciation

(27,165,236)

29,256,229

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,081,715,365

632,956,648

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(1,124,562,458)

(536,543,010)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,124,562,458)

(536,543,010)

Capital

Share

Transactions

11,283,910,727

9,397,143,529

Net

Increase/(Decrease)

in

Net

Assets

11,241,063,634

9,493,557,167

Net

Assets:

—

—

Beginning

of

Year

13,965,630,533

4,472,073,366

End

of

Year

$

25,206,694,167

$

13,965,630,533

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Financial

#### Highlights

October

31,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$50.83

$50.16

$48.82

$50.49

$49.79

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1) 2.73 3.38 3.16 1.26 0.58 Net

realized

and

unrealized

gain/(loss)

0.01 (2) 0.55 1.02 (2.00)

0.69 Total

from

Investment

Operations

2.74 (2) 3.93 4.18 (0.74)

1.27 Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(2.81)

(3.26)

(2.84)

(0.93)

(0.57)

Distributions

(from

capital

gains)

(0.01)

—

—

—

—

Total

Dividends

and

Distributions

(2.82)

(3.26)

(2.84)

(0.93)

(0.57)

Net

Asset

Value,

End

of

Period

$50.75

$50.83

$50.16

$48.82

$50.49

Total

Return

5.54%

8.09%

8.81%

(1.48)%

2.55%

Net

assets,

End

of

Period

(in

thousands)

$25,206,694

$13,965,631

$4,472,073

$1,662,371

$260,002

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.20%

0.20%

0.22%

0.24%

0.25%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.20%

0.20%

0.22%

0.24%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

5.39%

6.68%

6.37%

2.54%

1.16%

Portfolio

Turnover

Rate

(3) 94%

51%

47%

55%

42%

(1) Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2) The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund's

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

fluctuating

market

values

for

the

Fund's

securities.

(3) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson AAA

CLO 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

fifteen 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

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to

high

quality

AAA-rated

collateralized

loan

obligations

("CLOs").

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

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. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### CLO

#### Risk
The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

The

Fund

intends

to

invest

primarily

in

AAA

rated

tranches;

however,

this

rating

does

not

constitute

a

guarantee,

may

be

downgraded,

and

in

stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

significant

losses

experienced

by

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund's

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others.

#### Investment

#### Focus

#### Risk
Because

the

Fund

invests

primarily

in

CLOs

it

is

susceptible

to

an

increased

risk

of

loss

due

to

adverse

occurrences

in

the

CLO

market,

generally,

and

in

the

various

markets

impacting

the

portfolios

of

loans

underlying

these

CLOs.

The

Fund's

CLO

investment

focus

may

cause

the

Fund

to

perform

differently

than

the

overall

financial

market

and

the

Fund's

performance

may

be

more

volatile

than

if

the

Fund's

investments

were

more

diversified

across

financial

instruments

and

or

markets.

#### Liquidity Risk
Liquidity

risk

refers

to

the

possibility

that

the

Fund

may

not

be

able

to

sell

or

buy

a

security

or

close

out

an

investment

contract

at

a

favorable

price

or

time.

Consequently,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

the

Fund's

performance.

Infrequent

trading

of

securities

also

may

lead

to

an

increase

in

their

price

volatility.

CLOs,

and

their

underlying

loan

obligations,

are

typically

not

registered

for

sale

to

the

public

and

therefore

are

subject

to

certain

restrictions

on

transfer

and

sale,

potentially

making

them

less

liquid

than

other

types

of

securities.

Additionally,

when

the

Fund

purchases

a

newly

issued

CLO

directly

from

the

issuer

(rather

than

from

the

secondary

market),

there

often

may

be

a

delayed

settlement

period,

during

which

time,

the

liquidity

of

the

CLO

may

be

further

reduced.

During

periods

of

limited

liquidity

and

higher

price

volatility,

the

Fund's

ability

to

acquire

or

dispose

of

CLOs

at

a

price

and

time

the

Fund

deems

advantageous

may

be

impaired.

CLOs

are

generally

considered

to

be

long-term

investments

and

there

is

no

guarantee

that

an

active

secondary

market

will

exist

or

be

maintained

for

any

given

CLO.

#### 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

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.

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

#### Privately

#### Issued

#### Securities

#### Risk
CLOs

are

generally

privately-issued

securities,

and

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

"Securities

Act").

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund's

net

asset

value

per

share

("NAV")

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result.

3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.20% of

the

Fund's

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent

that

the

Fund's

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business)

exceed

the

annual

rate

of

0.20% of

the

Fund's

average

daily

net

assets.

The

Adviser

has

agreed

to

continue

the

waiver

through

February

28,

2026. The

previous

expense

limit

for

the

period

from

February

29,

2024

through

February

28,

2025

was

0.21%.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

"Excess

Expense

Reimbursement

and

Waivers"

on

the

Statement

of

Operations.

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.

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$1

billion

0.25%

over

$1

billion

0.20%

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2025, the

Adviser

owned 649,495

shares

or 0.13%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$114,154,058

$—

$(18,747,695)

$—

$—

$1,922,501

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital.

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5. #### Capital

#### Share

#### Transactions
6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(18,747,695)

$—

$(18,747,695)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$25,518,479,251

$15,879,447

$(13,956,946)

$1,922,501

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$1,122,454,933

$2,107,525

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$536,543,010

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

467,150,000

$

23,685,413,664

190,400,000

$

9,640,184,392

Shares

repurchased

(245,200,000)

(12,401,502,937)

(4,800,000)

(243,040,863)

Net

Increase/(Decrease)

221,950,000

$

11,283,910,727

185,600,000

$

9,397,143,529

*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*

$23,711,554,368

$19,824,836,190

$—

$—

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

For

the

year

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

had

net

realized

loss of $16,739,091 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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*

$19,037,667,674

$11,462,580,933

$—

$—

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Janus

Detroit

Street

Trust

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

AAA

CLO

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

AAA

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(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,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

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

audits

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,

2025

by

correspondence

with

the

custodian

and

broker;

when

replies

were

not

received

from

broker,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Designation

#### Requirements
(unaudited)

October

31,

2025

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Capital

Gain

Distributions

$2,107,525

Qualified

Interest

Income

Percentage

1.10%

#### Janus

#### Henderson

#### AAA

#### CLO

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93087

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

.7

%

Health

Care

REITs

-

.7

%

Healthcare

Realty

Trust,

Inc.

-

Class

A

8,068

$

142,965

Sabra

Health

Care

REIT,

Inc.

8,263

147,247

Ventas,

Inc.

2,902

214,139

Welltower,

Inc.

1,584

286,767

791,118

Hotels,

Restaurants

&

Leisure

-

.7

%

Marriott

International,

Inc.

-

Class

A

97,978

Household

Durables

-

.4

%

DR

Horton,

Inc.

595

88,703

Industrial

REITs

-

.8

%

EastGroup

Properties,

Inc.

77,491

Prologis,

Inc.

2,833

351,547

429,038

Office

REITs

-

.9

%

Highwoods

Properties,

Inc.

3,673

105,158

Real

Estate

Management

&

Development

-

.8

%

CBRE

Group,

Inc.

-

Class

A\*

663

101,061

Residential

REITs

-

.1

%

American

Homes

Rent

-

Class

A

1,993

62,979

AvalonBay

Communities,

Inc.

991

172,355

Equity

LifeStyle

Properties,

Inc.

1,486

90,720

Invitation

Homes,

Inc.

3,556

100,101

UDR,

Inc.

3,677

123,878

550,033

Retail

REITs

-

.3

%

Agree

Realty

Corp.

1,367

99,804

Federal

Realty

Investment

Trust

1,101

105,905

Macerich

Co.

(The)

6,399

109,743

NETSTREIT

Corp.

#

8,985

167,301

482,753

Specialized

REITs

-

.0

%

CubeSmart

3,665

138,061

Digital

Realty

Trust,

Inc.

#

1,453

247,606

Equinix,

Inc.

370,552

Public

Storage

821

228,698

984,917

Total

Common

Stocks

(cost

$3,646,524)

3,630,759

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

.8

%

Investment

Companies

-

.0

%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

£,∞

255,753

255,753

Time

Deposits

-

.8

%

Royal

Bank

of

Canada,

3.8500%,

11/3/25

$

63,938

63,938

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$319,691)

319,691

Total

Investments

(total

cost

$

3,966,215)

-

.5

%

3,950,450

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(8.5%)

(308,396)

Net

Assets

-

100.0%

$3,642,054

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

3,950,450

.0

%

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares*

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

8.8%

Investment

Companies

-

7.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

$

–

$

9,060,454

$

(8,804,701)

$

–

$

–

$

255,753

255,753

$

10,879

Δ

*Counterparty*

*Gross* 

*Amounts* 

*of* 

*Recognized* 

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral* 

*Pledged*

(b) *Net* 

*Amount*

JPMorgan

Chase

Bank

NA

$

307,917

$

—

$

(307,917)

$

—

(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

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

\*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2025. ∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Common* 

*Stocks*

$

3,630,759

$

—

$

—

$

3,630,759

*Investments* 

*Purchased* 

*with* 

*Cash* 

*Collateral* 

*from* 

*Securities* 

*Lending*

—

319,691

—

319,691

#### Total

#### Assets
$

3,630,759

$

319,691

$

—

$

3,950,450

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$3,710,462)

(1) $

3,694,697

Affiliated

investments,

at

value

(cost

$255,753)

255,753

Receivables:

Investments

sold

123,023

Dividends

879

Affiliated

securities

lending

income,

net

Total

Assets

4,074,546

Liabilities:

Collateral

on

securities

loaned

(Note

3)

319,691

Due

to

custodian

99,364

Payables:

Management

fees

13,437

Total

Liabilities

432,492

Commitments

and

contingent

liabilities

Net

Assets

$

3,642,054

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

3,530,214

Total

distributable

earnings

(loss)

111,840

Total

Net

Assets

$

3,642,054

Net

Assets

$

3,642,054

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

150,001

Net

Asset

Value

Per

Share

$

.28

(1) Includes

$307,917

of

securities

on

loan.

See

Note

in

Notes

to

Financial

Statements.

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

745,611

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

10,879

Unaffiliated

securities

lending

income,

net

3,425

Foreign

tax

withheld

(5,255)

Total

Investment

Income

754,660

Expenses:

Management

Fees

164,567

Total

Expenses

164,567

Net

Investment

Income/(Loss)

590,093

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

2,267,071

Total

Net

Realized

Gain/(Loss)

on

Investments

$

2,267,071

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(2,733,507)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(2,733,507)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

123,657

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

590,093

$

278,116

Net

realized

gain/(loss)

on

investments

2,267,071

826,503

Change

in

unrealized

net

appreciation/depreciation

(2,733,507)

3,319,830

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

123,657

4,424,449

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(653,401)

(198,776)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(653,401)

(198,776)

Capital

Share

Transactions

(22,197,234)

17,750,416

Net

Increase/(Decrease)

in

Net

Assets

(22,726,978)

21,976,089

Net

Assets:

—

—

Beginning

of

Year

26,369,032

4,392,943

End

of

Year

$

3,642,054

$

26,369,032

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

2021

(1) Net

Asset

Value,

Beginning

of

Period

$25.11

$19.52

$21.39

$26.90

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2) 0.56 0.53 0.56 0.38 0.17 Net

realized

and

unrealized

gain/(loss)

(0.77)

(3) 5.60 (1.84)

(5.41)

1.80 Total

from

Investment

Operations

(0.21)

(3) 6.13 (1.28)

(5.03)

1.97 Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.55)

(0.54)

(0.59)

(0.48)

(0.07)

Distributions

(from

capital

gains)

(0.07)

—

—

—

—

Total

Dividends

and

Distributions

(0.62)

(0.54)

(0.59)

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$24.28

$25.11

$19.52

$21.39

$26.90

Total

Return

\*

(0.76)%

31.69%

(6.19)%

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$3,642

$26,369

$4,393

$3,208

$11,435

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.65%

0.65%

0.65%

0.65%

0.65%

Ratio

of

Net

Investment

Income/(Loss)

2.34%

2.23%

2.55%

1.46%

1.84%

Portfolio

Turnover

Rate

(4) 65%

102%

73%

76%

23%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

June

22,

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) The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund's

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

fluctuating

market

values

for

the

Fund's

securities.

(4) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson U.S.

Real

Estate 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 fifteen

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

through

a

combination

of

capital

appreciation

and

current

income.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

days

or

less

may

be

evaluated

and

valued

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Foreign

#### Currency

#### Translations
The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

#### Dividends

#### and

#### Distributions
The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

("REITs")

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs'

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

2. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Real

#### Estate

#### Investing
The

Fund

may

invest

in

equity

and

debt

securities

of

real

estate-related

companies.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

corporate

bonds,

preferred

stocks,

and

other

equity

securities,

including,

but

not

limited

to,

mortgage-backed

securities,

real

estate-backed

securities,

securities

of

REITs

and

similar

REIT-like

entities.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

#### Concentration Risk
Since

the

Fund

concentrates

its

assets

in

the

U.S.

real

estate

industry

and

real

estate-related

industries

an

investment

in

the

Fund

will

be

closely

linked

to

performance

of

the

U.S.

real

estate

markets.

As

a

result,

the

Fund

may

be

subject

to

greater

risks

and

its

net

asset

value

may

fluctuate

more

than

a

fund

that

does

not

concentrate

its

investments.

#### Nondiversification

#### Risk
The

Fund

is

classified

as

nondiversified

under

the

1940

Act.

This

gives

the

Fund's

portfolio

managers

more

flexibility

to

hold

larger

positions

in

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund's

NAV

and

total

return.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

As

of

October

31,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$307,917

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2025 is $319,691,

resulting

in

the

net

amount

due

to

the

counterparty

of

$11,774.

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.65% of

the

Fund's

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2025, the

Adviser

owned 1

share

or 0%

of

the

Fund.

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$250

million

0.65%

Next

$750

million

0.60%

Over

$1

billion

0.50%

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

October

31,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$137,650

$—

$—

$—

$—

$(25,810)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$3,976,260

$127,170

$(152,980)

$(25,810)

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$653,401

$—

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$198,776

$—

$—

$—

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

5. #### Capital

#### Share

#### Transactions
6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

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:

For

the

year

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

had

net

realized

gain of $2,102,991 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

50,000

$

1,181,299

975,000

$

21,066,465

Shares

repurchased

(950,000)

(23,378,533)

(150,000)

(3,316,049)

Net

Increase/(Decrease)

(900,000)

$

(22,197,234)

825,000

$

17,750,416

*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*

$15,483,491

$15,338,764

$—

$—

*Purchases* 

*of*

*Securities*

*Proceeds* 

*from* 

*Sales*

*of* 

*Securities*

*Purchases* 

*of* 

*Long-*

*Term* 

*U.S.* 

*Government*

*Obligations*

*Proceeds* 

*from* 

*Sales*

*of* 

*Long-Term* 

*U.S.*

*Government* 

*Obligations*

$1,180,094

$23,238,046

$—

$—

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Real

Estate

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Real

Estate

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2025

and

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2025

and

for

the

period

June

22,

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

audits

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,

2025

by

correspondence

with

the

custodian,

broker

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Dividends

Received

Deduction

Percentage

0.61%

Qualified

Dividend

Income

Percentage

1.08%

Qualified

Interest

Income

Percentage

1.23%

#### Janus

#### Henderson

#### U.S.

#### Real

#### Estate

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93088

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

1.6%

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

$

30,158

$

19,425

United

Airlines

Pass-Through

Trust,

3.7500%,

9/3/26

386,533

383,806

Total

Asset-Backed

Securities

(cost

$406,947)

403,231

Bank

Loans

-

0.9%

Communication

Services

-

0.8%

Genesee

&

Wyoming,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

1.7500%,

5.7515%, 4/10/31

‡,ƒ

198,606

198,075

Information

Technology

-

0.1%

Clearwater

Analytics

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

2.2500%,

6.4605%, 4/21/32

‡,ƒ

42,000

42,027

Total

Bank

Loans

(cost

$240,504)

240,102

Corporate

Bonds

-

88.5%

Basic

Materials

-

3.4%

Barrick

Mining

Corp.,

5.8000%, 11/15/34

175,000

181,100

Barrick

North

America

Finance

LLC,

5.7000%, 5/30/41

62,000

63,851

Chevron

Phillips

Chemical

Co.

LLC,

4.7500%, 5/15/30

(144A)

60,000

60,713

Compass

Minerals

International,

Inc.,

6.7500%, 12/1/27

(144A)

247,000

248,262

Dow

Chemical

Co.

(The),

5.6500%, 3/15/36

315,000

315,305

869,231

Communications

-

6.3%

Beignet

Investor

LLC,

6.5810%, 5/30/49

(144A)

174,000

185,607

Frontier

Communications

Holdings

LLC,

8.6250%, 3/15/31

(144A)

230,000

242,807

Meta

Platforms,

Inc.,

4.8750%, 11/15/35

82,000

82,363

Meta

Platforms,

Inc.,

5.6250%, 11/15/55

109,000

108,180

Meta

Platforms,

Inc.,

5.7500%, 11/15/65

78,000

77,347

NTT

Finance

Corp.,

4.8760%, 7/16/30

(144A)

200,000

203,784

Time

Warner

Cable

LLC,

6.5500%, 5/1/37

89,000

91,219

T-Mobile

USA,

Inc.,

4.6250%, 1/15/33

76,000

75,414

T-Mobile

USA,

Inc.,

4.9500%, 11/15/35

165,000

163,852

T-Mobile

USA,

Inc.,

5.7000%, 1/15/56

127,000

125,534

Virgin

Media

Secured

Finance

plc,

5.5000%, 5/15/29

(144A)

252,000

247,371

1,603,478

Consumer,

Cyclical

-

6.8%

Flutter

Treasury

DAC,

5.8750%, 6/4/31

(144A)

243,000

246,037

Ford

Motor

Co.,

3.2500%, 2/12/32

150,000

130,809

Ford

Motor

Credit

Co.

LLC,

6.7980%, 11/7/28

200,000

208,984

General

Motors

Financial

Co.,

Inc.,

6.1000%, 1/7/34

146,000

154,284

Hasbro,

Inc.,

6.0500%, 5/14/34

154,000

162,275

LGI

Homes,

Inc.,

7.0000%, 11/15/32

(144A)

179,000

171,776

Mattel,

Inc.,

3.7500%, 4/1/29

(144A)

130,000

126,129

Mattel,

Inc.,

5.4500%, 11/1/41

100,000

93,352

Royal

Caribbean

Cruises

Ltd.,

5.3750%, 1/15/36

113,000

113,766

Stellantis

Finance

US,

Inc.,

5.7500%, 3/18/30

(144A)

234,000

239,930

Warnermedia

Holdings,

Inc.,

4.0540%, 3/15/29

81,000

75,816

1,723,158

Consumer,

Non-cyclical

-

15.3%

Medical,

Inc.,

5.3000%, 10/8/35

(144A)

253,000

250,233

Aetna,

Inc.,

6.6250%, 6/15/36

233,000

255,500

Centene

Corp.,

3.3750%, 2/15/30

271,000

249,297

CVS

Health

Corp.,

5.7000%, 6/1/34

125,000

130,729

CVS

Health

Corp.,

5.4500%, 9/15/35

72,000

73,519

CVS

Health

Corp.,

5.0500%, 3/25/48

131,000

117,132

CVS

Health

Corp.,

6.2500%, 9/15/65

88,000

89,646

Elevance

Health,

Inc.,

6.1000%, 10/15/52

#

80,000

83,639

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

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)

EMD

Finance

LLC,

4.6250%, 10/15/32

(144A)

$

150,000

$

150,010

EMD

Finance

LLC,

5.0000%, 10/15/35

(144A)

162,000

162,488

Health

Care

Service

Corp.,

5.4500%, 6/15/34

(144A)

62,000

63,794

Humana,

Inc.,

5.3750%, 4/15/31

148,000

152,863

Humana,

Inc.,

5.9500%, 3/15/34

84,000

88,559

Illumina,

Inc.,

2.5500%, 3/23/31

130,000

117,096

JBS

USA

Holding

Lux

SARL,

3.6250%, 1/15/32

#

336,000

313,756

Mars,

Inc.,

5.0000%, 3/1/32

(144A)

44,000

45,216

Mars,

Inc.,

5.2000%, 3/1/35

(144A)

246,000

252,493

Mars,

Inc.,

5.7000%, 5/1/55

(144A)

34,000

34,595

Pilgrim's

Pride

Corp.,

3.5000%, 3/1/32

286,000

262,133

Rollins,

Inc.,

5.2500%, 2/24/35

208,000

211,520

Royalty

Pharma

plc,

5.4000%, 9/2/34

#

184,000

188,056

Solventum

Corp.,

5.6000%, 3/23/34

75,000

78,002

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

#

242,000

253,569

Universal

Health

Services,

Inc.,

2.6500%, 1/15/32

150,000

131,460

Universal

Health

Services,

Inc.,

5.0500%, 10/15/34

116,000

113,645

3,868,950

Energy

-

7.4%

Columbia

Pipelines

Holding

Co.

LLC,

5.0970%, 10/1/31

(144A)

102,000

103,812

DT

Midstream,

Inc.,

4.1250%, 6/15/29

(144A)

384,000

375,804

Enbridge,

Inc.,

5.5500%, 6/20/35

#

308,000

318,349

Energy

Transfer

LP,

5.9500%, 5/15/54

#

108,000

104,248

EQT

Corp.,

4.7500%, 1/15/31

161,000

161,148

Hess

Midstream

Operations

LP,

5.8750%, 3/1/28

(144A)

50,000

51,029

Hess

Midstream

Operations

LP,

5.1250%, 6/15/28

(144A)

166,000

165,626

Hess

Midstream

Operations

LP,

4.2500%, 2/15/30

(144A)

#

195,000

189,927

Occidental

Petroleum

Corp.,

5.3750%, 1/1/32

#

123,000

125,107

Occidental

Petroleum

Corp.,

4.1000%, 2/15/47

172,000

127,108

Ovintiv,

Inc.,

7.1000%, 7/15/53

92,000

98,196

Western

Midstream

Operating

LP,

5.4500%, 4/1/44

59,000

53,238

1,873,592

Financial

-

26.6%

Ally

Financial,

Inc.,

SOFR

+

2.2900%,

6.1840%, 7/26/35

‡

160,000

165,632

Ares

Capital

Corp.,

5.1000%, 1/15/31

365,000

359,899

Atlas

Warehouse

Lending

Co.

LP,

6.2500%, 1/15/30

(144A)

424,000

444,081

Bank

of

America

Corp.,

SOFR

+

1.3100%,

5.5110%, 1/24/36

‡

40,000

41,877

Blackstone

Private

Credit

Fund,

7.3000%, 11/27/28

59,000

62,728

Blue

Owl

Capital

Corp.,

3.1250%, 4/13/27

95,000

92,563

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

179,000

185,749

Capital

One

Financial

Corp.,

SOFR

+

3.0700%,

7.6240%, 10/30/31

‡

110,000

124,059

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.8170%, 2/1/34

#,‡

61,000

64,080

Capital

One

Financial

Corp.,

SOFR

+

2.0360%,

6.1830%, 1/30/36

#,‡

87,000

90,668

CBRE

Services,

Inc.,

5.5000%, 6/15/35

137,000

141,347

Citigroup,

Inc.,

SOFR

+

1.8300%,

6.0200%, 1/24/36

‡

87,000

91,019

Citigroup,

Inc.,

SOFR

+

1.4880%,

5.1740%, 9/11/36

‡

122,000

123,518

Citigroup,

Inc.,

CME

Term

SOFR

Month

+

1.4296%,

3.8780%, 1/24/39

‡

146,000

129,041

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.0000%,

5.7100%, 1/21/33

(144A)

‡

305,000

321,748

CoStar

Group,

Inc.,

2.8000%, 7/15/30

(144A)

414,000

378,834

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.4000%,

5.7050%, 3/1/30

(144A)

‡

310,000

322,299

Deutsche

Bank

AG,

SOFR

+

1.7180%,

3.0350%, 5/28/32

‡

231,000

211,443

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Financial

-

(continued)

EF

Holdco,

7.3750%, 9/30/30

(144A)

$

143,000

$

143,373

Equinix

Europe

Financing

Corp.

LLC,

5.5000%, 6/15/34

#

208,000

215,709

F&G

Global

Funding,

4.6500%, 9/8/28

(144A)

116,000

116,375

GLP

Capital

LP,

5.6250%, 9/15/34

196,000

198,161

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4200%,

5.0160%, 10/23/35

‡

192,000

193,302

Invitation

Homes

Operating

Partnership

LP,

4.9500%, 1/15/33

#

374,000

375,713

Jane

Street

Group,

7.1250%, 4/30/31

(144A)

94,000

98,641

Jane

Street

Group,

6.1250%, 11/1/32

(144A)

#

100,000

101,758

Jane

Street

Group,

6.7500%, 5/1/33

(144A)

59,000

61,547

JPMorgan

Chase

&

Co.,

SOFR

+

1.1900%,

4.8100%, 10/22/36

‡

126,000

125,598

LPL

Holdings,

Inc.,

5.6500%, 3/15/35

160,000

163,304

Macquarie

Airfinance

Holdings

Ltd.,

5.1500%, 3/17/30

(144A)

122,000

123,446

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

46,000

47,476

Morgan

Stanley,

SOFR

+

1.5550%,

5.3200%, 7/19/35

‡

126,000

129,581

Morgan

Stanley,

SOFR

+

2.6200%,

5.2970%, 4/20/37

#,‡

130,000

132,199

Rocket

Cos.,

Inc.,

6.1250%, 8/1/30

(144A)

65,000

67,048

Rocket

Cos.,

Inc.,

6.3750%, 8/1/33

(144A)

#

84,000

87,505

Synchrony

Financial,

2.8750%, 10/28/31

#

212,000

188,227

Truist

Financial

Corp.,

SOFR

+

1.9220%,

5.7110%, 1/24/35

‡

41,000

42,973

US

Bancorp,

SOFR

+

2.2600%,

5.8360%, 6/12/34

‡

135,000

143,957

US

Bancorp,

SOFR

+

1.8600%,

5.6780%, 1/23/35

‡

57,000

60,087

Ventas

Realty

LP,

5.0000%, 1/15/35

167,000

167,452

VICI

Properties

LP,

3.8750%, 2/15/29

(144A)

264,000

257,957

Wells

Fargo

&

Co.,

SOFR

+

1.7800%,

5.4990%, 1/23/35

‡

80,000

83,512

Willis

North

America,

Inc.,

3.8750%, 9/15/49

100,000

76,279

6,751,765

Industrial

-

6.7%

Amphenol

Corp.,

5.3000%, 11/15/55

124,000

120,668

Boeing

Co.

(The),

6.5280%, 5/1/34

119,000

131,670

Carlisle

Cos.,

Inc.,

5.2500%, 9/15/35

187,000

190,244

Carlisle

Cos.,

Inc.,

5.5500%, 9/15/40

67,000

68,067

Huntington

Ingalls

Industries,

Inc.,

4.2000%, 5/1/30

254,000

251,005

JH

North

America

Holdings,

Inc.,

5.8750%, 1/31/31

(144A)

245,000

249,536

Martin

Marietta

Materials,

Inc.,

5.5000%, 12/1/54

126,000

126,095

Molex

Electronic

Technologies

LLC,

5.2500%, 4/30/32

(144A)

60,000

61,312

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

85,000

89,967

SMBC

Aviation

Capital

Finance

DAC,

5.5500%, 4/3/34

(144A)

400,000

416,170

1,704,734

Technology

-

10.3%

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35

244,000

252,714

CoreWeave,

Inc.,

9.0000%, 2/1/31

(144A)

248,000

248,725

Electronic

Arts,

Inc.,

2.9500%, 2/15/51

#

586,000

534,867

Foundry

JV

Holdco

LLC,

6.2000%, 1/25/37

(144A)

288,000

306,271

Gartner,

Inc.,

3.6250%, 6/15/29

(144A)

99,000

95,042

Gartner,

Inc.,

3.7500%, 10/1/30

(144A)

196,000

185,430

Intel

Corp.,

4.7500%, 3/25/50

63,000

53,320

Intel

Corp.,

3.2000%, 8/12/61

110,000

65,508

Micron

Technology,

Inc.,

5.8000%, 1/15/35

118,000

124,594

MSCI,

Inc.,

5.2500%, 9/1/35

73,000

73,264

Oracle

Corp.,

4.4500%, 9/26/30

49,000

48,595

Oracle

Corp.,

4.8000%, 9/26/32

60,000

59,382

Oracle

Corp.,

5.9500%, 9/26/55

127,000

120,408

SK

hynix,

Inc.,

4.2500%, 9/11/28

(144A)

200,000

200,203

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Technology

-

(continued)

Synopsys,

Inc.,

5.7000%, 4/1/55

$

50,000

$

50,513

VMware

LLC,

4.7000%, 5/15/30

#

67,000

67,983

Western

Digital

Corp.,

2.8500%, 2/1/29

135,000

128,148

2,614,967

Utilities

-

5.7%

Ameren

Corp.,

5.3750%, 3/15/35

252,000

259,024

Duke

Energy

Corp.,

4.9500%, 9/15/35

127,000

126,278

NiSource,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.5270%,

6.3750%, 3/31/55

‡

119,000

122,744

NRG

Energy,

Inc.,

5.7500%, 1/15/34

(144A)

175,000

176,234

NRG

Energy,

Inc.,

6.0000%, 1/15/36

(144A)

127,000

129,186

PPL

Capital

Funding,

Inc.,

5.2500%, 9/1/34

#

254,000

260,418

Sempra,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.6320%,

6.3750%, 4/1/56

‡

102,000

104,806

Xcel

Energy,

Inc.,

5.4500%, 8/15/33

252,000

261,234

1,439,924

Total

Corporate

Bonds

(cost

$21,988,349)

22,449,799

Foreign

Government

Bonds

-

0.7%

Republic

of

Poland,

5.3750%, 2/12/35

(cost

$164,822)

164,000

171,432

Exchange

Traded

Funds

-

5.0%

Janus

Henderson

AAA

CLO

ETF

£

9,809

497,709

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

£

7,173

387,943

Janus

Henderson

Mortgage-Backed

Securities

ETF

£

8,341

382,685

1,268,337

Total

Exchange

Traded

Funds

(cost

$1,242,949)

1,268,337

Investment

Companies

-

2.4%

Money

Market

Funds

-

2.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$616,023)

616,002

616,125

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

7.2%

Investment

Companies

-

5.8%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

£,∞

1,465,364

1,465,364

Time

Deposits

-

1.4%

Royal

Bank

of

Canada,

3.8500%,

11/3/25

366,341

366,341

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,831,705)

1,831,705

Total

Investments

(total

cost

$

26,491,299)

-

106.3%

26,980,731

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(6.3%)

(1,599,703)

Net

Assets

-

100.0%

$25,381,028

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

23,915,036

88.5 %

Ireland

662,207

2.5 Canada

499,449

1.9 United

Kingdom

370,817

1.4 Denmark

322,299

1.2 Netherlands

321,748

1.2 Luxembourg

313,756

1.2 Japan

203,784

0.8 South

Korea

200,203

0.7 Poland

171,432

0.6 Total

$26,980,731

100.0%

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

7.4%

Exchange

Traded

Fund

-

5.0%

Janus

Henderson

AAA

CLO

ETF

$

–

$

496,796

$

–

$

–

$

913

$

497,709

9,809

$

6,513

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

–

371,976

–

–

15,967

387,943

7,173

5,232

Janus

Henderson

Mortgage-Backed

Securities

ETF

–

374,177

–

–

8,508

382,685

8,341

3,247

Money

Market

Funds

-

2.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

1,327,106

41,236,367

(41,947,368)

(82) 102

616,125

616,002

36,560

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

7.2%

Investment

Companies

-

5.8%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

449,871

11,721,659

(10,706,166)

–

–

1,465,364

1,465,364

15,978

Δ

Total

Affiliated

Investments

-

13.2%

$1,776,977

$54,200,975

$(52,653,534)

$(82)

$25,490

$3,349,826

$67,530

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025. 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,

2025. #### Schedule

#### of

#### Futures

#### Contracts
*Description*

*Number* 

*of*

*Contracts*

*Expiration*

*Date*

*Notional*

*Amount*

*Value* 

*and*

*Unrealized*

*Appreciation*

(Depreciation)

*Futures* 

*Long:*

U.S.

Treasury

Year

Notes

12/31/25

$

3,331,875

$

(4,865)

U.S.

Treasury

Year

Notes

12/31/25

982,898

(1,316)

U.S.

Treasury

Ultra

Bonds

12/19/25

1,940,500

64,859

Total

-

Futures

Long

58,678

*Futures* 

*Short:*

U.S.

Treasury

Year

Notes

12/19/25

(2,366,109)

(898) U.S.

Treasury

Year

Ultra

Bonds

12/19/25

(2,425,172)

877

U.S.

Treasury

Long

Bonds

12/19/25

(469,250)

4,869

Total

-

Futures

Short

4,848

Total

$63,526

#### Schedule

#### of

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps
*Payments* 

*made* 

*by* 

*F*

*und*

*Payments* 

*received* 

*by* 

*Fund*

*Payment* 

*Frequency*

*Maturity*

*Date*

*Notional*

*Amount*

*Premiums*

*Paid/*

(Received)

*Unrealized*

*Appreciation/*

(Depreciation)

*Value*

Day

SOFR

4.1100%

Fixed

Annually

8/29/45

USD

2,000,000

$

–

$

34,736

$

34,736

Total

$–

$34,736

$34,736

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### as

#### of

#### October

#### 31,

#### 2025
*Interest* 

*Rate*

*Contracts*

*Total*

Asset

Derivatives:

\*

Futures

contracts

$

70,605

$

70,605

\*

Swaps

-

centrally

cleared

34,736

34,736

Total

Asset

Derivatives

$

105,341

$

105,341

Liability

Derivatives:

\*

Futures

contracts

7,079

7,079

Total

Liability

Derivatives

$

7,079

$

7,079

\*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

"Net

realized

and

change

in

unrealized

gain/(loss)

on

investments"

sections

of

the

Fund's

Statement

of

Operations.

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### on

#### the

#### Statement

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### October

#### 31,

#### 2025
*Amount* 

*of* 

*Realized* 

*Gain/(Loss)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Total*

Futures

contracts

$

—

$

(435,795)

$

(435,795)

Swap

contracts

(19,939)

(2,640)

(22,579)

Total

$

(19,939)

$

(438,435)

$

(458,374)

*Amount* 

*of* 

*Change* 

*in* 

*Unrealized* 

*Appreciation/(Depreciation)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Interest* 

*Rate*

*Contracts*

*Total*

Futures

contracts

$

159,460

$

159,460

Swap

contracts

34,736

34,736

Total

$

194,196

$

194,196

#### Average

#### Ending

#### Monthly

#### Value

#### of

#### Derivative

#### Instruments

#### During

#### the

#### Year

#### Ended

#### October

#### 31,

#### 2025
Futures

contracts:

Average

notional

amount

of

contracts

-

long

$14,543,079

Average

notional

amount

of

contracts

-

short

11,727,293

Credit

default

swaps:

Average

notional

amount

-

buy

protection

637,500

Average

notional

amount

-

sell

protection

362,500

Interest

rate

swaps:

Average

notional

amount

-

pay

floating

rate/receive

fixed

rate

500,000

*Counterparty*

*Gross* 

*Amounts* 

*of* 

*Recognized* 

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral* 

*Pledged*

(b) *Net* 

*Amount*

JPMorgan

Chase

Bank

NA

$

1,793,762

$

—

$

(1,793,762)

$

—

(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

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2025. ∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

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

1933

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,

2025

is

$8,429,589

which

represents

33.2%

of

net

assets.

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Asset-Backed* 

*Securities*

$

—

$

403,231

$

—

$

403,231

*Bank* 

*Loans*

—

240,102

—

240,102

*Corporate* 

*Bonds*

—

22,449,799

—

22,449,799

*Foreign* 

*Government* 

*Bonds*

—

171,432

—

171,432

*Exchange* 

*Traded* 

*Funds*

1,268,337

—

—

1,268,337

*Investment* 

*Companies*

—

616,125

—

616,125

*Investments* 

*Purchased* 

*with* 

*Cash* 

*Collateral* 

*from* 

*Securities* 

*Lending*

—

1,831,705

—

1,831,705

Total

Investments

in

Securities

$

1,268,337

$

25,712,394

$

—

$

26,980,731

#### Other

#### Financial

#### Instruments
(a) #### :
*Centrally* 

*Cleared* 

*Swaps*

$

—

$

34,736

$

—

$

34,736

*Futures* 

*Contracts*

70,605

—

—

70,605

Total

Other

Financial

Instruments

$

70,605

$

34,736

$

—

$

105,341

#### Total

#### Assets
$

1,338,942

$

25,747,130

$

—

$

27,086,072

#### Liabilities

#### Other

#### Financial

#### Instruments
(a) #### :
*Futures* 

*Contracts*

$

7,079

$

—

$

—

$

7,079

#### Total

#### Liabilities
$

7,079

$

—

$

—

$

7,079

(a) Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$23,166,963)

(1) $

23,630,905

Affiliated

investments,

at

value

(cost

$3,324,336)

3,349,826

Cash

2,537

Due

from

broker

for

centrally

cleared

swaps

161,176

Due

from

broker

for

futures

210,000

Receivables:

Interest

267,016

Affiliated

securities

lending

income,

net

Due

from

adviser

3,549

Total

Assets

27,625,042

Liabilities:

Payable

for

variation

margin

on

futures

contracts

8,614

Payable

for

variation

margin

on

swaps

3,637

Collateral

on

securities

loaned

(Note

3)

1,831,705

Payables:

Investments

purchased

392,501

Management

fees

7,557

Total

Liabilities

2,244,014

Commitments

and

contingent

liabilities

Net

Assets

$

25,381,028

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

32,603,539

Total

distributable

earnings

(loss)

(7,222,511)

Total

Net

Assets

$

25,381,028

Net

Assets

$

25,381,028

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

600,001

Net

Asset

Value

Per

Share

$

.30

(1) Includes

$1,793,762

of

securities

on

loan.

See

Note

in

Notes

to

Financial

Statements.

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

1,462,913

Dividends

from

affiliates

51,552

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

15,978

Unaffiliated

securities

lending

income,

net

4,276

Foreign

tax

withheld

(276)

Total

Investment

Income

1,534,443

Expenses:

Management

Fees

97,927

Total

Expenses

97,927

Less:

Excess

Expense

Reimbursement

and

Waivers

(19,851)

Net

Expenses

78,076

Net

Investment

Income/(Loss)

1,456,367

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(8,030)

Investments

in

affiliates

(82)

Futures

contracts

(435,795)

Swap

contracts

(22,579)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(466,486)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

519,338

Investments

in

affiliates

25,490

Futures

contracts

159,460

Swap

contracts

34,736

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

739,024

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,728,905

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

1,456,367

$

1,537,190

Net

realized

gain/(loss)

on

investments

(466,486)

(1,404,436)

Change

in

unrealized

net

appreciation/depreciation

739,024

4,216,471

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,728,905

4,349,225

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(1,552,174)

(1,521,574)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,552,174)

(1,521,574)

Capital

Share

Transactions

(6,202,080)

—

Net

Increase/(Decrease)

in

Net

Assets

(6,025,349)

2,827,651

Net

Assets:

—

—

Beginning

of

Year

31,406,377

28,578,726

End

of

Year

$

25,381,028

$

31,406,377

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

2021

(1) Net

Asset

Value,

Beginning

of

Period

$41.88

$38.10

$39.05

$49.56

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2) 2.16 2.05 1.57 1.02 0.13 Net

realized

and

unrealized

gain/(loss)

0.55 3.76 (0.99)

(10.33)

(0.57)

Total

from

Investment

Operations

2.71 5.81 0.58 (9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(2.29)

(2.03)

(1.53)

(1.09)

—

Distributions

(from

capital

gains)

—

—

—

(0.11)

—

Total

Dividends

and

Distributions

(2.29)

(2.03)

(1.53)

(1.20)

—

Net

Asset

Value,

End

of

Period

$42.30

$41.88

$38.10

$39.05

$49.56

Total

Return

\*

6.73%

15.45%

1.33%

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$25,381

$31,406

$28,579

$29,284

$49,561

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.35%

0.35%

0.35%

0.35%

0.35%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.28%

0.35%

0.35%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

5.21%

4.95%

3.88%

2.28%

1.81%

Portfolio

Turnover

Rate

(3) 185%

200%

118%

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

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Corporate

Bond

ETF (the

"Fund",

formerly

Janus

Henderson

Sustainable

Corporate

Bond

ETF)

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 fifteen

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. The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Foreign

#### Currency

#### Translations
The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

#### Dividends

#### and

#### Distributions
Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Derivative

#### Instruments
The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

2025 is

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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:

#### 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

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

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.

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.

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.

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.

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund's

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund's

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract's

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund's

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

("CDX"),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

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.

During

the

year,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

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,

2025. #### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

Fund's

use

of

interest

rate

swaps

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

security

transactions.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities,

other

underlying

assets,

or

principal.

Interest

rate

swaps

involve

the

exchange

by

two

parties

of

their

respective

commitments

to

pay

or

receive

interest

(e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Interest

rate

swaps

may

result

in

potential

losses

if

interest

rates

do

not

move

as

expected

or

if

the

counterparties

are

unable

to

satisfy

their

obligations.

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make.

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased.

3. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Exchange-Traded

#### Funds

#### Risk
The

Fund

may

invest

in

exchange-traded

funds

("ETFs"),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests.

#### Privately

#### Issued

#### Securities

#### Risk
Privately-issued

securities

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

"Securities

Act").

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund's

net

asset

value

per

share

("NAV")

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result.

#### Mortgage

#### and

#### Asset-Backed

#### Securities
Mortgage-and

asset-backed

securities

represent

interests

in

"pools"

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

("Ginnie

Mae"),

the

Federal

National

Mortgage

Association

("Fannie

Mae"),

the

Federal

Home

Loan

Mortgage

Corporation

("Freddie

Mac"),

or

other

governmental

or

government-related

entities.

Ginnie

Mae's

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

("FHFA"),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities'

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA's

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities'

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund's

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

#### 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

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
The

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund's

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

#### Sovereign

#### Debt
The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

("sovereign

debt").

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor's

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor's

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor's

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund's

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk.

#### When-Issued,

#### Delayed

#### Delivery

#### and

#### Forward

#### Commitment

#### Transactions
The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund's

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security's

price

appreciates

in

value

such

that

the

security's

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

"Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

October

31,

2025"

table

located

in

the

Fund's

Schedule

of

Investments.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

As

of

October

31,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$1,793,762

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2025 is $1,831,705,

resulting

in

the

net

amount

due

to

the

counterparty

of

$37,943.

#### Loans
The

Fund

may

invest

in

various

commercial

loans,

including

bank

loans,

bridge

loans,

debtor-in-possession

("DIP")

loans,

mezzanine

loans,

and

other

fixed

and

floating

rate

loans.

These

loans

may

be

acquired

through

loan

participations

and

assignments

or

on

a

when-issued

basis.

Below

are

descriptions

of

the

types

of

loans

held

by

the

Fund

as of

October

31,

2025. • Bank

Loans

-

Bank

loans

are

obligations

of

companies

or

other

entities

entered

into

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

The

Fund's

investments

in

bank

loans

are

generally

acquired

as

a

participation

interest

in,

or

assignment

of,

loans

originated

by

a

lender

or

other

financial

institution.

These

investments

may

include

institutionally-

traded

floating

and

fixed-rate

debt

securities.

• Floating

Rate

Loans

–

Floating

rate

loans

are

debt

securities

that

have

floating

interest

rates,

that

adjust

periodically,

and

are

tied

to

a

benchmark

lending

rate,

such

as

Secured

Overnight

Financing

Rate

("SOFR").

In

other

cases,

the

lending

rate

could

be

tied

to

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

or

the

rate

paid

on

large

certificates

of

deposit

traded

in

the

secondary

markets.

If

the

benchmark

lending

rate

changes,

the

rate

payable

to

lenders

under

the

loan

will

change

at

the

next

scheduled

adjustment

date

specified

in

the

loan

agreement.

Floating

rate

loans

are

typically

issued

to

companies

(''borrowers'')

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

Floating

rate

loan

investments

are

generally

below

investment

grade.

Senior

floating

rate

loans

are

secured

by

specific

collateral

of

a

borrower

and

are

senior

in

the

borrower's

capital

structure.

The

senior

position

in

the

borrower's

capital

structure

generally

gives

holders

of

senior

loans

a

claim

on

certain

of

the

borrower's

assets

that

is

senior

to

subordinated

debt

and

preferred

and

common

stock

in

the

case

of

a

borrower's

default.

Floating

rate

loan

investments

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

Floating

rate

loans

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged.

The

Fund

may

invest

in

obligations

of

borrowers

who

are

in

bankruptcy

proceedings.

While

the

Fund

generally

expects

to

invest

in

fully

funded

term

loans,

certain

of

the

loans

in

which

the

Fund

may

invest

include

revolving

loans,

bridge

loans,

and

delayed

draw

term

loans.

Purchasers

of

floating

rate

loans

may

pay

and/or

receive

certain

fees.

The

Fund

may

receive

fees

such

as

covenant

waiver

fees

or

prepayment

penalty

fees.

The

Fund

may

pay

fees

such

as

facility

fees.

Such

fees

may

affect

the

Fund's

return.

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:

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.35%

Over

$500

million

0.30%

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

For

the

year

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.35% of

the

Fund's

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent

that

the

Fund's

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business)

exceed

the

annual

rate

of 0.20%

of

the

Fund's

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

through May

1,

2026. If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

"Excess

Expense

Reimbursement

and

Waivers"

on

the

Statement

of

Operations.

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through February

28,

2026. The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the year

ended October

31,

2025,

the

Adviser

waived

$980 of

the

Fund's

management

fee,

attributable

to

the

Fund's

investment

in

the

Janus

Henderson

AAA

CLO

ETF,

Janus

Henderson

Emerging

Market

Debt

Hard

Currency ETF,

and

Janus

Henderson

Mortgage-Backed

Securities

ETF.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2025, the

Adviser

owned 550,001

shares

or 91.67%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government securities. The

Sweep

Vehicle

operates

pursuant

to

the

provisions

of

the

1940

Act

that

govern

the

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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). 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,

2025 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,

2025,

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2025

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$112,317

$—

$(7,855,355)

$—

$35,049

$485,478

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(3,177,988)

$(4,677,367)

$(7,855,355)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$26,495,253

$556,676

$(71,198)

$485,478

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$63,213

$35,049

$—

$35,049

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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.

6. #### Capital

#### Share

#### Transactions
7. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

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. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

9. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$1,552,174

$—

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$1,521,574

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

—

$

—

—

$

—

Shares

repurchased

(150,000)

(6,202,080)

—

—

Net

Increase/(Decrease)

(150,000)

$

(6,202,080)

—

$

—

*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*

$49,269,970

$55,936,392

$311,975

$301,425

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

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

Corporate

Bond

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2025

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2025

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

audits

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,

2025

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

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

80.02%

#### Janus

#### Henderson

#### Corporate

#### Bond

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93092

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statements

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

.5

%

1988

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

Month

+

3.1000%,

7.0045%,

10/15/39

(144A)

‡

$

1,000,000

$

1,004,694

1988

CLO

Ltd.

2024-5A

D1,

CME

Term

SOFR

Month

+

3.3000%,

7.2045%,

7/15/37

(144A)

‡

3,200,000

3,230,348

522

Funding

CLO

Ltd.

2020-6A

DR,

CME

Term

SOFR

Month

+

3.4116%,

7.2714%,

10/23/34

(144A)

‡

6,000,000

5,869,875

720

East

CLO

Ltd.

2022-1A

DR,

CME

Term

SOFR

Month

+

2.9000%,

6.7844%,

1/20/38

(144A)

‡

5,000,000

5,020,972

AB

BSL

CLO

Ltd.

2020-1A

D1R2,

CME

Term

SOFR

Month

+

2.8000%,

0.0000%,

10/15/38

(144A)

†,‡

9,325,000

9,338,008

AB

BSL

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

Month

+

3.6116%,

7.5161%,

4/15/34

(144A)

‡

3,000,000

2,999,685

AGL

CLO

Ltd.

2021-14A

DR,

CME

Term

SOFR

Month

+

2.8500%,

6.7200%,

12/2/34

(144A)

‡

7,250,000

7,237,566

AGL

CLO

Ltd.

2021-16A

DR,

CME

Term

SOFR

Month

+

2.4000%,

6.2844%,

1/20/35

(144A)

‡

1,900,000

1,862,044

AGL

CLO

Ltd.

2022-21A

D2R,

CME

Term

SOFR

Month

+

4.4000%,

8.2700%,

10/21/37

(144A)

‡

2,200,000

2,211,852

AGL

CLO

Ltd.

2024-35A

D1,

CME

Term

SOFR

Month

+

2.8500%,

6.7200%,

1/21/38

(144A)

‡

3,000,000

3,008,073

AGL

CLO

Ltd.

2024-37A

D1,

CME

Term

SOFR

Month

+

2.6500%,

6.5073%,

4/22/38

(144A)

‡

8,000,000

8,023,132

AGL

CLO

Ltd.

2025-39A

D1,

CME

Term

SOFR

Month

+

2.5000%,

6.3844%,

4/20/38

(144A)

‡

15,700,000

15,706,208

AGL

CLO

Ltd.

2025-40A

D1,

CME

Term

SOFR

Month

+

2.9000%,

6.7574%,

7/22/38

(144A)

‡

3,000,000

3,021,861

AGL

CLO

Ltd.

2025-44A

D1,

CME

Term

SOFR

Month

+

2.5000%,

6.4533%,

10/22/37

(144A)

‡

6,500,000

6,491,863

AGL

CLO

Ltd.

2020-6A

D1R2,

CME

Term

SOFR

Month

+

3.3000%,

7.1844%,

4/20/38

(144A)

‡

10,000,000

10,034,918

AGL

CLO

Ltd.

2020-7A

D1R2,

CME

Term

SOFR

Month

+

2.8000%,

6.7045%,

10/15/38

(144A)

‡

4,700,000

4,709,353

AGL

CLO

Ltd.

2020-9A

DR,

CME

Term

SOFR

Month

+

3.5500%,

7.4344%,

4/20/37

(144A)

‡

2,000,000

1,995,134

AIMCO

CLO

Ltd.

2019-10A

D1RR,

CME

Term

SOFR

Month

+

3.0000%,

6.8573%,

7/22/37

(144A)

‡

2,500,000

2,510,474

Allegro

CLO

XIX

Ltd.

2025-1A

D2,

CME

Term

SOFR

Month

+

4.0500%,

7.9316%,

4/17/38

(144A)

‡

5,700,000

5,720,522

AMMC

CLO

Ltd.

2021-24A

DR,

CME

Term

SOFR

Month

+

2.9500%,

6.8344%,

1/20/35

(144A)

‡

6,870,000

6,869,983

AMMC

CLO

Ltd.

2022-27A

DR,

CME

Term

SOFR

Month

+

2.7000%,

6.5844%,

1/20/37

(144A)

‡

11,040,000

11,059,832

Anchorage

Capital

CLO

Ltd.

2020-16A

D1R2,

CME

Term

SOFR

Month

+

2.9000%,

6.7844%,

1/19/38

(144A)

‡

9,250,000

9,294,950

Anchorage

Capital

CLO

Ltd.

2020-16A

D2R2,

CME

Term

SOFR

Month

+

4.0000%,

7.8844%,

1/19/38

(144A)

‡

3,000,000

3,017,447

Anchorage

Capital

CLO

Ltd.

2021-19A

D1R,

CME

Term

SOFR

Month

+

3.0000%,

6.9045%,

10/15/38

(144A)

‡

5,000,000

5,034,941

Ares

LVI

CLO

Ltd.

2020-56A

D1R2,

CME

Term

SOFR

Month

+

2.8500%,

6.7080%,

1/25/38

(144A)

‡

3,985,000

3,995,714

Ares

LXIII

CLO

Ltd.

2022-63A

D1R,

CME

Term

SOFR

Month

+

3.0000%,

7.2831%,

10/15/38

(144A)

‡

4,000,000

4,016,263

Ares

LXIV

CLO

Ltd.

2022-64A

DR,

CME

Term

SOFR

Month

+

3.2500%,

7.1545%,

10/24/39

(144A)

‡

2,500,000

2,516,224

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Ares

LXVI

CLO

Ltd.

2022-66A

D1R2,

CME

Term

SOFR

Month

+

2.9000%,

6.9584%,

10/25/38

(144A)

‡

$

3,000,000

$

3,013,479

Ares

XLIII

CLO

Ltd.

2017-43A

D2R2,

CME

Term

SOFR

Month

+

4.1000%,

8.0045%,

1/15/38

(144A)

‡

7,000,000

7,078,323

Ares

XXXIX

CLO

Ltd.

2016-39A

DR3,

CME

Term

SOFR

Month

+

3.2500%,

7.1344%,

7/18/37

(144A)

‡

10,000,000

10,088,236

Arini

European

CLO

II

DAC

2A

DR,

EURIBOR

Month

+

3.1500%,

0.0000%,

10/15/38

(144A)

†,‡

EUR

3,300,000

3,808,860

Bain

Capital

Credit

CLO

Ltd.

2021-2A

DR,

CME

Term

SOFR

Month

+

3.1000%,

6.9936%,

7/16/34

(144A)

‡

$

4,750,000

4,764,676

Bain

Capital

Credit

CLO

Ltd.

2019-3A

DRR,

CME

Term

SOFR

Month

+

2.8000%,

6.6700%,

10/21/34

(144A)

‡

9,000,000

9,039,962

Bain

Capital

Credit

CLO

Ltd.

2024-4A

D1,

CME

Term

SOFR

Month

+

3.1000%,

6.9598%,

10/23/37

(144A)

‡

4,000,000

4,019,875

Ballyrock

CLO

Ltd.

2022-19A

CR,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

4/20/35

(144A)

‡

5,000,000

4,994,464

Ballyrock

CLO

Ltd.

2023-25A

C1R,

CME

Term

SOFR

Month

+

2.6000%,

6.4580%,

1/25/38

(144A)

‡

9,500,000

9,474,345

Ballyrock

CLO

Ltd.

2024-27A

C1,

CME

Term

SOFR

Month

+

2.9000%,

6.7580%,

10/25/37

(144A)

‡

2,000,000

2,004,780

Ballyrock

CLO

Ltd.

2024-28A

C1,

CME

Term

SOFR

Month

+

2.8000%,

6.6844%,

1/20/38

(144A)

‡

4,790,000

4,809,119

Barings

CLO

Ltd.

2020-4A

D2R,

CME

Term

SOFR

Month

+

5.0000%,

8.8844%,

10/20/37

(144A)

‡

5,000,000

5,033,851

Barings

CLO

Ltd.

2019-1A

D1R2,

CME

Term

SOFR

Month

+

2.8500%,

6.7724%,

10/15/38

(144A)

‡

8,000,000

8,034,342

Barings

CLO

Ltd.

2023-3A

D1R,

CME

Term

SOFR

Month

+

2.7000%,

6.8725%,

10/15/38

(144A)

‡

5,000,000

5,013,063

Barings

CLO

Ltd.

2025-4A

D1,

CME

Term

SOFR

Month

+

2.8000%,

6.7669%,

10/15/40

(144A)

‡

9,000,000

9,050,203

Benefit

Street

Partners

CLO

Ltd.

2025-41A

D1,

CME

Term

SOFR

Month

+

2.7500%,

7.0675%,

7/25/38

(144A)

‡

2,000,000

1,999,039

Benefit

Street

Partners

CLO

Ltd.

2025-43A

D1,

CME

Term

SOFR

Month

+

2.6500%,

6.5675%,

10/20/38

(144A)

‡

3,000,000

2,994,504

Benefit

Street

Partners

CLO

Ltd.

2015-6BR

D1R,

CME

Term

SOFR

Month

+

2.7000%,

6.5844%,

4/20/38

(144A)

‡

3,000,000

3,005,376

Benefit

Street

Partners

CLO

X

Ltd.

2016-10A

C1R3,

CME

Term

SOFR

Month

+

2.8500%,

6.7344%,

7/20/38

(144A)

‡

2,000,000

2,005,982

Benefit

Street

Partners

CLO

XX

Ltd.

2020-20A

D1RR,

CME

Term

SOFR

Month

+

2.7000%,

6.6045%,

10/15/38

(144A)

‡

1,500,000

1,495,042

Benefit

Street

Partners

CLO

XXV

Ltd.

2021-25A

DR,

CME

Term

SOFR

Month

+

2.3500%,

6.2545%,

1/15/35

(144A)

‡

14,860,000

14,652,375

Bethpage

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

Month

+

3.2116%,

7.1161%,

10/15/36

(144A)

‡

1,500,000

1,501,205

Birch

Grove

CLO

Ltd.

2024-11A

D1,

CME

Term

SOFR

Month

+

3.1000%,

6.9573%,

1/22/38

(144A)

‡

8,000,000

8,041,514

Birch

Grove

CLO

Ltd.

2021-3A

D1R,

CME

Term

SOFR

Month

+

2.8500%,

6.7344%,

1/19/38

(144A)

‡

6,750,000

6,751,973

Birch

Grove

CLO

Ltd.

2021-3A

D2R,

CME

Term

SOFR

Month

+

3.8500%,

7.7344%,

1/19/38

(144A)

‡

5,000,000

5,005,949

Birch

Grove

CLO

Ltd.

2023-6A

D1R,

CME

Term

SOFR

Month

+

3.1500%,

7.5209%,

7/20/38

(144A)

‡

10,000,000

10,029,224

BlueMountain

CLO

XXV

Ltd.

2019-25A

D1RR,

CME

Term

SOFR

Month

+

3.2500%,

7.1545%,

1/15/38

(144A)

‡

12,500,000

12,534,944

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

CME

Term

SOFR

Month

+

4.6316%,

8.5160%,

10/20/34

(144A)

‡

$

4,500,000

$

4,513,244

BlueMountain

CLO

XXXII

Ltd.

2021-32A

DR,

CME

Term

SOFR

Month

+

3.1000%,

7.0045%,

10/15/34

(144A)

‡

14,250,000

14,214,385

Canyon

Capital

CLO

Ltd.

2019-2A

DR2,

CME

Term

SOFR

Month

+

2.8500%,

6.7545%,

10/15/34

(144A)

‡

10,000,000

9,998,533

Canyon

Capital

CLO

Ltd.

2023-1A

D1R,

CME

Term

SOFR

Month

+

2.8500%,

6.8101%,

10/15/38

(144A)

‡

5,000,000

5,011,477

Canyon

CLO

Ltd.

2021-3A

DR,

CME

Term

SOFR

Month

+

2.8500%,

6.7545%,

7/15/34

(144A)

‡

3,000,000

2,995,779

Canyon

CLO

Ltd.

2025-1A

D1,

CME

Term

SOFR

Month

+

2.7500%,

6.6545%,

4/15/38

(144A)

‡

3,000,000

3,015,275

Capital

Four

CLO

XI

DAC

11A

D,

EURIBOR

Month

+

3.1000%,

0.0000%,

1/25/39

(144A)

†,‡

EUR

3,400,000

3,924,280

Capital

Four

US

CLO

I

Ltd.

2021-1A

D,

CME

Term

SOFR

Month

+

3.8816%,

7.7660%,

1/18/35

(144A)

‡

$

7,430,000

7,456,652

Carlyle

US

CLO

2024-4A

D,

CME

Term

SOFR

Month

+

3.2000%,

7.0844%,

7/20/37

(144A)

‡

1,000,000

1,004,789

Carlyle

US

CLO

Ltd.

2020-2A

CR2,

CME

Term

SOFR

Month

+

2.9000%,

6.7580%,

1/25/35

(144A)

‡

15,000,000

15,067,308

Carlyle

US

CLO

Ltd.

2017-2A

D2R2,

CME

Term

SOFR

Month

+

4.7500%,

8.6344%,

7/20/37

(144A)

‡

6,750,000

6,817,426

Carlyle

US

CLO

Ltd.

2025-1A

D1,

CME

Term

SOFR

Month

+

3.0500%,

6.9080%,

4/25/38

(144A)

‡

2,000,000

2,017,803

Carlyle

US

CLO

Ltd.

2023-2A

D1R,

CME

Term

SOFR

Month

+

2.9500%,

6.8344%,

7/20/38

(144A)

‡

2,500,000

2,512,726

Carlyle

US

CLO

Ltd.

2021-8A

D1R,

CME

Term

SOFR

Month

+

2.7500%,

6.7317%,

10/15/38

(144A)

‡

7,000,000

7,004,177

Carlyle

US

CLO

Ltd.

2021-7A

D1R,

CME

Term

SOFR

Month

+

3.0000%,

6.9045%,

4/15/40

(144A)

‡

5,300,000

5,331,749

CBAMR

Ltd.

2018-8A

DR,

CME

Term

SOFR

Month

+

4.0000%,

7.9045%,

7/15/37

(144A)

‡

6,580,000

6,601,680

Cedar

Funding

IV

CLO

Ltd.

2014-4A

DR3,

CME

Term

SOFR

Month

+

3.3000%,

7.1598%,

1/23/38

(144A)

‡

5,000,000

5,000,968

Cedar

Funding

VIII

CLO

Ltd.

2017-8A

DRR,

CME

Term

SOFR

Month

+

2.9500%,

6.8316%,

1/17/38

(144A)

‡

2,450,000

2,449,504

CIFC

Funding

2014-V

Ltd.

2014-5A

ER3,

CME

Term

SOFR

Month

+

7.5000%,

11.3816%,

7/17/37

(144A)

‡

2,000,000

2,013,560

CIFC

Funding

2020-IV

Ltd.

2020-4A

DR,

CME

Term

SOFR

Month

+

2.8000%,

6.7045%,

1/15/40

(144A)

‡

3,850,000

3,863,444

CIFC

Funding

Ltd.

2014-4RA

CRR,

CME

Term

SOFR

Month

+

2.6000%,

6.4816%,

1/17/35

(144A)

‡

6,050,000

6,016,109

CIFC

Funding

Ltd.

2021-7A

DR,

CME

Term

SOFR

Month

+

2.7000%,

6.5598%,

1/23/35

(144A)

‡

4,500,000

4,499,089

CIFC

Funding

Ltd.

2024-4A

D1,

CME

Term

SOFR

Month

+

2.9500%,

6.8436%,

10/16/37

(144A)

‡

2,500,000

2,513,476

CIFC

Funding

Ltd.

2021-5A

D1R,

CME

Term

SOFR

Month

+

2.7500%,

6.6545%,

1/15/38

(144A)

‡

5,000,000

5,002,364

CIFC

Funding

Ltd.

2025-2A

D1,

CME

Term

SOFR

Month

+

2.5000%,

6.4045%,

4/15/38

(144A)

‡

2,000,000

2,003,587

CIFC

Funding

Ltd.

2021-3A

D1R,

CME

Term

SOFR

Month

+

2.6000%,

6.5045%,

10/15/38

(144A)

‡

10,000,000

9,975,948

CIFC

Funding

Ltd.

2019-5A

D1R2,

CME

Term

SOFR

Month

+

2.7000%,

6.7893%,

10/15/38

(144A)

‡

3,200,000

3,212,788

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

CIFC

Funding

Ltd.

2019-2A

D1RR,

CME

Term

SOFR

Month

+

2.6000%,

6.7429%,

10/17/38

(144A)

‡

$

5,000,000

$

4,988,016

CIFC

Funding

Ltd.

2019-7A

D1R,

CME

Term

SOFR

Month

+

2.7000%,

6.7913%,

10/19/38

(144A)

‡

3,800,000

3,809,514

Clover

CLO

LLC

2021-3A

DR,

CME

Term

SOFR

Month

+

2.5500%,

6.4080%,

1/25/35

(144A)

‡

2,250,000

2,251,792

CQS

US

CLO

Ltd.

2023-3A

D,

CME

Term

SOFR

Month

+

4.2000%,

8.0580%,

1/25/37

(144A)

‡

1,150,000

1,152,236

Crown

City

CLO

III

2021-1A

C,

CME

Term

SOFR

Month

+

3.5616%,

7.4460%,

7/20/34

(144A)

‡

5,250,000

5,249,986

Crown

City

CLO

IV

2022-4A

C1R,

CME

Term

SOFR

Month

+

4.5000%,

8.3844%,

4/20/37

(144A)

‡

5,000,000

5,034,248

Crown

City

CLO

V

2023-5A

C1AR,

CME

Term

SOFR

Month

+

4.1000%,

7.9844%,

4/20/37

(144A)

‡

4,750,000

4,756,549

Crown

City

CLO

VI

2024-6A

E,

CME

Term

SOFR

Month

+

6.5000%,

10.4045%,

7/15/37

(144A)

‡

3,250,000

3,290,320

Crown

Point

CLO

Ltd.

2021-11A

D2R,

CME

Term

SOFR

Month

+

4.2500%,

8.1316%,

2/28/38

(144A)

‡

5,000,000

5,069,433

Dryden

CLO

Ltd.

2019-68A

DR,

CME

Term

SOFR

Month

+

3.6116%,

7.5161%,

7/15/35

(144A)

‡

6,500,000

6,457,114

Dryden

CLO

Ltd.

2020-83A

ER,

CME

Term

SOFR

Month

+

6.3200%,

10.2044%,

4/18/37

(144A)

‡

12,325,000

12,331,753

Dryden

CLO

Ltd.

2022-98A

D,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

4/20/35

(144A)

‡

7,300,000

7,310,153

Elevation

CLO

Ltd.

2018-3A

DR,

CME

Term

SOFR

Month

+

3.8716%,

7.7296%,

1/25/35

(144A)

‡

7,900,000

7,916,567

Elmwood

CLO

Ltd.

2022-4A

D1R,

CME

Term

SOFR

Month

+

3.0500%,

6.9316%,

7/17/37

(144A)

‡

15,000,000

15,067,353

Elmwood

CLO

Ltd.

2022-5A

D1RR,

CME

Term

SOFR

Month

+

2.9500%,

6.8316%,

7/17/37

(144A)

‡

14,000,000

14,060,067

Elmwood

CLO

Ltd.

2024-6A

D2,

CME

Term

SOFR

Month

+

4.2500%,

8.1316%,

7/17/37

(144A)

‡

5,500,000

5,552,743

Elmwood

CLO

Ltd.

2024-7A

D2,

CME

Term

SOFR

Month

+

4.2000%,

8.0816%,

7/17/37

(144A)

‡

2,500,000

2,524,474

Elmwood

CLO

Ltd.

2024-13A

D2,

CME

Term

SOFR

Month

+

3.7500%,

7.6316%,

1/17/38

(144A)

‡

2,000,000

2,003,581

Elmwood

CLO

II

Ltd.

2019-2A

D1RR,

CME

Term

SOFR

Month

+

3.0500%,

6.9344%,

10/20/37

(144A)

‡

4,870,000

4,891,866

Elmwood

CLO

III

Ltd.

2019-3A

DRR,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

7/18/37

(144A)

‡

6,000,000

6,017,831

Elmwood

CLO

IX

Ltd.

2021-2A

D1R,

CME

Term

SOFR

Month

+

2.6500%,

6.5344%,

4/20/38

(144A)

‡

1,500,000

1,501,489

Elmwood

CLO

V

Ltd.

2020-2A

D1RR,

CME

Term

SOFR

Month

+

3.1500%,

7.0344%,

10/20/37

(144A)

‡

1,000,000

1,004,390

Elmwood

CLO

VII

Ltd.

2020-4A

D2RR,

CME

Term

SOFR

Month

+

4.3500%,

8.2316%,

10/17/37

(144A)

‡

2,500,000

2,517,467

Elmwood

CLO

XII

Ltd.

2021-5A

D1R,

CME

Term

SOFR

Month

+

3.1000%,

7.0045%,

10/15/37

(144A)

‡

17,000,000

17,055,976

Empower

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

Month

+

3.0000%,

6.8844%,

10/20/37

(144A)

‡

4,000,000

4,017,577

Empower

CLO

Ltd.

2023-2A

D1R,

CME

Term

SOFR

Month

+

2.8000%,

6.7045%,

10/15/38

(144A)

‡

7,500,000

7,518,703

Fortress

Credit

BSL

XXIV

Ltd.

2025-1A

D1,

CME

Term

SOFR

Month

+

3.4500%,

7.3344%,

4/20/38

(144A)

‡

5,000,000

5,068,110

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Garnet

CLO

Ltd.

2025-3A

D1,

CME

Term

SOFR

Month

+

2.8000%,

0.0000%,

10/20/38

(144A)

†,‡

$

8,000,000

$

8,011,048

Generate

CLO

Ltd.

2022-10A

D1R,

CME

Term

SOFR

Month

+

2.8500%,

6.7074%,

1/22/38

(144A)

‡

5,000,000

4,992,912

Generate

CLO

Ltd.

2023-11A

D1R,

CME

Term

SOFR

Month

+

3.2500%,

7.1344%,

10/20/37

(144A)

‡

4,500,000

4,497,290

Generate

CLO

Ltd.

2024-16A

D2,

CME

Term

SOFR

Month

+

4.5000%,

8.3844%,

7/20/37

(144A)

‡

3,500,000

3,506,607

Generate

CLO

Ltd.

2025-21A

D1,

CME

Term

SOFR

Month

+

3.1000%,

7.4064%,

7/25/38

(144A)

‡

2,500,000

2,508,961

Generate

CLO

Ltd.

7A

D1R,

CME

Term

SOFR

Month

+

4.0000%,

7.8573%,

4/22/37

(144A)

‡

4,227,000

4,225,830

Generate

CLO

Ltd.

9A

D1R,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

1/20/38

(144A)

‡

7,000,000

7,011,873

GoldenTree

Loan

Management

US

CLO

Ltd.

2022-14A

DR,

CME

Term

SOFR

Month

+

3.0000%,

6.8844%,

7/20/37

(144A)

‡

1,950,000

1,959,535

Golub

Capital

Partners

CLO

37B

Ltd.

2017-19RA

D1R3,

CME

Term

SOFR

Month

+

2.7000%,

6.5900%,

10/20/36

(144A)

‡

10,000,000

10,052,343

Golub

Capital

Partners

CLO

B

Ltd.

2024-77A

D1,

CME

Term

SOFR

Month

+

2.7000%,

6.5580%,

1/25/38

(144A)

‡

3,890,000

3,907,854

Halsey

Point

CLO

I

Ltd.

2019-1A

D1R,

CME

Term

SOFR

Month

+

3.8000%,

7.6844%,

10/20/37

(144A)

‡

5,000,000

4,999,985

Halseypoint

CLO

Ltd.

2021-5A

D,

CME

Term

SOFR

Month

+

3.7616%,

7.5999%,

1/30/35

(144A)

‡

2,000,000

2,002,835

Hayfin

US

XII

Ltd.

2020-12A

DR,

CME

Term

SOFR

Month

+

3.2500%,

7.1344%,

1/20/38

(144A)

‡

4,340,000

4,358,616

HPS

Loan

Management

Ltd.

2025-24A

D1,

CME

Term

SOFR

Month

+

2.5500%,

6.4080%,

4/25/38

(144A)

‡

5,000,000

5,002,459

KKR

CLO

Ltd.

27A

D1R2,

CME

Term

SOFR

Month

+

2.9000%,

6.8045%,

1/15/35

(144A)

‡

4,650,000

4,631,385

KKR

CLO

Ltd.

27A

D2R2,

CME

Term

SOFR

Month

+

4.1000%,

8.0045%,

1/15/35

(144A)

‡

4,500,000

4,506,718

KKR

CLO

Ltd.

35A

DR,

CME

Term

SOFR

Month

+

2.7500%,

6.6344%,

1/20/38

(144A)

‡

8,900,000

9,001,116

KKR

CLO

Ltd.

2024-56A

D1,

CME

Term

SOFR

Month

+

3.1500%,

7.0545%,

10/15/37

(144A)

‡

1,500,000

1,506,586

Lake

George

Park

CLO

Ltd.

2025-1A

D,

CME

Term

SOFR

Month

+

2.5000%,

6.4045%,

4/15/38

(144A)

‡

3,000,000

2,999,983

Madison

Park

Funding

LIV

Ltd.

2022-54A

D2R,

CME

Term

SOFR

Month

+

4.2500%,

8.1200%,

10/21/37

(144A)

‡

10,000,000

10,002,886

Madison

Park

Funding

LIX

Ltd.

2021-59A

D1AR,

CME

Term

SOFR

Month

+

3.3000%,

7.1844%,

4/18/37

(144A)

‡

2,500,000

2,512,713

Madison

Park

Funding

LV

Ltd.

2022-55A

D1R,

CME

Term

SOFR

Month

+

3.1500%,

7.0344%,

7/18/37

(144A)

‡

2,000,000

2,004,192

Madison

Park

Funding

LXXI

Ltd.

2025-71A

D1,

CME

Term

SOFR

Month

+

2.6000%,

6.4598%,

4/23/38

(144A)

‡

3,000,000

2,999,678

Madison

Park

Funding

XLV

Ltd.

2020-45A

DRR,

CME

Term

SOFR

Month

+

2.9000%,

6.8045%,

7/15/34

(144A)

‡

19,400,000

19,411,500

Madison

Park

Funding

XLVI

Ltd.

2020-46A

DRR,

CME

Term

SOFR

Month

+

2.7500%,

6.6545%,

10/15/34

(144A)

‡

7,250,000

7,244,099

Madison

Park

Funding

XXXI

Ltd.

2018-31A

D1R,

CME

Term

SOFR

Month

+

3.3000%,

7.1598%,

7/23/37

(144A)

‡

5,650,000

5,660,146

Madison

Park

Funding

XXXIII

Ltd.

2019-33A

DR,

CME

Term

SOFR

Month

+

3.1000%,

7.0045%,

10/15/32

(144A)

‡

1,075,000

1,074,434

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Madison

Park

Funding

XXXIX

Ltd.

2021-39A

DR,

CME

Term

SOFR

Month

+

3.2000%,

7.0574%,

10/22/34

(144A)

‡

$

17,050,000

$

17,136,039

Madison

Park

Funding

XXXVI

Ltd.

2019-36A

D1RR,

CME

Term

SOFR

Month

+

2.5500%,

6.4545%,

4/15/35

(144A)

‡

1,000,000

993,303

Magnetite

Xlii

Ltd.

2024-42A

D2,

CME

Term

SOFR

Month

+

3.9500%,

7.8080%,

1/25/38

(144A)

‡

2,500,000

2,505,468

Magnetite

XLIV

Ltd.

2024-44A

D1,

CME

Term

SOFR

Month

+

2.8500%,

6.7545%,

10/15/37

(144A)

‡

7,500,000

7,540,432

Magnetite

XLVII

Ltd.

2024-47A

D1,

CME

Term

SOFR

Month

+

2.8500%,

6.7080%,

1/25/38

(144A)

‡

1,000,000

1,005,983

Magnetite

XLVIII

Ltd.

2025-48A

D,

CME

Term

SOFR

Month

+

2.7000%,

6.9915%,

10/15/38

(144A)

‡

5,000,000

5,033,583

Magnetite

XXVI

Ltd.

2020-26A

D1R2,

CME

Term

SOFR

Month

+

2.5000%,

6.3580%,

1/25/38

(144A)

‡

3,250,000

3,245,114

Magnetite

XXXIX

Ltd.

2023-39A

D1R,

CME

Term

SOFR

Month

+

2.7000%,

6.5580%,

1/25/37

(144A)

‡

1,000,000

1,006,028

Magnetite

XXXIX

Ltd.

2023-39A

D2R,

CME

Term

SOFR

Month

+

3.9000%,

7.7580%,

1/25/37

(144A)

‡

4,000,000

4,026,136

Magnetite

XXXVI

Ltd.

2023-36A

DR,

CME

Term

SOFR

Month

+

2.8000%,

6.6580%,

7/25/38

(144A)

‡

12,750,000

12,783,028

Meacham

Park

CLO

Ltd.

2024-1A

D,

CME

Term

SOFR

Month

+

2.9000%,

6.7844%,

10/20/37

(144A)

‡

3,000,000

3,014,670

MidOcean

Credit

CLO

XII

Ltd.

2023-12A

DRR,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

7/18/38

(144A)

‡

5,450,000

5,478,849

Milford

Park

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

Month

+

2.7000%,

6.5844%,

1/20/38

(144A)

‡

8,000,000

7,987,148

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2022-17A

D1R,

CME

Term

SOFR

Month

+

3.1500%,

7.0344%,

10/20/37

(144A)

‡

1,325,000

1,328,704

Neuberger

Berman

CLO

XVII

Ltd.

2014-17A

D2R3,

CME

Term

SOFR

Month

+

4.5000%,

8.3573%,

7/22/38

(144A)

‡

4,000,000

4,041,956

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2017-25A

D2R2,

CME

Term

SOFR

Month

+

4.4500%,

8.3344%,

7/18/38

(144A)

‡

4,500,000

4,543,154

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2017-26A

D1R,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

10/18/38

(144A)

‡

2,000,000

2,011,378

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2018-30A

D1R2,

CME

Term

SOFR

Month

+

2.8000%,

6.6844%,

1/20/39

(144A)

‡

5,250,000

5,266,229

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2021-41A

DR,

CME

Term

SOFR

Month

+

2.8000%,

6.7045%,

4/15/34

(144A)

‡

10,000,000

9,992,984

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2021-44A

DR,

CME

Term

SOFR

Month

+

2.6500%,

6.5436%,

10/16/35

(144A)

‡

9,000,000

9,005,377

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2021-46A

DR,

CME

Term

SOFR

Month

+

2.6500%,

6.5344%,

1/20/37

(144A)

‡

12,500,000

12,507,466

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2022-50A

DR,

CME

Term

SOFR

Month

+

2.8500%,

6.7098%,

7/23/36

(144A)

‡

2,000,000

2,013,189

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2024-57A

D1,

CME

Term

SOFR

Month

+

2.9000%,

6.7654%,

10/24/38

(144A)

‡

2,000,000

2,011,577

New

Mountain

CLO

Ltd.

CLO-3A

D1R,

CME

Term

SOFR

Month

+

2.9500%,

6.8344%,

10/20/38

(144A)

‡

1,000,000

1,004,491

Northwoods

Capital

Ltd.

2019-20A

D1AR,

CME

Term

SOFR

Month

+

3.4000%,

7.2580%,

10/25/38

(144A)

‡

5,000,000

5,039,501

Oaktree

CLO

Ltd.

2021-1A

D2R,

CME

Term

SOFR

Month

+

4.1000%,

8.0045%,

1/15/38

(144A)

‡

6,000,000

6,008,342

Obra

CLO

Ltd.

2024-1A

D1,

CME

Term

SOFR

Month

+

3.4000%,

7.2844%,

1/20/38

(144A)

‡

9,070,000

9,152,542

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

OCP

Aegis

CLO

Ltd.

2023-29A

D1R,

CME

Term

SOFR

Month

+

2.5500%,

6.4344%,

1/20/36

(144A)

‡

$

4,650,000

$

4,637,888

OCP

Aegis

CLO

Ltd.

2024-39A

D2,

CME

Term

SOFR

Month

+

4.1000%,

7.9936%,

1/16/37

(144A)

‡

4,000,000

4,014,388

OCP

CLO

Ltd.

2021-23A

D1R,

CME

Term

SOFR

Month

+

2.7500%,

6.6316%,

1/17/37

(144A)

‡

2,000,000

2,008,658

OCP

CLO

Ltd.

2021-23A

D2R,

CME

Term

SOFR

Month

+

3.9000%,

7.7816%,

1/17/37

(144A)

‡

4,000,000

4,026,679

OCP

CLO

Ltd.

2019-17A

D1R2,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

7/20/37

(144A)

‡

3,000,000

3,014,981

OCP

CLO

Ltd.

2024-33A

D2,

CME

Term

SOFR

Month

+

4.4000%,

8.2844%,

7/20/37

(144A)

‡

2,300,000

2,316,310

OCP

CLO

Ltd.

2022-25A

D2R,

CME

Term

SOFR

Month

+

4.5000%,

8.3844%,

7/20/37

(144A)

‡

3,750,000

3,773,594

OCP

CLO

Ltd.

2023-28A

D1R,

CME

Term

SOFR

Month

+

2.8500%,

6.7436%,

7/16/38

(144A)

‡

5,625,000

5,650,827

Octagon

Ltd.

2021-1A

D,

CME

Term

SOFR

Month

+

3.3616%,

7.2662%,

10/15/34

(144A)

‡

7,750,000

7,751,530

Octagon

Ltd.

2025-1A

D2,

CME

Term

SOFR

Month

+

3.6500%,

7.5074%,

1/22/38

(144A)

‡

8,300,000

8,258,375

Octagon

Investment

Partners

Ltd.

2016-1A

DR2,

CME

Term

SOFR

Month

+

3.3000%,

7.1844%,

7/18/39

(144A)

‡

6,000,000

6,057,035

OHA

Credit

Funding

Ltd.

2020-5A

D1R,

CME

Term

SOFR

Month

+

2.9000%,

6.7844%,

10/18/37

(144A)

‡

1,000,000

1,003,591

OHA

Credit

Funding

Ltd.

2020-7A

D1R2,

CME

Term

SOFR

Month

+

2.7000%,

6.5844%,

7/19/38

(144A)

‡

5,000,000

5,015,458

OHA

Credit

Funding

Ltd.

2021-9A

D2R,

CME

Term

SOFR

Month

+

4.2000%,

8.0844%,

10/19/37

(144A)

‡

3,000,000

3,032,966

OHA

Credit

Partners

VII

Ltd.

2012-7A

D1R4,

CME

Term

SOFR

Month

+

2.5000%,

6.7035%,

2/20/38

(144A)

‡

18,725,000

18,704,511

OHA

Credit

Partners

XI

Ltd.

2015-11A

D1R2,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

4/20/37

(144A)

‡

5,000,000

5,019,448

OHA

Credit

Partners

XIII

Ltd.

2016-13A

D1R2,

CME

Term

SOFR

Month

+

3.0000%,

6.8700%,

10/21/37

(144A)

‡

4,000,000

4,014,760

Orchard

Park

CLO

Ltd.

2024-1A

D1,

CME

Term

SOFR

Month

+

2.9500%,

6.8344%,

10/20/37

(144A)

‡

2,000,000

2,007,181

Palmer

Square

CLO

Ltd.

2022-3A

D1R,

CME

Term

SOFR

Month

+

2.9500%,

6.8344%,

7/20/37

(144A)

‡

4,030,000

4,040,050

Palmer

Square

CLO

Ltd.

2021-1A

C1R,

CME

Term

SOFR

Month

+

2.7000%,

6.5844%,

4/20/38

(144A)

‡

6,750,000

6,745,228

Palmer

Square

CLO

Ltd.

2021-3A

D1R,

CME

Term

SOFR

Month

+

2.8000%,

6.7045%,

10/15/38

(144A)

‡

13,000,000

13,043,289

Palmer

Square

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

Month

+

2.7500%,

6.7129%,

10/20/38

(144A)

‡

4,000,000

4,008,985

Post

CLO

VI

Ltd.

2024-2A

D2,

CME

Term

SOFR

Month

+

4.4000%,

8.2844%,

1/20/38

(144A)

‡

2,000,000

2,018,179

PPM

CLO

Ltd.

2019-2A

DR2B,

CME

Term

SOFR

Month

+

5.5700%,

9.4636%,

4/16/37

(144A)

‡

4,000,000

3,975,999

PPM

CLO

Ltd.

2024-7A

D1A,

CME

Term

SOFR

Month

+

3.6000%,

7.4844%,

7/20/37

(144A)

‡

12,000,000

12,037,072

Rad

CLO

Ltd.

2021-10A

D,

CME

Term

SOFR

Month

+

3.0116%,

6.8714%,

4/23/34

(144A)

‡

1,500,000

1,502,834

Rad

CLO

Ltd.

2021-15A

C2R,

CME

Term

SOFR

Month

+

4.1500%,

8.0344%,

7/20/40

(144A)

‡

3,000,000

2,999,923

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

RAD

CLO

Ltd.

2023-21A

D1R,

CME

Term

SOFR

Month

+

2.6000%,

6.4580%,

1/25/37

(144A)

‡

$

5,280,000

$

5,256,175

RAD

CLO

Ltd.

2024-26A

D2,

CME

Term

SOFR

Month

+

4.2500%,

8.1344%,

10/20/37

(144A)

‡

2,250,000

2,256,502

RAD

CLO

Ltd.

2024-27A

D1,

CME

Term

SOFR

Month

+

2.8000%,

6.7045%,

1/15/38

(144A)

‡

7,100,000

7,110,504

RAD

CLO

Ltd.

2024-28A

D1,

CME

Term

SOFR

Month

+

2.8000%,

6.6844%,

4/20/38

(144A)

‡

2,000,000

2,002,388

REESE

PARK

CLO

Ltd.

2020-1A

D2RR,

CME

Term

SOFR

Month

+

4.0000%,

7.9045%,

1/15/38

(144A)

‡

7,500,000

7,538,166

Regatta

XVIII

Funding

Ltd.

2021-1A

D1R,

CME

Term

SOFR

Month

+

2.6000%,

6.5045%,

4/15/38

(144A)

‡

27,400,000

27,344,789

Regatta

XXIV

Funding

Ltd.

2021-5A

D1R,

CME

Term

SOFR

Month

+

2.8000%,

6.6844%,

1/20/38

(144A)

‡

13,950,000

13,944,318

Rockford

Tower

CLO

Ltd.

2025-1A

D2,

CME

Term

SOFR

Month

+

3.9500%,

7.8545%,

3/31/38

(144A)

‡

4,000,000

4,011,181

RR

Ltd.

2022-24A

C1B2,

CME

Term

SOFR

Month

+

3.5500%,

7.4545%,

1/15/37

(144A)

‡

5,500,000

5,524,148

RR

Ltd.

2024-36RA

C1R,

CME

Term

SOFR

Month

+

2.7500%,

6.6545%,

1/15/40

(144A)

‡

1,060,000

1,061,315

Sagard-Halseypoint

CLO

Ltd.

2025-9A

D2,

CME

Term

SOFR

Month

+

4.5000%,

8.3844%,

4/20/38

(144A)

‡

3,000,000

3,029,655

Sandstone

Peak

III

Ltd.

2024-1A

D1,

CME

Term

SOFR

Month

+

3.8500%,

7.7080%,

4/25/37

(144A)

‡

6,750,000

6,781,005

Sandstone

Peak

Ltd.

2021-1A

DR,

CME

Term

SOFR

Month

+

3.3500%,

7.2545%,

10/15/34

(144A)

‡

10,375,000

10,402,967

Serenity-Peace

Park

CLO

Ltd.

2025-1A

D,

CME

Term

SOFR

Month

+

2.7000%,

6.6726%,

10/24/38

(144A)

‡

10,000,000

10,041,789

Signal

Peak

CLO

Ltd.

2021-10A

D1R,

CME

Term

SOFR

Month

+

2.9000%,

6.7654%,

1/24/38

(144A)

‡

1,600,000

1,604,312

Signal

Peak

CLO

Ltd.

2024-11A

D1,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

7/18/37

(144A)

‡

9,000,000

9,028,713

Silver

Point

CLO

Ltd.

2025-12A

D1,

CME

Term

SOFR

Month

+

2.6500%,

6.6284%,

10/15/38

(144A)

‡

6,700,000

6,722,635

Silver

Point

CLO

Ltd.

2024-6A

D1,

CME

Term

SOFR

Month

+

3.3000%,

7.2045%,

10/15/37

(144A)

‡

10,000,000

10,045,903

Sixth

Street

CLO

VIII

Ltd.

2017-8A

CR2,

CME

Term

SOFR

Month

+

2.9500%,

6.8344%,

10/20/34

(144A)

‡

3,000,000

2,984,862

Sixth

Street

CLO

XXIII

Ltd.

2023-23A

DR,

CME

Term

SOFR

Month

+

2.5000%,

6.3669%,

10/17/38

(144A)

‡

8,000,000

7,999,987

Sound

Point

CLO

2025R-1

Ltd.

2025-1RA

D1,

CME

Term

SOFR

Month

+

3.2500%,

7.4535%,

2/20/38

(144A)

‡

17,100,000

17,094,954

Sound

Point

CLO

Ltd.

2022-35A

D1R,

CME

Term

SOFR

Month

+

3.0000%,

6.8580%,

4/26/38

(144A)

‡

1,500,000

1,506,135

Symphony

CLO

Ltd.

2022-36A

D1R,

CME

Term

SOFR

Month

+

3.3000%,

7.1654%,

10/24/37

(144A)

‡

2,500,000

2,507,227

TCW

CLO

Ltd.

2019-2A

D1R2,

CME

Term

SOFR

Month

+

3.0000%,

6.8844%,

1/20/38

(144A)

‡

4,000,000

4,013,980

TCW

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

Month

+

3.0000%,

6.8844%,

1/20/38

(144A)

‡

4,000,000

3,998,780

TCW

CLO

Ltd.

2021-1A

D1R1,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

1/20/38

(144A)

‡

12,000,000

12,011,950

Tikehau

US

CLO

VII

Ltd.

2025-1A

D1,

CME

Term

SOFR

Month

+

3.1000%,

6.9580%,

2/25/38

(144A)

‡

3,750,000

3,773,205

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

TRESTLES

CLO

III

Ltd.

2020-3A

D1R,

CME

Term

SOFR

Month

+

3.1500%,

7.0344%,

10/20/37

(144A)

‡

$

3,900,000

$

3,916,328

Trinitas

CLO

XX

Ltd.

2022-20A

D1R,

CME

Term

SOFR

Month

+

3.0000%,

6.8844%,

7/20/35

(144A)

‡

4,000,000

4,017,332

Trinitas

CLO

XXXI

Ltd.

2024-31A

D1,

CME

Term

SOFR

Month

+

3.0000%,

6.8573%,

1/22/38

(144A)

‡

2,100,000

2,106,072

Voya

CLO

Ltd.

2017-3A

CRR,

CME

Term

SOFR

Month

+

3.1000%,

6.9844%,

4/20/34

(144A)

‡

1,000,000

995,896

Voya

CLO

Ltd.

2021-1A

DR,

CME

Term

SOFR

Month

+

2.8000%,

6.7045%,

7/15/34

(144A)

‡

11,500,000

11,494,229

Voya

CLO

Ltd.

2019-4A

DR,

CME

Term

SOFR

Month

+

3.4616%,

7.3662%,

1/15/35

(144A)

‡

1,250,000

1,252,245

Voya

CLO

Ltd.

2024-7A

D1,

CME

Term

SOFR

Month

+

2.8500%,

6.7344%,

1/20/38

(144A)

‡

4,300,000

4,312,002

Warwick

Capital

CLO

Ltd.

2024-4A

D1,

CME

Term

SOFR

Month

+

3.0000%,

6.8844%,

7/20/37

(144A)

‡

4,650,000

4,666,251

Warwick

Capital

CLO

Ltd.

2024-5A

E,

CME

Term

SOFR

Month

+

5.5000%,

9.3844%,

1/20/38

(144A)

‡

4,000,000

3,988,328

Whetstone

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

Month

+

3.1616%,

7.0460%,

1/20/35

(144A)

‡

2,295,000

2,292,471

Total

Collateralized

Loan

Obligations

(cost

$1,264,654,508)

1,264,098,762

Investment

Companies

-

.1

%

Money

Market

Funds

-

.1

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$40,168,859)

40,166,586

40,174,619

Total

Investments

(total

cost

$

1,304,823,367)

-

.6

%

1,304,273,381

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.6%)

(21,012,956)

Net

Assets

-

100.0%

$1,283,260,425

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

1,304,273,381

.0

%

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares*

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

3.1%

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

–

$

141,911,147

$

(142,165,747)

$

254,600

$

–

$

–

–

$

1,307,121

Money

Market

Funds

-

3.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

8,960,001

1,430,856,445

(1,399,642,255)

(5,332)

5,760

40,174,619

40,166,586

1,142,155

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

–

72,473,493

(72,473,493)

–

–

–

–

68,628

Δ

Total

Affiliated

Investments

-

3.1%

$8,960,001

$1,645,241,085

$(1,614,281,495)

$249,268

$5,760

$40,174,619

$2,517,904

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

EUR

Euro

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

†

The

position

has

not

yet

settled

as

of

October

31,

2025. The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

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

1933

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,

2025

is

$1,264,098,762

which

represents

98.5%

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Collateralized* 

*Loan* 

*Obligations*

$

—

$

1,264,098,762

$

—

$

1,264,098,762

*Investment* 

*Companies*

—

40,174,619

—

40,174,619

#### Total

#### Assets
$

—

$

1,304,273,381

$

—

$

1,304,273,381

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,264,654,508)

$

1,264,098,762

Affiliated

investments,

at

value

(cost

$40,168,859)

40,174,619

Cash

31,566

Receivables:

Interest

4,559,259

Due

from

adviser

904

Total

Assets

1,308,865,110

Liabilities:

Payables:

Investments

purchased

25,058,140

Management

fees

546,545

Total

Liabilities

25,604,685

Commitments

and

contingent

liabilities

Net

Assets

$

1,283,260,425

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,298,908,242

Total

distributable

earnings

(loss)

(15,647,817)

Total

Net

Assets

$

1,283,260,425

Net

Assets

$

1,283,260,425

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

26,600,000

Net

Asset

Value

Per

Share

$

.24

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

104,564,830

Dividends

from

affiliates

2,449,276

Dividends

1,653,712

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

68,628

Unaffiliated

securities

lending

income,

net

18,730

Total

Investment

Income

108,755,176

Expenses:

Management

Fees

6,851,378

Total

Expenses

6,851,378

Less:

Excess

Expense

Reimbursement

and

Waivers

(41,154)

Net

Expenses

6,810,224

Net

Investment

Income/(Loss)

101,944,952

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(33,499,611)

Investments

in

affiliates

249,268

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(33,250,343)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(6,482,482)

Investments

in

affiliates

5,760

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(6,476,722)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

62,217,887

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Year* 

*Ended*

*October* 

*31,* 

*2024*

Operations:

Net

investment

income/(loss)

$

101,944,952

$

47,409,032

Net

realized

gain/(loss)

on

investments

(33,250,343)

1,144,695

Change

in

unrealized

net

appreciation/depreciation

(6,476,722)

8,813,363

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

62,217,887

57,367,090

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(109,692,989)

(42,200,013)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(109,692,989)

(42,200,013)

Capital

Share

Transactions

205,117,581

977,184,193

Net

Increase/(Decrease)

in

Net

Assets

157,642,479

992,351,270

Net

Assets:

—

—

Beginning

of

Year

1,125,617,946

133,266,676

End

of

Year

$

1,283,260,425

$

1,125,617,946

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

2023

2022

(1) Net

Asset

Value,

Beginning

of

Period

$49.26

$46.76

$43.67

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2) 3.34 3.99 3.88 1.80 Net

realized

and

unrealized

gain/(loss)

(0.70)

2.32 2.90 (6.71)

Total

from

Investment

Operations

2.64 6.31 6.78 (4.91)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(3.66)

(3.81)

(3.69)

(1.42)

Total

Dividends

and

Distributions

(3.66)

(3.81)

(3.69)

(1.42)

Net

Asset

Value,

End

of

Period

$48.24

$49.26

$46.76

$43.67

Total

Return

\*

5.58%

13.99%

16.05%

(9.96)%

Net

assets,

End

of

Period

(in

thousands)

$1,283,260

$1,125,618

$133,267

$78,610

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.46%

0.47%

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.46%

0.47%

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

6.89%

8.19%

8.44%

4.75%

Portfolio

Turnover

Rate

(3) 97%

90%

53%

25%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022. (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

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson B-BBB

CLO 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

fifteen 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

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to collateralized

loan

obligations

("CLOs")

generally

rated

between

and

inclusive

of

BBB+

and

B-.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

the Cboe

BZX

Exchange,

Inc. (the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

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. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### CLO

#### Risk
The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

The

Fund

intends

to

invest

primarily

in

BBB-rated

tranches;

however,

this

rating

does

not

constitute

a

guarantee,

may

be

downgraded,

and

in

stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

significant

losses

experienced

by

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund's

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others.

#### Mezzanine

#### CLO

#### Risk
The

Fund

intends

to

invest

primarily

in

BBB

rated

CLO

tranches.

Such

securities

are

often

subordinate

to

higher-rated

tranches

in

terms

of

payment

priority.

Subordinated

CLO

tranches

are

subject

to

higher

credit

risk

and

liquidity

risk

relative

to

more

senior

CLO

tranches.

To

the

extent

a

CLO

or

its

underlying

loans

experience

default

or

are

having

difficulty

making

principal

and/or

interest

payments,

such

subordinate

CLO

tranches

will

be

more

likely

to

experience

adverse

impacts,

and

such

impacts

will

be

more

severe,

relative

to

more

senior

and/or

higher-rated

CLO

tranches,

which

in

turn

will

adversely

affect

the

performance

of

the

Fund.

#### Exchange-Traded

#### Funds

#### Risk
The

Fund

may

invest

in

exchange-traded

funds

("ETFs"),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests.

#### Investment

#### Focus

#### Risk
Because

the

Fund

invests

primarily

in

CLOs

it

is

susceptible

to

an

increased

risk

of

loss

due

to

adverse

occurrences

in

the

CLO

market,

generally,

and

in

the

various

markets

impacting

the

portfolios

of

loans

underlying

these

CLOs.

The

Fund's

CLO

investment

focus

may

cause

the

Fund

to

perform

differently

than

the

overall

financial

market

and

the

Fund's

performance

may

be

more

volatile

than

if

the

Fund's

investments

were

more

diversified

across

financial

instruments

and

or

markets.

#### Liquidity Risk
Liquidity

risk

refers

to

the

possibility

that

the

Fund

may

not

be

able

to

sell

or

buy

a

security

or

close

out

an

investment

contract

at

a

favorable

price

or

time.

Consequently,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

the

Fund's

performance.

Infrequent

trading

of

securities

also

may

lead

to

an

increase

in

their

price

volatility.

CLOs,

and

their

underlying

loan

obligations,

are

typically

not

registered

for

sale

to

the

public

and

therefore

are

subject

to

certain

restrictions

on

transfer

and

sale,

potentially

making

them

less

liquid

than

other

types

of

securities.

Additionally,

when

the

Fund

purchases

a

newly

issued

CLO

directly

from

the

issuer

(rather

than

from

the

secondary

market),

there

often

may

be

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

a

delayed

settlement

period,

during

which

time,

the

liquidity

of

the

CLO

may

be

further

reduced.

During

periods

of

limited

liquidity

and

higher

price

volatility,

the

Fund's

ability

to

acquire

or

dispose

of

CLOs

at

a

price

and

time

the

Fund

deems

advantageous

may

be

impaired.

CLOs

are

generally

considered

to

be

long-term

investments

and

there

is

no

guarantee

that

an

active

secondary

market

will

exist

or

be

maintained

for

any

given

CLO.

#### 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

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.

#### Privately

#### Issued

#### Securities

#### Risk
CLOs

are

generally

privately-issued

securities,

and

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

"Securities

Act").

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund's

net

asset

value

per

share

("NAV")

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

October

31,

2025. 3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.46% of

the

Fund's

average

daily

net

assets.

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

28,

2026. The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the year

ended October

31,

2025,

the

Adviser

waived

$41,154 of

the

Fund's

management

fee,

attributable

to

the

Fund's

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

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

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.49%

Over

$500

million

0.45%

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$8,115,318

$—

$(20,571,808)

$—

$—

$(3,191,327)

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital.

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5. #### Capital

#### Share

#### Transactions
6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(16,769,390)

$(3,802,418)

$(20,571,808)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$1,307,464,708

$1,130,869

$(4,322,196)

$(3,191,327)

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$109,692,989

$—

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$42,200,013

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Year* 

*Ended* 

*October* 

*31,* 

*2024*

*Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

36,550,000

$

1,786,290,162

21,400,000

$

1,045,640,745

Shares

repurchased

(32,800,000)

(1,581,172,581)

(1,400,000)

(68,456,552)

Net

Increase/(Decrease)

3,750,000

$

205,117,581

20,000,000

$

977,184,193

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

For

the

year

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

had

net

realized

loss of $19,677,311 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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*

$1,797,586,359

$1,409,977,894

$—

$—

*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*

$916,790,003

$1,129,715,112

$—

$—

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Janus

Detroit

Street

Trust

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

B-BBB

CLO

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

B-BBB

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2025

and

for

the

period

January

11,

2022

(commencement

of

operations)

through

October

31,

2022

(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,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2025

and

for

the

period

January

11,

2022

(commencement

of

operations)

through

October

31,

2022

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

audits

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,

2025

by

correspondence

with

the

custodian

and

broker;

when

replies

were

not

received

from

the

broker,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Designation

#### Requirements
(unaudited)

October

31,

2025

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

1.31%

#### Janus

#### Henderson

#### B-BBB

#### CLO

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93094

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statement

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

39.8%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

1,806,258

$

1,866,078

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

744,760

752,291

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

29,286

29,527

Affirm

Asset

Securitization

Trust,

8.2500%,

11/15/28

(144A)

41,225

41,264

Affirm

Asset

Securitization

Trust,

6.8900%,

2/15/29

(144A)

700,000

702,811

Affirm

Asset

Securitization

Trust,

6.8900%,

2/15/29

(144A)

500,000

502,007

Affirm

Asset

Securitization

Trust,

6.5700%,

5/15/29

(144A)

2,500,000

2,506,245

Affirm

Master

Trust,

5.6000%,

7/15/33

(144A)

7,500,000

7,505,481

Affirm

Master

Trust,

4.7500%,

10/16/34

(144A)

3,500,000

3,485,815

Affirm

Master

Trust,

5.0900%,

10/16/34

(144A)

7,274,000

7,150,258

Alloya

Auto

Receivables

Trust,

4.9900%,

3/25/30

(144A)

900,000

913,136

Ally

Auto

Receivables

Trust,

5.8000%,

2/16/32

(144A)

500,000

509,338

Ally

Bank

Auto

Credit-Linked

Notes,

7.9170%,

5/17/32

(144A)

406,667

413,231

Ally

Bank

Auto

Credit-Linked

Notes,

9.8920%,

5/17/32

(144A)

518,047

529,762

Ally

Bank

Auto

Credit-Linked

Notes,

12.7480%,

5/17/32

(144A)

310,828

319,046

Ally

Bank

Auto

Credit-Linked

Notes,

6.6780%,

9/15/32

(144A)

1,262,337

1,264,223

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

1,199,220

1,214,035

Ally

Bank

Auto

Credit-Linked

Notes,

6.0660%,

6/15/33

(144A)

1,522,510

1,513,216

Ally

Bank

Auto

Credit-Linked

Notes,

6.9420%,

6/15/33

(144A)

671,696

675,356

Ally

Bank

Auto

Credit-Linked

Notes,

6.1640%,

9/15/33

(144A)

4,960,000

4,960,198

Alterna

Funding

III

LLC,

7.1360%,

5/16/39

(144A)

1,767,799

1,769,103

Amur

Equipment

Finance

Receivables

XIII

LLC,

9.6600%,

4/20/32

(144A)

375,000

384,902

Amur

Equipment

Finance

Receivables

XIV

LLC,

8.8800%,

10/20/32

(144A)

500,000

512,087

Amur

Equipment

Finance

Receivables

XV

LLC,

5.6800%,

8/20/32

(144A)

3,129,000

3,177,130

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.8700%,

6/17/30

(144A)

1,500,000

1,504,329

Auxilior

Term

Funding

LLC,

10.9700%,

12/15/32

(144A)

200,000

203,969

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

3.7100%,

8/20/27

(144A)

5,000,000

4,935,460

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.0500%,

6.2328%,

12/26/31

(144A)

‡

930,361

935,983

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.7828%,

12/26/31

(144A)

‡

657,964

664,529

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

5.9828%,

6/25/47

(144A)

‡

748,701

748,288

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

6.9328%,

6/25/47

(144A)

‡

727,309

743,387

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

5.9828%,

7/27/48

(144A)

‡

3,596,791

3,596,775

Bayview

Opportunity

Master

Fund

VII

Trust,

6.3600%,

7/16/29

(144A)

500,000

510,334

BHG

Securitization

Trust,

5.8100%,

4/17/35

(144A)

166,199

170,032

BHG

Securitization

Trust,

6.4900%,

4/17/35

(144A)

390,224

400,462

Blue

Bridge

Funding

LLC,

9.4800%,

11/15/30

(144A)

200,000

203,657

Blue

Bridge

Funding

LLC,

9.5000%,

11/15/30

(144A)

546,000

531,105

Brex

Commercial

Charge

Card

Master

Trust,

6.6800%,

7/15/27

(144A)

1,500,000

1,504,304

Bridgecrest

Lending

Auto

Securitization

Trust,

6.0300%,

11/15/29

500,000

506,199

Business

Jet

Securities

LLC,

6.9240%,

5/15/39

(144A)

1,556,583

1,600,395

Carmax

Auto

Owner

Trust,

5.1100%,

5/17/32

1,750,000

1,746,747

CarMax

Auto

Owner

Trust,

6.0000%,

7/15/30

1,620,000

1,653,841

Carmax

Select

Receivables

Trust,

5.3300%,

7/15/31

3,000,000

3,003,319

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

4,057,488

3,957,097

Carvana

Auto

Receivables

Trust,

4.9900%,

1/12/32

1,000,000

987,420

Carvana

Auto

Receivables

Trust,

5.4700%,

9/12/33

3,000,000

2,955,342

CF

Hippolyta

Issuer

LLC,

1.6900%,

7/15/60

(144A)

1,585,551

1,352,264

Chase

Auto

Credit

Linked

Notes,

6.0240%,

2/25/33

(144A)

5,018,085

4,982,557

Chase

Auto

Credit

Linked

Notes,

6.9960%,

2/25/33

(144A)

2,216,469

2,244,472

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

Chase

Auto

Owner

Trust,

5.2400%,

11/26/32

(144A)

$

3,600,000

$

3,611,723

Coinstar

Funding

LLC,

5.2160%,

4/25/47

(144A)

2,745,000

2,518,649

Commonbond

Student

Loan

Trust,

4.0000%,

5/25/40

(144A)

103,500

100,666

Commonbond

Student

Loan

Trust,

4.0000%,

10/25/40

(144A)

106,143

101,481

Commonbond

Student

Loan

Trust,

3.4700%,

5/25/41

(144A)

172,925

158,462

Commonbond

Student

Loan

Trust,

4.1200%,

9/25/45

(144A)

84,418

73,596

Commonbond

Student

Loan

Trust,

4.2500%,

2/25/46

(144A)

98,238

94,399

Commonbond

Student

Loan

Trust,

1.4000%,

3/25/52

(144A)

193,056

150,960

Compass

Datacenters

Issuer

II

LLC,

5.2500%,

2/25/49

(144A)

300,000

302,138

Compass

Datacenters

Issuer

II

LLC,

5.7500%,

2/25/49

(144A)

1,000,000

1,005,810

Compass

Datacenters

Issuer

II

LLC,

5.9990%,

8/25/49

(144A)

4,500,000

4,597,892

Compass

Datacenters

Issuer

II

LLC,

5.9990%,

8/25/49

(144A)

3,250,000

3,261,323

Compass

Datacenters

Issuer

II

LLC,

5.7560%,

5/25/50

(144A)

5,000,000

5,055,538

COOPR

Residential

Mortgage

Trust,

5.6540%,

5/25/60

(144A)

Ç

3,861,055

3,892,477

COOPR

Residential

Mortgage

Trust,

5.5020%,

6/25/60

(144A)

Ç

1,297,446

1,306,370

COOPR

Residential

Mortgage

Trust,

4.8400%,

9/25/60

(144A)

Ç

1,539,790

1,533,268

CP

EF

Asset

Securitization

II

LLC,

7.4800%,

3/15/32

(144A)

103,374

104,153

CP

EF

Asset

Securitization

II

LLC,

7.5600%,

3/15/32

(144A)

250,000

248,510

CP

EF

Asset

Securitization

II

LLC,

7.7700%,

3/15/32

(144A)

250,000

254,964

CPC

Asset

Securitization

III

LLC,

13.4500%,

8/15/30

(144A)

1,000,000

999,874

Crockett

Partners

Equipment

Co.

IIA

LLC,

6.7800%,

1/20/31

(144A)

772,727

766,108

Crockett

Partners

Equipment

Co.

IIA

LLC,

10.1600%,

1/20/31

(144A)

772,727

753,467

CyrusOne

Data

Centers

Issuer

I

LLC,

5.4500%,

4/20/48

(144A)

218,055

216,526

CyrusOne

Data

Centers

Issuer

I

LLC,

4.7600%,

3/22/49

(144A)

735,000

728,078

Dext

ABS

LLC,

8.3000%,

5/15/34

(144A)

300,000

318,536

Drive

Auto

Receivables

Trust,

5.4100%,

9/15/32

4,077,000

4,100,045

EFMT,

5.8770%,

1/25/60

(144A)

Ç

2,245,249

2,263,806

Exeter

Automobile

Receivables

Trust,

5.8400%,

6/17/30

500,000

505,661

Exeter

Automobile

Receivables

Trust,

7.8900%,

8/15/31

(144A)

750,000

780,770

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

2,700,000

2,809,479

Exeter

Select

Automobile

Receivables

Trust,

5.3400%,

1/15/32

2,200,000

2,183,976

Exeter

Select

Automobile

Receivables

Trust,

5.5400%,

5/17/32

1,800,000

1,794,875

ExteNet

Issuer

LLC,

8.2720%,

7/25/54

(144A)

2,500,000

2,537,181

ExteNet

Issuer

LLC,

9.0500%,

7/25/54

(144A)

1,500,000

1,541,189

FHF

Issuer

Trust,

6.2600%,

3/15/30

(144A)

1,200,000

1,196,850

FHF

Issuer

Trust,

5.8900%,

6/15/30

(144A)

1,114,653

1,120,269

FHF

Issuer

Trust,

6.4300%,

7/15/30

(144A)

1,202,000

1,174,025

FHF

Issuer

Trust,

7.4200%,

5/15/31

(144A)

1,000,000

1,013,218

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

2,854,000

2,770,612

FHF

Issuer

Trust,

7.1500%,

9/15/31

(144A)

2,373,000

2,393,150

FIGRE

Trust,

6.7490%,

3/25/54

(144A)

‡

1,010,382

1,038,400

FIGRE

Trust,

6.2290%,

7/25/54

(144A)

‡

2,717,131

2,764,079

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

211,382

211,708

FIGRE

Trust,

5.3010%,

9/25/54

(144A)

‡

757,451

757,925

FIGRE

Trust,

5.5600%,

5/25/55

(144A)

‡

10,863,417

10,948,855

FIGRE

Trust,

5.7100%,

5/25/55

(144A)

‡

1,807,707

1,819,252

FIGRE

Trust,

5.9100%,

5/25/55

(144A)

‡

1,807,707

1,822,508

FIGRE

Trust,

5.7580%,

6/25/55

(144A)

‡

1,013,283

1,029,549

FIGRE

Trust,

5.4080%,

7/25/55

(144A)

‡

1,584,898

1,591,447

FIGRE

Trust,

5.4670%,

7/25/55

(144A)

Ç

4,238,664

4,242,615

FIGRE

Trust,

5.6080%,

7/25/55

(144A)

‡

1,492,426

1,499,227

FIGRE

Trust,

5.7090%,

7/25/55

(144A)

‡

1,928,006

1,936,745

FIGRE

Trust,

5.4850%,

8/25/55

(144A)

‡

5,244,786

5,256,853

FIGRE

Trust,

5.1440%,

9/25/55

(144A)

‡

1,281,000

1,277,045

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

FIGRE

Trust,

5.2450%,

9/25/55

(144A)

‡

$

1,454,000

$

1,449,552

FIGRE

Trust,

5.1170%,

10/25/55

(144A)

‡

2,463,814

2,443,368

FIGRE

Trust,

5.2180%,

10/25/55

(144A)

‡

2,365,261

2,345,765

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

887,058

868,500

Finance

of

America

Structured

Securities

Trust,

3.5000%,

4/25/74

(144A)

Ç

2,194,116

2,142,435

FinBe

USA

Trust,

6.6000%,

12/16/30

(144A)

3,250,000

3,169,744

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

4,333,000

4,362,100

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

993,561

1,056,574

Foundation

Finance

Trust,

8.1300%,

12/15/49

(144A)

1,225,223

1,290,084

Foundation

Finance

Trust,

5.0900%,

4/15/52

(144A)

5,000,000

4,941,572

FREED

ABS

Trust,

3.3500%,

3/19/29

(144A)

28,758

28,723

GLS

Auto

Select

Receivables

Trust,

7.9300%,

7/15/30

(144A)

400,000

425,869

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

6.4555%,

3/1/28

(144A)

‡

1,724,000

1,726,205

Gracie

Point

International

Funding

LLC,

SOFR90A

+

3.5000%,

7.8555%,

3/1/28

(144A)

‡

500,000

500,790

Gracie

Point

International

Funding

LLC,

SOFR90A

+

7.1500%,

11.5055%,

3/1/28

(144A)

‡

600,000

602,174

Gracie

Point

International

Funding

LLC,

SOFR30A

+

2.7500%,

7.0646%,

8/15/28

(144A)

‡

1,500,000

1,502,833

GS

Mortgage

Backed

Securities

Trust,

5.1800%,

9/25/55

(144A)

Ç

2,059,213

2,062,477

Hilton

Grand

Vacations

Trust,

5.5200%,

5/27/42

(144A)

3,274,648

3,317,831

Hilton

Grand

Vacations

Trust,

5.1200%,

5/25/44

(144A)

2,730,692

2,737,276

Hotwire

Funding

LLC,

4.4590%,

11/20/51

(144A)

4,500,000

4,398,346

Hotwire

Funding

LLC,

9.1880%,

6/20/54

(144A)

1,500,000

1,565,617

HPEFS

Equipment

Trust,

4.7700%,

5/20/33

(144A)

6,000,000

5,984,632

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.1500%,

7.3338%,

5/20/32

(144A)

‡

1,453,363

1,471,687

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

9.4338%,

5/20/32

(144A)

‡

545,011

556,907

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

2.6000%,

6.7838%,

10/20/32

(144A)

‡

1,716,877

1,733,131

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

4.0000%,

8.1838%,

10/20/32

(144A)

‡

1,092,007

1,103,252

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

2.2500%,

6.4338%,

3/21/33

(144A)

‡

2,618,167

2,634,682

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.5000%,

7.6838%,

3/21/33

(144A)

‡

1,131,547

1,131,535

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.2500%,

7.4338%,

9/20/33

(144A)

‡

563,788

564,282

Jersey

Mike's

Funding,

5.6100%,

8/16/55

(144A)

4,600,000

4,690,695

Jersey

Mike's

Funding

LLC,

4.4330%,

2/15/50

(144A)

1,970,000

1,963,579

JPMorgan

Chase

Bank

NA,

8.4820%,

12/26/28

(144A)

410,302

410,594

LAD

Auto

Receivables

Trust,

6.1500%,

6/16/31

(144A)

500,000

511,580

Lendbuzz

Securitization

Trust,

6.5200%,

7/16/29

(144A)

2,650,000

2,696,715

Lendbuzz

Securitization

Trust,

6.5800%,

9/15/29

(144A)

500,000

508,279

Lendbuzz

Securitization

Trust,

7.5800%,

9/15/30

(144A)

2,500,000

2,531,028

Lendbuzz

Securitization

Trust,

5.2800%,

4/15/31

(144A)

2,921,000

2,884,766

Lendbuzz

Securitization

Trust,

7.4500%,

5/15/31

(144A)

4,500,000

4,515,789

Libra

Solutions

LLC,

5.8800%,

9/30/38

(144A)

2,000,000

1,996,160

Libra

Solutions

LLC,

6.3550%,

8/15/39

(144A)

10,200,000

10,258,409

Libra

Solutions

LLC,

8.0550%,

8/15/39

(144A)

3,100,000

3,109,517

Luxury

Lease

Partners

Auto

Lease

Trust,

7.2920%,

7/15/30

(144A)

281,681

281,688

Luxury

Lease

Partners

Auto

Lease

Trust,

10.4910%,

7/15/30

(144A)

300,000

299,633

Marlette

Funding

Trust,

8.1500%,

4/15/33

(144A)

700,000

717,665

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

Marlette

Funding

Trust,

7.9200%,

6/15/33

(144A)

$

900,000

$

923,045

Marlette

Funding

Trust,

8.1500%,

12/15/33

(144A)

500,000

518,958

Marlette

Funding

Trust,

6.0200%,

7/16/35

(144A)

5,368,000

5,380,114

MetroNet

Infrastructure

Issuer

LLC,

5.4000%,

8/20/55

(144A)

8,200,000

8,289,607

MVW

LLC,

5.7500%,

9/22/42

(144A)

1,342,243

1,369,536

NetCredit

Combined

Receivables

LLC,

7.4300%,

10/21/30

(144A)

141,849

142,175

New

Economy

Assets-Phase

Sponsor

LLC,

1.9100%,

10/20/61

(144A)

615,000

513,133

NRM

FNT1

Excess

LLC,

7.3980%,

11/25/31

(144A)

Ç

4,477,772

4,520,294

Oak

Street

Investment

Grade

Net

Lease

Fund,

2.2100%,

11/20/50

(144A)

420,934

383,064

OnDeck

Asset

Securitization

IV

LLC,

5.5200%,

4/19/32

(144A)

4,500,000

4,527,459

OnDeck

Asset

Securitization

IV

LLC,

6.6400%,

4/19/32

(144A)

2,500,000

2,511,699

OnDeck

Asset

Securitization

Trust

IV

LLC,

7.1500%,

6/17/31

(144A)

1,000,000

1,011,590

OnDeck

Asset

Securitization

Trust

IV

LLC,

8.9900%,

6/17/31

(144A)

1,000,000

1,022,503

Pawneee

Equipment

Receivables

LLC,

7.2300%,

7/17/28

(144A)

250,000

248,302

Pear

LLC,

6.9500%,

2/15/36

(144A)

284,954

287,584

Post

Road

Equipment

Finance

LLC,

6.7700%,

10/15/30

(144A)

400,000

409,186

Post

Road

Equipment

Finance

LLC,

8.5000%,

12/15/31

(144A)

450,000

459,694

Post

Road

Equipment

Finance

LLC,

7.0800%,

5/17/32

(144A)

2,000,000

2,031,885

Prosper

Marketplace

Issuance

Trust,

6.9600%,

8/15/29

(144A)

750,000

757,524

PRPM

LLC,

5.3100%,

10/25/55

(144A)

Ç

5,500,000

5,481,810

PRPM

LLC,

5.4600%,

10/25/55

(144A)

Ç

2,000,000

1,993,422

QTS

Issuer

ABS

I

LLC,

5.4390%,

5/25/55

(144A)

5,517,000

5,588,772

QTS

Issuer

ABS

I

LLC,

5.9280%,

5/25/55

(144A)

1,442,000

1,456,333

RAM

LLC,

6.6690%,

2/15/39

(144A)

931,957

932,077

RAM

LLC,

7.7850%,

2/15/39

(144A)

420,890

420,970

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

633,784

638,595

RCKT

Mortgage

Trust,

5.5460%,

9/25/44

(144A)

Ç

1,198,607

1,201,273

RCKT

Mortgage

Trust,

5.1580%,

10/25/44

(144A)

Ç

2,578,641

2,577,519

RCKT

Mortgage

Trust,

5.4896%,

11/25/44

(144A)

Ç

2,880,839

2,894,042

RCKT

Mortgage

Trust,

5.6408%,

11/25/44

(144A)

Ç

1,603,138

1,611,142

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

3,361,326

3,380,746

RCKT

Mortgage

Trust,

5.6030%,

2/25/55

(144A)

Ç

2,885,882

2,900,690

RCKT

Mortgage

Trust,

5.8110%,

4/25/55

(144A)

Ç

5,062,127

5,117,594

RCKT

Mortgage

Trust,

5.6870%,

5/25/55

(144A)

Ç

4,287,449

4,320,016

RCKT

Mortgage

Trust,

5.4720%,

6/25/55

(144A)

Ç

222,850

224,626

RCKT

Mortgage

Trust,

5.4780%,

7/25/55

(144A)

Ç

1,442,969

1,449,111

RCKT

Mortgage

Trust,

5.1477%,

8/25/55

(144A)

‡

1,534,167

1,537,097

RCKT

Mortgage

Trust,

5.2486%,

8/25/55

(144A)

‡

1,311,246

1,311,708

RCKT

Mortgage

Trust,

4.7950%,

9/25/55

(144A)

Ç

2,032,818

2,024,805

RCKT

Mortgage

Trust,

4.9970%,

9/25/55

(144A)

Ç

3,897,472

3,892,300

RCKT

Mortgage

Trust,

4.8940%,

11/25/55

(144A)

Ç

1,063,000

1,059,275

RCKT

Trust,

5.4200%,

7/25/34

(144A)

1,750,000

1,725,538

RCKT

Trust,

7.1200%,

7/25/34

(144A)

7,900,000

7,941,890

RCKTL,

4.9500%,

11/27/34

(144A)

2,500,000

2,494,074

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

2,295,000

2,360,751

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

137,282

138,007

Reach

ABS

Trust,

8.8300%,

7/15/31

(144A)

1,000,000

1,039,701

Reach

ABS

Trust,

5.9900%,

8/16/32

(144A)

2,000,000

2,009,337

Reach

ABS

Trust,

5.6900%,

8/18/32

(144A)

2,593,000

2,620,794

ReadyCap

Lending

Small

Business

Loan

Trust,

US

Prime

Rate

+

0.0700%,

7.3200%,

4/25/48

(144A)

‡

212,188

213,670

Saluda

Grade

Alternative

Mortgage

Trust,

7.0670%,

8/25/53

(144A)

‡

3,270,576

3,374,534

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

4,040,281

4,171,020

Saluda

Grade

Alternative

Mortgage

Trust,

6.6030%,

4/25/54

(144A)

Ç

1,805,329

1,820,172

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

Saluda

Grade

Alternative

Mortgage

Trust,

CME

Term

SOFR

Month

+

1.8000%,

5.7910%,

10/25/55

(144A)

‡

$

5,000,000

$

4,992,208

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

3,244,745

3,275,391

Santander

Bank

Auto

Credit-Linked

Notes,

10.1710%,

6/15/32

(144A)

2,846,892

2,901,529

Santander

Bank

Auto

Credit-Linked

Notes,

6.7990%,

1/18/33

(144A)

240,511

241,242

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

865,838

873,492

Santander

Bank

Auto

Credit-Linked

Notes,

12.2310%,

1/18/33

(144A)

865,838

873,182

Santander

Bank

Auto

Credit-Linked

Notes,

10.0680%,

6/15/33

(144A)

21,958

22,026

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

271,282

275,171

Santander

Bank

Auto

Credit-Linked

Notes,

8.4080%,

12/15/33

(144A)

1,356,408

1,376,579

Santander

Bank

Auto

Credit-Linked

Notes,

12.2400%,

12/15/33

(144A)

406,922

423,112

Santander

Consumer

Auto

Receivables

Trust,

2.9700%,

6/15/28

(144A)

82,661

82,598

SBNA

Auto

Receivables

Trust,

5.3400%,

9/15/31

(144A)

1,750,000

1,766,764

SBNA

Auto

Receivables

Trust,

8.0000%,

4/15/32

(144A)

1,000,000

1,030,102

Sierra

Timeshare

Receivables

Funding

LLC,

7.4800%,

6/20/41

(144A)

471,062

475,750

Sierra

Timeshare

Receivables

Funding

LLC,

6.9300%,

8/20/41

(144A)

532,389

533,603

Sierra

Timeshare

Receivables

Funding

LLC,

6.7900%,

4/20/44

(144A)

3,900,050

3,897,850

Sierra

Timeshare

Receivables

Funding

LLC,

4.9800%,

8/22/44

(144A)

3,000,000

3,002,032

SoFi

Consumer

Loan

Program

Trust,

5.7200%,

2/27/34

(144A)

3,000,000

3,032,149

SoFi

Consumer

Loan

Program

Trust,

5.3500%,

8/15/34

(144A)

1,800,000

1,801,829

Sotheby's

Artfi

Master

Trust,

6.8300%,

12/22/31

(144A)

4,250,000

4,270,593

Sotheby's

Artfi

Master

Trust,

7.9100%,

12/22/31

(144A)

1,000,000

1,003,150

Switch

ABS

Issuer

LLC,

5.3650%,

10/25/55

(144A)

3,000,000

3,007,621

Taco

Bell

Funding

LLC,

4.9400%,

11/25/48

(144A)

571,500

570,611

Taco

Bell

Funding

LLC,

4.8210%,

8/25/55

(144A)

3,425,000

3,403,782

Theorem

Funding

Trust,

8.9500%,

4/15/29

(144A)

822,418

836,410

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

609,418

612,539

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

743,697

749,373

Towd

Point

Mortgage

Trust,

SOFR30A

+

1.6500%,

5.8328%,

7/25/65

(144A)

‡

4,300,000

4,309,606

Towd

Point

Mortgage

Trust,

5.6670%,

8/25/65

(144A)

Ç

2,060,000

2,049,084

Towd

Point

Mortgage

Trust,

4.9680%,

9/25/65

(144A)

Ç

4,926,995

4,922,622

Tricolor

Auto

Securitization

Trust,

6.6100%,

10/15/27

(144A)

1,945,522

1,901,369

Tricolor

Auto

Securitization

Trust,

6.9900%,

1/18/28

(144A)

500,000

344,492

Tricolor

Auto

Securitization

Trust,

8.6100%,

4/17/28

(144A)

1,500,000

816,202

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

11,502,000

2,617,126

Tricolor

Auto

Securitization

Trust,

6.8400%,

4/15/31

(144A)

3,240,000

614,873

Truist

Bank

Auto

Credit-Linked

Notes,

6.8070%,

9/26/33

(144A)

4,602,729

4,603,622

TSC

SPV

Funding

LLC,

6.2910%,

8/20/54

(144A)

1,488,750

1,503,767

United

Auto

Credit

Securitization

Trust,

7.0600%,

10/10/29

(144A)

1,500,000

1,502,168

United

Auto

Credit

Securitization

Trust,

8.3000%,

11/12/29

(144A)

1,000,000

1,003,727

Upstart

Securitization

Trust,

8.2500%,

10/20/33

(144A)

500,000

513,470

Upstart

Securitization

Trust,

5.4300%,

9/20/35

(144A)

2,473,000

2,449,205

US

Bank

NA,

6.7890%,

8/25/32

(144A)

1,950,478

1,971,735

US

Bank

NA,

9.7850%,

8/25/32

(144A)

64,160

65,235

USB

Auto

Owner

Trust,

4.9600%,

3/17/31

(144A)

1,500,000

1,515,107

USB

Auto

Owner

Trust,

5.4000%,

12/15/32

(144A)

2,500,000

2,521,058

VB-S1

Issuer

LLC-VBTEL,

6.6440%,

5/15/54

(144A)

1,500,000

1,515,410

VB-S1

Issuer

LLC-VBTEL,

8.8710%,

5/15/54

(144A)

1,150,000

1,184,227

VERTICAL

BRIDGE

CC

LLC,

7.4460%,

8/16/55

(144A)

3,144,000

3,137,183

VERTICAL

BRIDGE

CC

LLC,

9.3830%,

8/16/55

(144A)

3,100,000

3,075,245

Vista

Point

Securitization

Trust,

5.6010%,

8/25/55

(144A)

‡

9,295,479

9,301,313

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

1,389,000

1,339,265

Western

Funding

Auto

Loan

Trust,

5.7900%,

1/15/36

(144A)

2,500,000

2,427,095

Westgate

Resorts

LLC,

3.8380%,

8/20/36

(144A)

59,729

59,310

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

Westgate

Resorts

LLC,

10.1400%,

12/20/37

(144A)

$

128,517

$

131,141

Westgate

Resorts

LLC,

7.0600%,

1/20/38

(144A)

662,600

671,429

Westgate

Resorts

LLC,

9.2600%,

1/20/38

(144A)

662,600

673,386

Westlake

Automobile

Receivables

Trust,

5.0800%,

5/15/31

(144A)

6,450,000

6,460,269

Westlake

Automobile

Receivables

Trust,

5.5900%,

7/15/32

(144A)

2,379,000

2,413,984

Wingspire

Equipment

Finance

LLC,

6.3100%,

9/20/32

(144A)

2,500,000

2,538,807

Wingspire

Equipment

Finance

LLC,

5.4500%,

9/20/33

(144A)

3,194,000

3,192,843

Total

Asset-Backed

Securities

(cost

$522,212,139)

512,275,955

Collateralized

Loan

Obligations

-

1.6%

AB

BSL

CLO

Ltd.

2020-1A

A2R2,

CME

Term

SOFR

Month

+

1.5300%,

0.0000%,

10/15/38

(144A)

†,‡

11,000,000

11,003,014

Ares

LXXI

CLO

Ltd.

2024-71A

A2,

CME

Term

SOFR

Month

+

1.7000%,

5.5844%,

4/20/37

(144A)

‡

5,000,000

5,014,501

Sandstone

Peak

III

Ltd.

2024-1A

C,

CME

Term

SOFR

Month

+

2.6500%,

6.5080%,

4/25/37

(144A)

‡

2,500,000

2,514,029

Zais

CLO

Ltd.

2018-11A

BR,

CME

Term

SOFR

Month

+

1.7900%,

5.6744%,

1/20/32

(144A)

‡

2,500,000

2,504,907

Total

Collateralized

Loan

Obligations

(cost

$21,019,352)

21,036,451

Corporate

Bonds

-

0.9%

Consumer,

Non-cyclical

-

0.1%

Garda

World

Security

Corp.,

6.0000%, 6/1/29

(144A)#

1,333,000

1,300,317

Financial

-

0.5%

Atlas

Warehouse

Lending

Co.

LP,

6.2500%, 1/15/30

(144A)

4,854,000

5,083,891

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

1,417,000

1,445,740

6,529,631

Technology

-

0.3%

Kioxia

Holdings

Corp.,

6.6250%, 7/24/33

(144A)

3,000,000

3,129,325

Total

Corporate

Bonds

(cost

$10,620,208)

10,959,273

Mortgage-Backed

Securities

-

82.7%

Park

Avenue

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.3800%

,

5.4122 %

,

9/15/34

(144A)

‡

2,500,000

2,475,596

A&D

Mortgage

Trust

,

5.7900 %

,

6/25/70

(144A)

‡

2,701,410

2,723,008

ABL

,

7.4570 %

,

9/25/29

(144A)

Ç

5,160,000

5,162,072

ALA

Trust

CME

Term

SOFR

Month

+

1.7426%,

5.7756%, 6/15/40

(144A)

‡

12,053,651

12,106,774

CME

Term

SOFR

Month

+

3.0907%,

7.1237%, 6/15/40

(144A)

‡

2,333,000

2,347,073

Angel

Oak

Mortgage

Trust

,

5.7680 %

,

4/25/70

(144A)

Ç

1,830,709

1,844,141

BAMLL

Re-REMIC

Trust

0.6627%, 11/27/48

(144A)

‡

400,119

392,327

0.7062%, 11/27/48

(144A)

‡

400,000

393,123

0.0099%, 2/27/51

(144A)

‡

1,784,783

1,344,245

0.0000%, 11/27/51

(144A)

§

1,892,604

1,439,467

0.8603%, 9/27/52

(144A)

‡

2,405,067

2,142,116

BFLD

Commercial

Mortgage

Trust

,

5.4512 %

,

10/10/42

(144A)

‡

3,000,000

2,994,464

BLP

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.3422%

,

5.3743 %

,

3/15/41

(144A)

‡

6,907,463

6,909,226

BMP

,

CME

Term

SOFR

Month

+

2.3905%

,

6.4227 %

,

6/15/41

(144A)

‡

3,750,000

3,751,240

BPR

Trust

,

5.8500 %

,

11/5/41

(144A)

‡

2,870,000

2,824,781

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

2,560,000

2,459,610

5.0000%, 9/25/64

(144A)

1,629,421

1,619,205

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

BX

,

CME

Term

SOFR

Month

+

2.3645%

,

6.3965 %

,

1/15/34

(144A)

‡

$

3,733,520

$

3,731,362

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

+

2.6897%,

6.7219%, 3/15/34

(144A)

‡

1,580,000

1,583,655

CME

Term

SOFR

Month

+

2.1145%,

6.1467%, 9/15/36

(144A)

‡

5,166,760

5,156,126

CME

Term

SOFR

Month

+

1.4420%,

5.4742%, 2/15/39

(144A)

‡

10,613,938

10,623,980

CME

Term

SOFR

Month

+

1.9409%,

5.9731%, 2/15/39

(144A)

‡

309,909

310,065

CME

Term

SOFR

Month

+

2.6898%,

6.7220%, 2/15/39

(144A)

‡

4,737,182

4,741,999

CME

Term

SOFR

Month

+

1.6912%,

5.7234%, 8/15/39

(144A)

‡

6,881,035

6,889,079

CME

Term

SOFR

Month

+

1.8920%,

5.9241%, 12/15/39

(144A)

‡

2,165,574

2,169,500

CME

Term

SOFR

Month

+

2.6898%,

6.7220%, 3/15/41

(144A)

‡

3,593,002

3,593,884

7.7127%, 8/13/41

(144A)

‡

4,702,000

4,584,686

CME

Term

SOFR

Month

+

2.2412%,

6.2742%, 10/15/41

(144A)

‡

1,918,360

1,921,131

CME

Term

SOFR

Month

+

2.7905%,

6.8235%, 10/15/41

(144A)

‡

2,489,072

2,491,719

CME

Term

SOFR

Month

+

2.8796%,

6.9115%, 10/15/41

(144A)

‡

3,991,885

4,018,456

CME

Term

SOFR

Month

+

3.9266%,

7.9584%, 10/15/41

(144A)

‡

1,850,000

1,841,328

BX

Trust

CME

Term

SOFR

Month

+

3.4640%,

7.4960%, 10/15/26

(144A)

‡

1,808,470

1,800,665

CME

Term

SOFR

Month

+

2.9413%,

6.9735%, 3/15/30

(144A)

‡

2,771,192

2,753,627

CME

Term

SOFR

Month

+

2.4500%,

6.4822%, 6/15/35

(144A)

‡

6,000,000

5,995,270

CME

Term

SOFR

Month

+

2.0099%,

6.0419%, 10/15/36

(144A)

‡

3,300,000

3,294,249

CME

Term

SOFR

Month

+

2.3590%,

6.3910%, 10/15/36

(144A)

‡

1,500,000

1,497,451

CME

Term

SOFR

Month

+

2.7080%,

6.7400%, 10/15/36

(144A)

‡

3,088,000

3,081,579

CME

Term

SOFR

Month

+

2.1110%,

6.1431%, 4/15/39

(144A)

‡

1,942,500

1,940,597

CME

Term

SOFR

Month

+

2.9592%,

6.9913%, 4/15/39

(144A)

‡

546,700

546,164

CME

Term

SOFR

Month

+

2.5000%,

6.5322%, 6/15/40

(144A)

‡

3,822,340

3,831,593

CME

Term

SOFR

Month

+

2.6400%,

6.6722%, 2/15/41

(144A)

‡

3,107,000

3,077,765

CME

Term

SOFR

Month

+

1.9412%,

5.9733%, 4/15/41

(144A)

‡

1,114,181

1,115,050

CME

Term

SOFR

Month

+

2.6901%,

6.7223%, 4/15/41

(144A)

‡

5,942,296

5,952,978

CME

Term

SOFR

Month

+

2.4401%,

6.4722%, 6/15/41

(144A)

‡

1,100,000

1,096,560

CME

Term

SOFR

Month

+

2.8894%,

6.9216%, 6/15/41

(144A)

‡

4,147,000

4,138,494

CME

Term

SOFR

Month

+

1.4423%,

5.4745%, 11/15/41

(144A)

‡

9,892,917

9,897,382

CME

Term

SOFR

Month

+

3.7500%,

7.7822%, 7/15/44

(144A)

‡

9,966,000

10,028,497

BXHPP

Trust

CME

Term

SOFR

Month

+

0.7645%,

4.7965%, 8/15/36

(144A)

‡

820,000

792,871

CME

Term

SOFR

Month

+

1.0145%,

5.0465%, 8/15/36

(144A)

‡

250,000

235,456

CME

Term

SOFR

Month

+

1.2145%,

5.2465%, 8/15/36

(144A)

‡

1,950,000

1,791,329

BXP

Trust

3.4248%, 6/13/39

(144A)

‡

2,310,000

2,225,843

3.4248%, 6/13/39

(144A)

‡

3,080,000

2,931,861

CALI

Mortgage

Trust

,

4.1580 %

,

3/10/39

(144A)

1,700,000

1,603,749

CENT

,

4.9200 %

,

7/10/40

(144A)

‡

12,635,000

12,786,622

Chase

Mortgage

Finance

Corp.

,

SOFR30A

+

1.5500%

,

5.7328 %

,

2/25/50

(144A)

‡

294,274

288,499

COMM

Mortgage

Trust

3.1400%, 10/10/36

(144A)

2,120,000

1,872,460

CME

Term

SOFR

Month

+

2.8890%,

6.9212%, 6/15/41

(144A)

‡

1,250,000

1,252,420

CME

Term

SOFR

Month

+

3.2890%,

7.3212%, 6/15/41

(144A)

‡

1,250,000

1,254,174

CONE

Trust

,

CME

Term

SOFR

Month

+

1.6417%

,

5.6739 %

,

8/15/41

(144A)

‡

2,165,000

2,163,445

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.7328%, 10/25/41

(144A)

‡

537,442

538,963

SOFR30A

+

3.1000%,

7.2828%, 10/25/41

(144A)

‡

3,000,000

3,057,477

SOFR30A

+

3.3000%,

7.4828%, 11/25/41

(144A)

‡

1,141,001

1,166,050

SOFR30A

+

1.6500%,

5.8328%, 12/25/41

(144A)

‡

6,219,572

6,252,058

SOFR30A

+

2.7500%,

6.9328%, 12/25/41

(144A)

‡

2,250,000

2,286,087

SOFR30A

+

6.0000%,

10.1828%, 12/25/41

(144A)

‡

3,108,409

3,252,679

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

4.6500%,

8.8328%, 6/25/42

(144A)

‡

$

783,000

$

826,962

SOFR30A

+

1.0000%,

5.1828%, 7/25/44

(144A)

‡

3,091,021

3,090,565

SOFR30A

+

1.6000%,

5.7828%, 9/25/44

(144A)

‡

2,647,442

2,649,352

SOFR30A

+

1.1000%,

5.2828%, 1/25/45

(144A)

‡

7,305,719

7,312,499

SOFR30A

+

1.5000%,

5.6828%, 1/25/45

(144A)

‡

1,054,000

1,054,457

SOFR30A

+

1.2000%,

5.3828%, 5/25/45

(144A)

‡

3,705,231

3,712,005

SOFR30A

+

1.5000%,

5.6828%, 5/25/45

(144A)

‡

5,168,240

5,172,879

SOFR30A

+

0.9500%,

5.1328%, 9/25/45

(144A)

‡

2,395,000

2,396,410

CSMC

Trust

CME

Term

SOFR

Month

+

2.1145%,

6.1475%, 11/15/38

(144A)

‡

3,446,000

3,410,792

CME

Term

SOFR

Month

+

3.6145%,

7.6475%, 11/15/38

(144A)

‡

300,000

294,127

DC

Trust

,

7.0360 %

,

4/13/40

(144A)

‡

1,500,000

1,500,300

DROP

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.2645%

,

5.2965 %

,

10/15/43

(144A)

‡

3,650,000

3,550,748

Easy

Street

Mortgage

Loan

Trust

,

5.6060 %

,

10/25/40

(144A)

Ç

1,900,000

1,899,774

Extended

Stay

America

Trust

CME

Term

SOFR

Month

+

1.6000%,

5.7500%, 10/15/42

(144A)

‡

7,500,000

7,517,610

CME

Term

SOFR

Month

+

2.6000%,

6.7500%, 10/15/42

(144A)

‡

3,675,000

3,693,066

CME

Term

SOFR

Month

+

3.3500%,

7.5000%, 10/15/42

(144A)

‡

3,675,000

3,689,330

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

5.8328%, 1/25/34

(144A)

‡

52,836

52,963

SOFR30A

+

2.1000%,

6.2828%, 9/25/41

(144A)

‡

4,100,848

4,129,847

SOFR30A

+

3.3500%,

7.5328%, 9/25/41

(144A)

‡

2,000,000

2,033,184

SOFR30A

+

6.2500%,

10.4328%, 9/25/41

(144A)

‡

6,288,000

6,515,749

SOFR30A

+

7.5000%,

11.6828%, 10/25/41

(144A)

‡

6,250,000

6,582,748

SOFR30A

+

1.8000%,

5.9828%, 11/25/41

(144A)

‡

5,274,435

5,318,605

SOFR30A

+

3.6500%,

7.8328%, 11/25/41

(144A)

‡

1,000,000

1,025,570

SOFR30A

+

7.8000%,

11.9828%, 11/25/41

(144A)

‡

4,800,000

5,088,438

SOFR30A

+

2.3500%,

6.5328%, 12/25/41

(144A)

‡

1,600,000

1,619,543

SOFR30A

+

7.0000%,

11.1828%, 12/25/41

(144A)

‡

3,719,000

3,921,353

SOFR30A

+

7.1000%,

11.2828%, 1/25/42

(144A)

‡

2,350,000

2,487,313

SOFR30A

+

3.7500%,

7.9328%, 2/25/42

(144A)

‡

7,158,664

7,396,280

SOFR30A

+

5.2500%,

9.4328%, 3/25/42

(144A)

‡

3,856,000

4,058,250

SOFR30A

+

1.4500%,

5.6328%, 10/25/44

(144A)

‡

990,000

990,312

SOFR30A

+

1.1500%,

5.3328%, 2/25/45

(144A)

‡

4,735,500

4,739,679

SOFR30A

+

1.6500%,

5.8328%, 2/25/45

(144A)

‡

16,814,815

16,851,572

SOFR30A

+

1.5000%,

5.6828%, 5/25/45

(144A)

‡

5,510,949

5,509,732

SOFR30A

+

1.1000%,

5.2828%, 9/25/45

(144A)

‡

5,436,739

5,440,826

FHLMC,

REMIC

,

SOFR30A

+

1.0000%

,

5.1828 %

,

6/25/55

‡

11,659,739

11,694,024

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

2,771,764

2,695,062

3.5000%, 2/25/75

(144A)

2,776,673

2,686,768

FNMA,

REMIC

SOFR30A

+

1.1000%,

5.2828%, 3/25/55

‡

12,816,584

12,836,997

SOFR30A

+

1.2000%,

5.3828%, 3/25/55

‡

4,872,517

4,888,137

FNMA/FHLMC

UMBS,

Year,

Single

Family

3.0000%,

TBA, 30

Year

Maturity

^

25,640,000

22,712,553

3.5000%,

TBA, 30

Year

Maturity

^

30,930,000

28,484,025

4.0000%,

TBA, 30

Year

Maturity

^

1,738,000

1,648,834

4.5000%,

TBA, 30

Year

Maturity

^

25,880,000

25,225,805

5.5000%,

TBA, 30

Year

Maturity

^

65,610,000

66,290,376

6.0000%,

TBA, 30

Year

Maturity

^

57,605,000

58,902,841

6.5000%,

TBA, 30

Year

Maturity

^

60,613,000

62,755,670

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

FREMF

Mortgage

Trust

,

5.6346 %

,

11/25/28

(144A)

‡

$

4,000,000

$

3,746,616

FS

Commercial

Mortgage

Trust

,

9.0801 %

,

11/10/39

(144A)

‡

5,750,000

5,902,941

Galaxy

Senior

Participation

Interest

Trust

,

0.0000 %

,

7/31/26

¢,‡

3,007,586

3,023,665

GNMA

,

CME

Term

SOFR

Month

+

0.2645%

,

4.2955 %

,

8/20/35

‡

100,903

99,629

GNMA

II,

Year,

Single

Family

,

2.5000 %

,

TBA

,

Year

Maturity

^

136,700,000

118,326,426

Great

Wolf

Trust

CME

Term

SOFR

Month

+

2.3910%,

6.4232%, 3/15/39

(144A)

‡

1,260,000

1,263,326

CME

Term

SOFR

Month

+

2.8900%,

6.9222%, 3/15/39

(144A)

‡

4,425,000

4,452,325

GS

Mortgage-Backed

Securities

Trust

,

4.1000 %

,

7/25/65

(144A)

Ç

2,246,489

2,193,675

GWT

,

CME

Term

SOFR

Month

+

3.6384%

,

7.6706 %

,

5/15/41

(144A)

‡

2,000,000

2,017,327

Hilton

USA

Trust

,

CME

Term

SOFR

Month

+

1.7430%

,

5.7752 %

,

7/15/42

(144A)

‡

7,400,000

7,422,103

Homeward

Opportunities

Fund

Trust

7.1200%, 7/25/29

(144A)

Ç

3,070,000

3,077,700

8.5700%, 7/25/29

(144A)

Ç

3,391,000

3,397,960

5.4760%, 3/25/40

(144A)

Ç

7,650,000

7,684,400

5.2370%, 9/25/40

(144A)

Ç

839,000

840,978

Hudsons

Bay

Simon

JV

Trust

3.9141%, 8/5/34

(144A)

17,720

17,637

4.1545%, 8/5/34

(144A)

2,210,000

2,144,543

4.6662%, 8/5/34

(144A)

140,000

139,071

4.9056%, 8/5/34

(144A)

2,500,000

2,426,271

5.1590%, 8/5/34

(144A)

‡

410,000

405,130

5.4470%, 8/5/34

(144A)

‡

859,000

804,255

IRV

Trust

,

5.7304 %

,

3/14/47

(144A)

‡

4,200,000

4,173,742

J.P.

Morgan

Mortgage

Trust

6.0190%, 6/25/54

(144A)

Ç

4,002,961

4,030,538

5.5000%, 11/25/55

(144A)

Ç

4,408,527

4,425,576

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

Month

+

2.3645%,

6.3555%, 10/25/57

(144A)

‡

6,230,876

6,425,356

CME

Term

SOFR

Month

+

2.6145%,

6.6055%, 10/25/57

(144A)

‡

4,501,071

4,640,499

CME

Term

SOFR

Month

+

3.4645%,

7.4555%, 10/25/57

(144A)

‡

375,671

389,956

CME

Term

SOFR

Month

+

4.4645%,

8.4555%, 10/25/57

(144A)

‡

734,449

778,611

JW

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

2.3901%

,

6.4222 %

,

6/15/39

(144A)

‡

1,500,000

1,502,724

KRE

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.3000%

,

5.3322 %

,

3/15/42

(144A)

‡

6,902,000

6,891,670

LHOME

Mortgage

Trust

7.0170%, 1/25/29

(144A)

Ç

2,311,000

2,321,726

7.1280%, 3/25/29

(144A)

Ç

321,901

324,351

8.8970%, 3/25/29

(144A)

Ç

1,175,000

1,189,862

6.9000%, 5/25/29

(144A)

Ç

3,040,000

3,071,241

8.3730%, 5/25/29

(144A)

Ç

1,400,000

1,422,098

6.0920%, 7/25/39

(144A)

Ç

3,130,000

3,140,723

5.7510%, 9/25/39

(144A)

Ç

3,766,000

3,784,637

5.2390%, 8/25/40

(144A)

Ç

700,000

702,334

Life

Mortgage

Trust

CME

Term

SOFR

Month

+

1.8645%,

5.8965%, 3/15/38

(144A)

‡

1,050,000

1,042,086

CME

Term

SOFR

Month

+

2.5419%,

6.5741%, 5/15/39

(144A)

‡

2,215,000

1,984,897

Mello

Warehouse

Securitization

Trust

,

CME

Term

SOFR

Month

+

5.2500%

,

9.2410 %

,

10/25/57

(144A)

‡

542,000

540,306

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

+

2.7154%,

6.7474%, 4/15/38

(144A)

‡

2,660,000

2,659,033

CME

Term

SOFR

Month

+

3.3154%,

7.3474%, 4/15/38

(144A)

‡

1,020,000

1,020,050

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

MKT

Mortgage

Trust

2.9406%, 2/12/40

(144A)

‡

$

1,541,000

$

1,102,743

2.9406%, 2/12/40

(144A)

‡

2,500,000

2,031,651

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

4.2500 %

,

2/25/65

(144A)

‡

1,113,000

1,082,329

MTN

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

+

1.3969%,

5.4369%, 3/15/39

(144A)

‡

4,240,000

4,240,620

CME

Term

SOFR

Month

+

1.8956%,

5.9356%, 3/15/39

(144A)

‡

2,500,000

2,501,728

CME

Term

SOFR

Month

+

2.9428%,

6.9828%, 3/15/39

(144A)

‡

1,175,000

1,175,646

CME

Term

SOFR

Month

+

5.2852%,

9.3252%, 3/15/39

(144A)

‡

1,000,000

1,000,663

New

Residential

Mortgage

Loan

Trust

,

7.1010 %

,

3/25/39

(144A)

Ç

2,677,000

2,696,542

NRM

FHT1

Excess

Owner

LLC

,

6.5450 %

,

3/25/32

(144A)

Ç

5,453,193

5,527,823

NRTH

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.6429%

,

5.7929 %

,

10/15/40

(144A)

‡

4,500,000

4,500,312

NYC

Commercial

Mortgage

Trust

,

5.8329 %

,

6/10/42

(144A)

7,007,000

7,177,446

OBX

Trust

,

SOFR30A

+

1.5000%

,

5.6828 %

,

10/25/55

(144A)

‡

7,972,000

7,971,805

Olympic

Tower

Mortgage

Trust

,

3.5660 %

,

5/10/39

(144A)

9,025,000

8,587,339

OPEN

Trust

,

CME

Term

SOFR

Month

+

3.8380%

,

7.8702 %

,

11/15/40

(144A)

‡

2,080,000

2,081,058

PMT

Loan

Trust

,

SOFR30A

+

1.4000%

,

5.6932 %

,

11/27/56

(144A)

‡

8,028,000

8,028,505

PRET

LLC

,

6.3677 %

,

4/25/55

(144A)

Ç

4,940,434

4,962,185

PRET

Trust

4.0000%, 8/25/64

(144A)

Ç

974,079

955,181

4.1500%, 4/25/65

(144A)

Ç

5,981,209

5,828,629

4.0000%, 7/25/69

(144A)

Ç

6,178,151

6,039,173

4.1500%, 1/25/70

(144A)

Ç

2,475,000

2,408,332

PRM7

Trust

,

6.8390 %

,

11/10/42

(144A)

‡

2,385,000

2,351,723

PRPM

LLC

5.7740%, 8/25/28

(144A)

Ç

4,483,275

4,481,225

6.4690%, 5/25/30

(144A)

Ç

3,144,495

3,149,367

5.7290%, 7/25/30

(144A)

Ç

11,818,440

11,804,306

3.2500%, 4/25/55

(144A)

Ç

2,237,820

2,149,190

3.0000%, 5/25/55

(144A)

Ç

1,279,843

1,203,073

5.2500%, 7/25/55

(144A)

Ç

369,875

368,269

5.2500%, 7/25/55

(144A)

Ç

300,000

297,245

5.2500%, 7/25/55

(144A)

Ç

2,447,988

2,462,938

4.5000%, 8/25/55

(144A)

Ç

4,800,000

4,655,906

Radian

Mortgage

Capital

Trust

,

SOFR30A

+

1.5500%

,

5.7308 %

,

3/25/56

(144A)

‡

8,017,000

8,016,227

Rain

City

Mortgage

Trust

,

8.0210 %

,

9/25/29

(144A)

‡

560,000

565,204

RCKT

Mortgage

Trust

,

6.5150 %

,

6/25/43

(144A)

‡

278,884

280,160

Saluda

Grade

Alternative

Mortgage

Trust

8.0000%, 4/25/29

(144A)

Ç

4,358,471

4,337,511

7.5000%, 2/25/30

(144A)

Ç

3,721,485

3,739,461

7.7620%, 4/25/30

(144A)

Ç

1,640,000

1,656,801

7.4390%, 7/25/30

(144A)

Ç

2,941,750

2,963,592

8.6830%, 7/25/30

(144A)

Ç

1,450,000

1,462,875

Saluds

Grade

Alternative

Mortgage

Trust

,

5.3200 %

,

10/25/40

(144A)

Ç

1,500,000

1,496,253

SCG

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

+

2.9500%,

6.9822%, 3/15/35

(144A)

‡

4,904,000

4,885,225

CME

Term

SOFR

Month

+

2.7500%,

6.7822%, 8/15/42

(144A)

‡

2,867,000

2,867,076

SCG

Trust

,

CME

Term

SOFR

Month

+

2.6000%

,

6.6322 %

,

9/15/42

(144A)

‡

3,500,000

3,524,546

SMRT

CME

Term

SOFR

Month

+

1.9500%,

5.9830%, 1/15/39

(144A)

‡

6,250,000

6,222,780

CME

Term

SOFR

Month

+

3.3500%,

7.3830%, 1/15/39

(144A)

‡

2,025,000

2,005,792

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

SREIT

Trust

,

CME

Term

SOFR

Month

+

2.7327%

,

6.7647 %

,

11/15/36

(144A)

‡

$

2,334,000

$

2,329,738

SWCH

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

3.3402%

,

7.3724 %

,

2/15/42

(144A)

‡

2,950,000

2,928,737

TYSN

Mortgage

Trust

,

6.5797 %

,

12/10/33

(144A)

‡

500,000

525,868

Vontive

Mortgage

Trust

,

6.5070 %

,

3/25/30

(144A)

Ç

3,672,000

3,737,038

WB

Commercial

Mortgage

Trust

5.9365%, 3/15/40

(144A)

‡

10,000,000

9,990,082

6.9033%, 3/15/40

(144A)

‡

2,500,000

2,492,736

8.0108%, 3/15/40

(144A)

‡

500,000

499,659

Wells

Fargo

Commercial

Mortgage

Trust

6.2262%, 7/15/35

(144A)

‡

2,500,000

2,521,769

6.1762%, 3/15/38

(144A)

‡

2,776,000

2,776,252

6.9072%, 3/15/38

(144A)

‡

1,735,000

1,742,483

CME

Term

SOFR

Month

+

3.0892%,

7.1213%, 8/15/41

(144A)

‡

3,100,000

3,093,658

Total

Mortgage-Backed

Securities

(cost

$1,060,966,101)

1,064,071,803

Common

Stocks

-

0.2%

Hotels,

Restaurants

&

Leisure

-

0.0%

Churchill

Downs,

Inc.

2,695

267,344

Household

Durables

-

0.2%

Lennar

Corp.

-

Class

A

14,999

1,856,426

Total

Common

Stocks

(cost

$2,164,362)

2,123,770

Investment

Companies

-

5.4%

Money

Market

Funds

-

5.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$69,902,105)

69,898,463

69,912,443

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.1%

Investment

Companies

-

0.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

£,∞

817,182

817,182

Time

Deposits

-

0.0%

Royal

Bank

of

Canada,

3.8500%,

11/3/25

204,296

204,296

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,021,478)

1,021,478

Total

Investments

(total

cost

$

1,687,905,745)

-

130.7%

1,681,401,173

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(30.7%)

(394,757,576)

Net

Assets

-

100.0%

$1,286,643,597

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

1,676,971,531

99.7 %

Japan

3,129,325

0.2 Canada

1,300,317

0.1 Total

$1,681,401,173

100.0%

#### Schedule

#### of

#### TBA

#### sales

#### commitments

#### -

#### (%

#### of

#### Net

#### Assets)
*Principal* 

*Amounts*

*Value*

Securities

Sold

Short

-

(17.3)%

Mortgage-Backed

Securities

-

(17.3)%

FNMA/FHLMC

UMBS,

Year,

Single

Family,

2.5000%,

TBA,

Year

Maturity

^

$

(189,990,000)

$

(161,247,363)

FNMA/FHLMC

UMBS,

Year,

Single

Family,

5.0000%,

TBA,

Year

Maturity

^

(61,440,000)

(61,131,571)

Total

Securities

Sold

Short

(proceeds

$221,667,444)

$

(222,378,934)

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Short

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

(222,378,934)

100.0%

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

5.4%

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

–

$

102,309,510

$

(100,510,834)

$

(1,798,676)

$

–

$

–

–

$

1,678,271

Money

Market

Funds

-

5.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

13,588,210

1,431,559,227

(1,375,234,608)

(10,724)

10,338

69,912,443

69,898,463

1,969,215

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.1%

Investment

Companies

-

0.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

–

3,806,847

(2,989,665)

–

–

817,182

817,182

21,063

Δ

Total

Affiliated

Investments

-

5.5%

$13,588,210

$1,537,675,584

$(1,478,735,107)

$(1,809,400)

$10,338

$70,729,625

$3,668,549

#### Schedule

#### of

#### Futures

#### Contracts
*Description*

*Number* 

*of*

*Contracts*

*Expiration*

*Date*

*Notional*

*Amount*

*Value* 

*and*

*Unrealized*

*Appreciation*

(Depreciation)

*Futures* 

*Long:*

Month

SOFR

3/17/26

$

30,070,313

$

62,269

Month

SOFR

6/16/26

30,126,563

109,144

Month

SOFR

9/15/26

30,200,000

181,019

Month

SOFR

12/15/26

30,251,563

232,581

U.S.

Treasury

Year

Notes

590

12/19/25

66,476,406

(56,139)

U.S.

Treasury

Year

Notes

12/31/25

94,750,196

(88,715)

U.S.

Treasury

Year

Notes

1,682

12/31/25

183,692,798

(519,571)

Total

-

Futures

Long

(79,412)

*Futures* 

*Short:*

U.S.

Treasury

Year

Ultra

Bonds

12/19/25

(34,298,859)

(402,797)

U.S.

Treasury

Ultra

Bonds

12/19/25

(13,098,375)

(499,611)

Total

-

Futures

Short

(902,408)

Total

$(981,820)

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

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,

2025. #### Schedule

#### of

#### OTC

#### Total

#### Return

#### Swaps
*Counterparty/Return* 

*Paid* 

*by* 

*the* 

*Fund*

*Return* 

*Received* 

*by* 

*Fund*

*Payment* 

*Frequency*

*Termination* 

*Date*

*Notional* 

*Amount*

*Swap* 

*Contracts,* 

*at* 

*Value* 

*and* 

*Unrealized* 

*Appreciation/*

(Depreciation)

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.19%

Janus

Henderson

AAA

CLO

ETF

Quarterly

01/26/2026

USD

920,527

$

33,241

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.17%

Janus

Henderson

AAA

CLO

ETF

Quarterly

01/26/2026

USD

133,100

4,832

$38,073

#### Schedule

#### of

#### Exchange-Traded

#### Written

#### Call

#### Options
*Reference* 

*Asset*

*Number* 

*of* 

*Contracts*

*Exercise* 

*Price*

*Expiration* 

*Date*

*Notional*

*Amount*

*Premiums*

*Received*

*Unrealized*

*Appreciation/* 

(Depreciation)

*Option* 

*Written,* 

*at* 

*Value*

*S&P* 

*500* 

*Emini* 

*Index*

7,175.00

USD

12/19/2025

$

4,450

$

(125,068)

$

(26,232)

$

(151,300)

$(125,068)

$(26,232)

$(151,300)

#### Schedule

#### of

#### Exchange-Traded

#### Written

#### Put

#### Options
*Reference* 

*Asset*

*Number* 

*of* 

*Contracts*

*Exercise* 

*Price*

*Expiration* 

*Date*

*Notional*

*Amount*

*Premiums*

*Received*

*Unrealized*

*Appreciation/* 

(Depreciation)

*Option* 

*Written,* 

*at* 

*Value*

*S&P* 

*500* 

*Emini* 

*Index*

6,150.00

USD

12/19/2025

$

4,450

$

(207,663)

$

86,401

$

(121,262)

$(207,663)

$86,401

$(121,262)

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### as

#### of

#### October

#### 31,

#### 2025
*Interest* 

*Rate*

*Contracts*

Equity

Contracts

*Total*

Asset

Derivatives:

\*

Futures

contracts

$

585,013

$

–

$

585,013

Swaps

-

OTC

—

38,073

38,073

Total

Asset

Derivatives

$

585,013

$

38,073

$

623,086

Liability

Derivatives:

\*

Futures

contracts

1,566,833

–

1,566,833

Written

Options,

at

Value

—

272,562

272,562

Total

Liability

Derivatives

$

1,566,833

$

272,562

$

1,839,395

\*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

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,

2025. Please

see

the

"Net

realized

and

change

in

unrealized

gain/(loss)

on

investments"

sections

of

the

Fund's

Statement

of

Operations.

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### on

#### the

#### Statement

#### of

#### Operations

#### for

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
*Amount* 

*of* 

*Realized* 

*Gain/(Loss)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Equity*

*Contracts*

*Commodity*

*Contracts*

*Total*

Futures

contracts

$

—

$

(2,027,531)

$

—

$

(1,711,600)

$

(3,739,131)

Swap

contracts

(123,536)

—

(14,581)

—

(138,117)

Written

Options

contracts

—

311,130

336,598

487,543

1,135,271

Total

$

(123,536)

$

(1,716,401)

$

322,017

$

(1,224,057)

$

(2,741,977)

*Amount* 

*of* 

*Change* 

*in* 

*Unrealized* 

*Appreciation/(Depreciation)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Equity*

*Contracts*

*Total*

Futures

contracts

$

—

$

884,298

$

–

$

884,298

Swap

contracts

(18,584)

—

38,073

19,489

Written

Options

contracts

—

—

60,169

60,169

Total

$

(18,584)

$

884,298

$

98,242

$

963,956

#### Average

#### Ending

#### Monthly

#### Value

#### of

#### Derivative

#### Instruments

#### During

#### the

#### Year

#### Ended

#### October

#### 31,

#### 2025
Futures

contracts:

Average

notional

amount

of

contracts

-

long

$293,990,661

Average

notional

amount

of

contracts

-

short

43,610,228

OTC

Swaps:

Average

notional

amount

555,426

Options:

Average

value

of

option

contracts

written

127,369

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets
*Counterparty*

*Gross* 

*Amounts*

*of* 

*Recognized*

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral*

*Pledged*

(b) *Net* 

*Amount*

J.P.

Morgan

Chase

Bank

$

38,073

$

—

$

—

$

38,073

Total

$

38,073

$

—

$

—

$

38,073

*Counterparty*

*Gross* 

*Amounts* 

*of* 

*Recognized* 

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral* 

*Pledged*

(b) *Net* 

*Amount*

JPMorgan

Chase

Bank

NA

$

1,001,071

$

—

$

(1,001,071)

$

—

(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

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

SOFR90A

Secured

Overnight

Financing

Rate

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

securities

as

of

the

year

ended

October

31,

2025

is

$3,023,665,

which

represents

0.2%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2025. ∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

†

The

position

has

not

yet

settled

as

of

October

31,

2025. The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

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

1933

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,

2025

is

$1,172,017,075

which

represents

91.1%

of

net

assets.

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Asset-Backed* 

*Securities*

$

—

$

512,275,955

$

—

$

512,275,955

*Collateralized* 

*Loan* 

*Obligations*

—

21,036,451

—

21,036,451

*Corporate* 

*Bonds*

—

10,959,273

—

10,959,273

*Mortgage-Backed* 

*Securities*

—

1,061,048,138

3,023,665

1,064,071,803

*Common* 

*Stocks*

2,123,770

—

—

2,123,770

*Investment* 

*Companies*

—

69,912,443

—

69,912,443

*Investments* 

*Purchased* 

*with* 

*Cash* 

*Collateral* 

*from* 

*Securities* 

*Lending*

—

1,021,478

—

1,021,478

Total

Investments

in

Securities

$

2,123,770

$

1,676,253,738

$

3,023,665

$

1,681,401,173

#### Other

#### Financial

#### Instruments
(a) #### :
*Futures* 

*Contracts*

$

585,013

$

—

$

—

$

585,013

*OTC* 

*Swaps*

—

38,073

—

38,073

Total

Other

Financial

Instruments

$

585,013

$

38,073

$

—

$

623,086

#### Total

#### Assets
$

2,708,783

$

1,676,291,811

$

3,023,665

$

1,682,024,259

#### Liabilities

#### TBA

#### sales

#### commitments:
*Mortgage-Backed* 

*Securities*

$

—

$

222,378,934

$

—

$

222,378,934

#### Other

#### Financial

#### Instruments
(a) #### :
*Futures* 

*Contracts*

$

1,566,833

$

—

$

—

$

1,566,833

*Options* 

*Written,* 

*at* 

*Value*

272,562

—

—

272,562

#### Total

#### Liabilities
$

1,839,395

$

222,378,934

$

—

$

224,218,329

(a) Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,617,186,458)

(1) $

1,610,671,548

Affiliated

investments,

at

value

(cost

$70,719,287)

70,729,625

Due

from

broker

for

centrally

cleared

swaps

Due

from

broker

for

futures

5,960,000

Receivables:

TBA

investments

sold

250,433,552

Fund

units

sold

3,818

Interest

3,771,872

Affiliated

securities

lending

income,

net

OTC

swap

contracts,

at

value

38,073

Collateral

for

To

be

Announced

Transactions

1,160,000

Due

from

adviser

10,823

Total

Assets

1,942,779,662

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$221,667,444)

222,378,934

Payable

for

variation

margin

on

futures

contracts

131,389

Collateral

on

securities

loaned

(Note

3)

1,021,478

Options

written,

at

value

(premiums

received

$332,731)

272,562

Due

to

custodian

309,844

Payables:

Investments

purchased

18,430,750

TBA

investments

purchased

413,079,068

Management

fees

512,040

Total

Liabilities

656,136,065

Commitments

and

contingent

liabilities

Net

Assets

$

1,286,643,597

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,285,308,879

Total

distributable

earnings

(loss)

1,334,718

Total

Net

Assets

$

1,286,643,597

Net

Assets

$

1,286,643,597

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

24,700,000

Net

Asset

Value

Per

Share

$

.09

(1) Includes

$1,001,071

of

securities

on

loan.

See

Note

in

Notes

to

Financial

Statements.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

44,755,888

Dividends

from

affiliates

3,647,486

Dividends

1,679,097

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

21,063

Unaffiliated

securities

lending

income,

net

5,403

Foreign

tax

withheld

(159)

Total

Investment

Income

50,108,778

Expenses:

Management

Fees

3,841,787

Total

Expenses

3,841,787

Less:

Excess

Expense

Reimbursement

and

Waivers

(89,277)

Net

Expenses

3,752,510

Net

Investment

Income/(Loss)

46,356,268

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

690,100

Investments

in

affiliates

(1,809,400)

TBA

sales

commitments

7,088,590

Futures

contracts

(3,739,131)

Swap

contracts

(138,117)

Written

options

contracts

1,135,271

Total

Net

Realized

Gain/(Loss)

on

Investments

$

3,227,313

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(7,440,524)

Investments

in

affiliates

10,338

TBA

sales

commitments

(711,616)

Futures

contracts

884,298

Swap

contracts

19,489

Written

options

contracts

60,169

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(7,177,846)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

42,405,735

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Period* 

*Ended*

*October* 

*31,* 

*2024*

(1) Operations:

Net

investment

income/(loss)

$

46,356,268

$

13,871,631

Net

realized

gain/(loss)

on

investments

3,227,313

2,739,414

Change

in

unrealized

net

appreciation/depreciation

(7,177,846)

(921,794)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

42,405,735

15,689,251

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(44,533,712)

(11,596,071)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(44,533,712)

(11,596,071)

Capital

Share

Transactions

903,980,687

380,697,707

Net

Increase/(Decrease)

in

Net

Assets

901,852,710

384,790,887

Net

Assets:

—

—

Beginning

of

Year

384,790,887

—

End

of

Year

$

1,286,643,597

$

384,790,887

(1) Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024. #### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Financial

#### Highlights

October

31,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

(1) Net

Asset

Value,

Beginning

of

Period

$52.00

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2) 3.05 3.37 Net

realized

and

unrealized

gain/(loss)

0.23 (3) 1.36 Total

from

Investment

Operations

3.28 (3) 4.73 Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(3.08)

(2.73)

Distributions

(from

capital

gains)

(0.11)

—

Total

Dividends

and

Distributions

(3.19)

(2.73)

Net

Asset

Value,

End

of

Period

$52.09

$52.00

Total

Return

\*

6.50%

9.65%

Net

assets,

End

of

Period

(in

thousands)

$1,286,644

$384,791

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

5.86%

6.63%

Portfolio

Turnover

Rate

(4)(5)

60%

94%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024. (2) Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3) The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund's

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

fluctuating

market

values

for

the

Fund's

securities.

(4) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(5) Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Securitized

Income ETF (the

"Fund")

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

"Trust"),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946. As

of

the

date

of

this

report,

the

Trust

offers fifteen

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

current

income

with

a

focus

on

preservation

of

capital.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

days

or

less

may

be

evaluated

and

valued

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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.

The

following

describes

the

amounts

of

transfers

into

or

out

of

Level

of

the

fair

value

hierarchy

during

the

year:

Financial

assets

of

$3,023,665

were

transferred

out

of

Level 2

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

#### 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

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

2025 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

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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:

#### 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.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

"ASET"

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

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.

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.

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.

#### Options

#### Contracts
An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

"exercises"

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor's

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

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

as

"Variation

margin

receivable"

or

"Variation

margin

payable"

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund's

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund's

exposure

to

the

counterparty.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

"Options

written,

at

value"

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The

risk

in

writing

put

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

year,

the

Fund

wrote

call

options

on

commodity

futures

for

the

purpose

of

decreasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

year,

the

Fund

wrote

put

options

on

commodity

futures

for

the

purpose

of

increasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

year,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

year,

the

Fund wrote put

options

on

bond

futures

in

order

to increase

interest

rate

risk

where increasing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

year,

the

Fund

wrote

call

options

on

various

equity

index

futures

for

the

purpose

of

decreasing

exposure

to

broad

equity

risk

and/or

generating

carry.

During

the

year,

the

Fund

wrote

put

options

on

various

equity

index

futures

for

the

purpose

of

increasing

exposure

to

broad

equity

risk

and/or

generating

carry.

#### 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).

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

The

Fund's

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract's

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund's

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

("CDX"),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

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,

2025. Total

return

swaps

involve

an

exchange

by

two

parties

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset,

which

includes

both

the

income

it

generates

and

any

capital

gains

over

the

payment

period.

A

fixed-income

total

return

swap

may

be

written

on

many

different

kinds

of

underlying

reference

assets,

and

may

include

different

indices

for

various

kinds

of

debt

securities

(e.g.,

U.S.

investment

grade

bonds,

high-yield

bonds,

or

emerging

market

bonds).

During

the

year,

the

Fund

entered

into

total

return

swaps

on

to

increase

exposure

to

equity

risk.

These

total

return

swaps

require

the

Fund

to

pay

a

floating

reference

interest

rate,

and

an

amount

equal

to

the

negative

price

movement

of

securities

or

an

index

multiplied

by

the

notional

amount

of

the

contract.

The

Fund

will

receive

payments

equal

to

the

positive

price

movement

of

the

same

securities

or

index

multiplied

by

the

notional

amount

of

the

contract

and,

in

some

cases,

dividends

paid

on

the

securities.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

3. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### CLO

#### Risk
The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

In stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

significant

losses

experienced

by

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund's

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others.

#### Nondiversification

#### Risk
The

Fund

is

classified

as

nondiversified

under

the

1940

Act.

This

gives

the

Fund's

portfolio

managers

more

flexibility

to

hold

larger

positions

in

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund's

NAV

and

total

return.

#### Exchange-Traded

#### Funds

#### Risk
The

Fund

may

invest

in

exchange-traded

funds

("ETFs"),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

#### Privately

#### Issued

#### Securities

#### Risk
Privately-issued

securities

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

"Securities

Act").

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund's

net

asset

value

per

share

("NAV")

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result.

#### Mortgage

#### and

#### Asset-Backed

#### Securities
Mortgage-and

asset-backed

securities

represent

interests

in

"pools"

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

("Ginnie

Mae"),

the

Federal

National

Mortgage

Association

("Fannie

Mae"),

the

Federal

Home

Loan

Mortgage

Corporation

("Freddie

Mac"),

or

other

governmental

or

government-related

entities.

Ginnie

Mae's

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

("FHFA"),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities'

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA's

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities'

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund's

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

#### TBA

#### Commitments
The

Fund

may

enter

into

"to

be

announced"

or

"TBA"

commitments.

TBAs

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities,

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

Although

TBA

securities

must

meet

industry-accepted

"good

delivery"

standards,

there

can

be

no

assurance

that

a

security

purchased

on

forward

commitment

basis

will

ultimately

be

issued

or

delivered

by

the

counterparty.

During

the

settlement

period,

the

Fund

will

still

bear

the

risk

of

any

decline

in

the

value

of

the

security

to

be

delivered.

Because

TBA

commitments

do

not

require

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

the

delivery

of

a

specific

security,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

("MSFTA")

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund's

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund's

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash.

#### When-Issued,

#### Delayed

#### Delivery

#### and

#### Forward

#### Commitment

#### Transactions
The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund's

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security's

price

appreciates

in

value

such

that

the

security's

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

"Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

October

31,

2025"

table

located

in

the

Fund's

Schedule

of

Investments.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

As

of

October

31,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$1,001,071

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2025 is $1,021,478,

resulting

in

the

net

amount

due

to

the

counterparty

of

$20,407.

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,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.49% of

the

Fund's

average

daily

net

assets.

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

28,

2026. The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the

year

ended October

31,

2025,

the

Adviser

waived

$89,277 of

the

Fund's

management

fee,

attributable

to

the

Fund's

investment

in

the

Janus

Henderson

AAA

CLO

ETF

and

Janus

Henderson

B-BBB

CLO

ETF.

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.

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$1

billion

0.49%

Next

$2

billion

0.46%

Over

$3

billion

0.43%

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2025 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.

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$8,850,648

$—

$—

$—

$(711,490)

$(6,804,440)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$1,688,205,613

$8,574,012

$(15,378,452)

$(6,804,440)

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Information

on

the

tax

components

of

derivatives

as

of October

31,

2025

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.

6. #### Capital

#### Share

#### Transactions
7. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows:

8. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$(222,883,753)

$—

$(711,490)

$(711,490)

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$44,533,712

$—

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$11,596,071

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Period* 

*Ended* 

*October* 

*31,* 

*2024*

(1) *Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

18,500,000

$

966,255,763

7,400,000

$

380,697,707

Shares

repurchased

(1,200,000)

(62,275,076)

—

—

Net

Increase/(Decrease)

17,300,000

$

903,980,687

7,400,000

$

380,697,707

(1) Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024. *Purchases* 

*of*

*Securities*

*Proceeds* 

*from* 

*Sales*

*of* 

*Securities*

*Purchases* 

*of* 

*Long-*

*Term* 

*U.S.* 

*Government*

*Obligations*

*Proceeds* 

*from* 

*Sales*

*of* 

*Long-Term* 

*U.S.*

*Government* 

*Obligations*

$1,309,950,580

$459,598,193

$—

$—

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

9. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Securitized

Income

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Securitized

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2025

and

the

period

November

8,

2023

(commencement

of

operations)

through

October

31, 2024,

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,

2025,

the

results

of

its

operations

for

the

year

ended

October

31,

2025,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2025

and

for

the

period

November

8,

2023

(commencement

of

operations)

through

October

31, 2024

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

audits

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,

2025

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

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

100.00%

#### Janus

#### Henderson

#### Securitized

#### Income

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93098

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statement

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

13.3%

Cayman

Islands

-

1.5%

Banco

do

Brasil

SA,

6.0000%, 3/18/31

$

950,000

$

983,189

Kingston

Airport

Revenue

Finance

Ltd.,

6.7500%, 12/15/36

(144A)

743,000

761,575

Kingston

Airport

Revenue

Finance

Ltd.,

6.7500%, 12/15/36

1,900,000

1,947,500

Oryx

Funding

Ltd.,

5.8000%, 2/3/31

500,000

522,914

Otel

Sukuk

Ltd.,

5.3750%, 1/24/31

2,250,000

2,300,861

6,516,039

Egypt

-

0.2%

African

Export-Import

Bank

(The),

3.7980%, 5/17/31

750,000

673,994

Georgia

-

0.1%

Georgian

Railway

JSC,

4.0000%, 6/17/28

500,000

469,761

Malaysia

-

0.4%

Petronas

Capital

Ltd.,

2.4800%, 1/28/32

500,000

449,428

Petronas

Capital

Ltd.,

5.8480%, 4/3/55

500,000

534,052

Petronas

Capital

Ltd.,

5.8480%, 4/3/55

(144A)

450,000

480,646

1,464,126

Netherlands

-

1.1%

DTEK

Energy

BV,

7.0000%

(3.50%

Cash,

4.00%

PIK), 12/31/27Ø

739,844

521,729

Petrobras

Global

Finance

BV,

5.1250%, 9/10/30

2,300,000

2,268,950

Petrobras

Global

Finance

BV,

6.2500%, 1/10/36

1,865,000

1,839,569

4,630,248

Nigeria

-

0.9%

Africa

Finance

Corp.,

5.5500%, 10/8/29

(144A)

3,579,000

3,654,300

3,654,300

Oman

-

0.9%

EDO

Sukuk

Ltd.,

5.6620%, 7/3/31

2,300,000

2,419,515

Mazoon

Assets

Co.

SAOC,

5.2500%, 10/9/31

(144A)

1,117,000

1,143,288

3,562,803

South

Africa

-

1.2%

Eskom

Holdings,

8.4500%, 8/10/28

4,900,000

5,243,306

Togo

-

0.5%

Banque

Ouest

Africaine

de

Developpement,

4.7000%, 10/22/31

500,000

466,802

Banque

Ouest

Africaine

de

Developpement,

6.2500%, 10/14/40

(144A)

EUR

1,540,000

1,776,003

2,242,805

Turkey

-

2.1%

TC

Ziraat

Bankasi

A/S,

8.0000%, 1/16/29

$

1,450,000

1,525,597

TC

Ziraat

Bankasi

A/S,

7.2500%, 2/4/30

2,000,000

2,057,512

Turk

Telekomunikasyon

A/S,

6.9500%, 10/7/32

(144A)

1,826,000

1,846,245

Turkiye

Vakiflar

Bankasi

TAO,

9.0000%, 10/12/28

200,000

216,115

Turkiye

Vakiflar

Bankasi

TAO,

6.8750%, 1/7/30

(144A)

900,000

913,509

Turkiye

Vakiflar

Bankasi

TAO,

7.2500%, 7/31/30

(144A)

2,293,000

2,346,123

8,905,101

United

Arab

Emirates

-

2.6%

Abu

Dhabi

Crude

Oil

Pipeline

LLC,

4.6000%, 11/2/47

700,000

658,597

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.3750%, 5/8/29

1,000,000

1,041,458

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.5000%, 5/8/34

3,300,000

3,522,205

Abu

Dhabi

National

Energy

Co.

PJSC,

4.3750%, 10/9/31

(144A)

100,000

100,920

Abu

Dhabi

National

Energy

Co.

PJSC,

4.7500%, 3/9/37

(144A)

1,133,000

1,126,792

Abu

Dhabi

National

Energy

Co.

PJSC,

3.4000%, 4/29/51

1,500,000

1,101,103

Adnoc

Murban

Rsc

Ltd.,

4.5000%, 9/11/34

1,000,000

997,033

Adnoc

Murban

Rsc

Ltd.,

5.1250%, 9/11/54

(144A)

993,000

960,654

MDGH

GMTN

RSC

Ltd.,

2.5000%, 5/21/26

300,000

296,962

MDGH

GMTN

RSC

Ltd.,

5.8750%, 5/1/34

1,000,000

1,100,868

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

United

Arab

Emirates

-

(continued)

Oztel

Holdings

SPC

Ltd.,

6.6250%, 4/24/28

$

300,000

$

314,553

11,221,145

United

Kingdom

-

0.4%

NAK

Naftogaz

Ukraine,

7.1250%, 7/19/26

EUR

544,133

543,255

NAK

Naftogaz

Ukraine,

7.6250%, 11/8/28Ø

$

1,576,206

1,231,092

1,774,347

Uzbekistan

-

1.4%

Jscb

Agrobank,

9.2500%, 10/2/29

(144A)

694,000

755,742

Jscb

Agrobank,

9.2500%, 10/2/29

1,600,000

1,742,343

Navoi

Mining

&

Metallurgical

Combinat,

6.7000%, 10/17/28

1,000,000

1,039,859

Uzbek

Industrial

and

Construction

Bank

ATB,

8.9500%, 7/24/29

1,600,000

1,729,877

Uzbek

Industrial

and

Construction

Bank

ATB,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.7920%,

9.4500%, 10/23/30

(144A)‡,μ

841,000

852,636

6,120,457

Total

Corporate

Bonds

(cost

$55,128,115)

56,478,432

Foreign

Government

Bonds

-

79.9%

Albania

-

0.5%

Republic

of

Albania,

5.9000%, 6/9/28

EUR

960,000

1,184,897

Republic

of

Albania,

4.7500%, 2/14/35

EUR

500,000

593,427

Republic

of

Albania,

4.7500%, 2/14/35

(144A)

EUR

406,000

481,863

2,260,187

Angola

-

0.7%

Republic

of

Angola,

8.0000%, 11/26/29

$

1,200,000

1,147,205

Republic

of

Angola,

8.7500%, 4/14/32

1,300,000

1,218,715

Republic

of

Angola,

9.1250%, 11/26/49

650,000

545,535

2,911,455

Argentina

-

3.8%

Argentine

Republic,

0.7500%, 7/9/30

Ç

3,880,000

3,171,900

Argentine

Republic,

4.1250%, 7/9/35

Ç

6,150,000

4,308,075

Argentine

Republic,

5.0000%, 1/9/38

Ç

3,050,000

2,237,175

Argentine

Republic,

3.5000%, 7/9/41

Ç

2,300,000

1,493,850

Provincia

de

Buenos

Aires,

6.6250%, 9/1/37

Ç

1,763,328

1,291,638

YPF

SA,

9.5000%, 1/17/31

2,820,000

2,973,975

YPF

SA,

8.7500%, 9/11/31

(144A)

800,000

821,818

16,298,431

Azerbaijan

-

0.6%

Republic

of

Azerbaijan,

3.5000%, 9/1/32

1,100,000

1,027,793

Southern

Gas

Corridor

CJSC,

6.8750%, 3/24/26

1,500,000

1,513,217

State

Oil

Co.

of

the

Azerbaijan

Republic,

6.9500%, 3/18/30

200,000

215,999

2,757,009

Bahamas

-

1.2%

Commonwealth

of

the

Bahamas,

8.9500%, 10/15/32

2,200,000

2,426,600

Commonwealth

of

the

Bahamas,

8.2500%, 6/24/36

(144A)

2,000,000

2,165,580

Commonwealth

of

the

Bahamas,

8.2500%, 6/24/36

300,000

324,837

4,917,017

Bahrain

-

0.3%

CBB

International

Sukuk

Programme

Co.

SPC,

3.9500%, 9/16/27

1,250,000

1,223,404

Barbados

-

0.1%

Barbados

Government

Bond,

8.0000%, 6/26/35

(144A)

522,000

542,880

Benin

-

0.4%

Benin

Government

Bond,

4.9500%, 1/22/35

EUR

200,000

215,048

Benin

Government

Bond,

7.9600%, 2/13/38

$

1,000,000

1,040,351

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

Benin

-

(continued)

Benin

Government

Bond,

8.3750%, 1/23/41

(144A)

$

514,000

$

547,919

1,803,318

Brazil

-

1.8%

Caixa

Economica

Federal,

5.6250%, 5/13/30

(144A)

1,400,000

1,421,560

Federative

Republic

of

Brazil,

6.1250%, 3/15/34

1,600,000

1,629,600

Federative

Republic

of

Brazil,

6.6250%, 3/15/35

1,800,000

1,874,340

Federative

Republic

of

Brazil,

5.0000%, 1/27/45

800,000

654,000

Federative

Republic

of

Brazil,

4.7500%, 1/14/50

1,000,000

752,500

Federative

Republic

of

Brazil,

7.1250%, 5/13/54

1,100,000

1,114,300

7,446,300

Bulgaria

-

1.6%

Bulgaria

Government

Bond,

4.2500%, 6/19/30

EUR

1,500,000

1,731,116

Republic

of

Bulgaria,

3.5000%, 5/7/34

EUR

2,500,000

2,922,552

Republic

of

Bulgaria,

5.0000%, 3/5/37

$

366,000

367,075

Republic

of

Bulgaria,

4.1250%, 5/7/38

EUR

900,000

1,063,292

Republic

of

Bulgaria,

4.2500%, 9/5/44

EUR

465,000

539,573

6,623,608

Cameroon

-

0.5%

Republic

of

Cameroon,

5.9500%, 7/7/32

EUR

2,200,000

2,056,377

Cayman

Islands

-

0.3%

Sharjah

Sukuk

Program

Ltd.,

3.2000%, 7/13/31

$

1,500,000

1,383,963

Chile

-

2.6%

Chile

Government

Bond,

2.5500%, 7/27/33

3,000,000

2,598,450

Corp.

Nacional

del

Cobre

de

Chile,

3.0000%, 9/30/29

1,000,000

948,129

Corp.

Nacional

del

Cobre

de

Chile,

5.9500%, 1/8/34

700,000

736,119

Corp.

Nacional

del

Cobre

de

Chile,

3.7000%, 1/30/50

950,000

690,373

Corp.

Nacional

del

Cobre

de

Chile,

6.7800%, 1/13/55

(144A)

1,075,000

1,175,513

Corp.

Nacional

del

Cobre

de

Chile,

6.7800%, 1/13/55

1,000,000

1,093,500

Republic

of

Chile,

2.5500%, 1/27/32

400,000

357,708

Republic

of

Chile,

2.5500%, 7/27/33

1,000,000

866,150

Republic

of

Chile,

3.5000%, 1/25/50

1,700,000

1,260,975

Republic

of

Chile,

3.5000%, 4/15/53

1,000,000

727,250

Republic

of

Chile,

5.3300%, 1/5/54

200,000

197,350

10,651,517

Colombia

-

2.6%

Colombia

Government

Bond,

5.6250%, 2/19/36

EUR

1,300,000

1,443,423

Ecopetrol

SA,

8.8750%, 1/13/33

$

2,100,000

2,273,013

Ecopetrol

SA,

8.3750%, 1/19/36

1,500,000

1,554,459

Ecopetrol

SA,

5.8750%, 11/2/51

700,000

514,822

Republic

of

Colombia,

3.7500%, 9/19/28

EUR

538,000

618,406

Republic

of

Colombia,

7.3750%, 4/25/30

$

574,000

614,381

Republic

of

Colombia,

5.0000%, 9/19/32

EUR

660,000

745,245

Republic

of

Colombia,

7.5000%, 2/2/34

$

1,050,000

1,112,948

Republic

of

Colombia,

8.0000%, 11/14/35

800,000

872,000

Republic

of

Colombia,

8.3750%, 11/7/54

1,350,000

1,486,013

11,234,710

Costa

Rica

-

2.0%

Republic

of

Costa

Rica,

6.5500%, 4/3/34

3,000,000

3,241,230

Republic

of

Costa

Rica,

7.0000%, 4/4/44

1,000,000

1,081,500

Republic

of

Costa

Rica,

7.1580%, 3/12/45

1,350,000

1,478,925

Republic

of

Costa

Rica,

7.3000%, 11/13/54

2,250,000

2,514,375

8,316,030

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

Dominican

Republic

-

4.4%

Dominican

Republic

Government

Bond,

5.5000%, 2/22/29

$

1,000,000

$

1,015,450

Dominican

Republic

Government

Bond,

4.5000%, 1/30/30

2,000,000

1,952,000

Dominican

Republic

Government

Bond,

7.0500%, 2/3/31

1,200,000

1,290,720

Dominican

Republic

Government

Bond,

4.8750%, 9/23/32

4,000,000

3,828,200

Dominican

Republic

Government

Bond,

6.0000%, 2/22/33

600,000

612,090

Dominican

Republic

Government

Bond,

5.8750%, 10/28/35

(144A)

1,476,000

1,472,974

Dominican

Republic

Government

Bond,

6.6000%, 6/1/36

6,050,000

6,379,120

Dominican

Republic

Government

Bond,

6.9500%, 3/15/37

(144A)

1,300,000

1,386,645

Dominican

Republic

Government

Bond,

6.9500%, 3/15/37

500,000

533,325

Dominican

Republic

Government

Bond,

6.5000%, 2/15/48

650,000

655,493

19,126,017

Ecuador

-

1.5%

Republic

of

Ecuador,

6.9000%, 7/31/30

Ç

2,155,244

1,963,427

Republic

of

Ecuador,

6.9000%, 7/31/35

Ç

4,247,015

3,248,966

Republic

of

Ecuador,

5.0000%, 7/31/40

Ç

1,500,000

1,020,000

6,232,393

Egypt

-

1.8%

Arab

Republic

of

Egypt,

7.0529%, 1/15/32

1,450,000

1,442,963

Arab

Republic

of

Egypt,

7.3000%, 9/30/33

300,000

293,129

Arab

Republic

of

Egypt,

7.9030%, 2/21/48

500,000

434,440

Arab

Republic

of

Egypt,

8.7002%, 3/1/49

800,000

745,383

Arab

Republic

of

Egypt,

8.8750%, 5/29/50

900,000

850,885

Arab

Republic

of

Egypt,

8.7500%, 9/30/51

1,300,000

1,207,674

Arab

Republic

of

Egypt,

8.1500%, 11/20/59

1,000,000

870,317

Arab

Republic

of

Egypt,

7.5000%, 2/16/61

650,000

532,602

Egyptian

Financial

Co.

for

Sovereign

Taskeek

(The),

6.3750%, 4/7/29

(144A)

957,000

968,834

Egyptian

Financial

Co.

for

Sovereign

Taskeek

(The),

7.9500%, 10/7/32

(144A)

406,000

419,623

7,765,850

El

Salvador

-

0.3%

Republic

of

El

Salvador,

8.2500%, 4/10/32

700,000

750,081

Republic

of

El

Salvador,

7.6250%, 2/1/41

650,000

641,875

1,391,956

Gabon

-

0.4%

Gabon

Government

Bond,

6.6250%, 2/6/31

2,000,000

1,561,640

Georgia

-

0.3%

Republic

of

Georgia,

2.7500%, 4/22/26

1,200,000

1,176,678

Ghana

-

2.5%

Republic

of

Ghana,

0.0000%, 7/3/26

(144A)

¤

41,600

40,352

Republic

of

Ghana,

5.0000%, 7/3/29

(144A)

Ç

629,200

611,892

Republic

of

Ghana,

5.0000%, 7/3/29

Ç

5,600,000

5,445,952

Republic

of

Ghana,

0.0000%, 1/3/30

(144A)

¤

81,041

69,924

Republic

of

Ghana,

5.0000%, 7/3/35

(144A)

Ç

604,800

520,491

Republic

of

Ghana,

5.0000%, 7/3/35

Ç

5,000,000

4,303,000

10,991,611

Guatemala

-

0.8%

Republic

of

Guatemala,

5.3750%, 4/24/32

700,000

708,554

Republic

of

Guatemala,

6.6000%, 6/13/36

700,000

753,900

Republic

of

Guatemala,

6.2500%, 8/15/36

(144A)

1,232,000

1,298,121

Republic

of

Guatemala,

4.6500%, 10/7/41

500,000

437,500

3,198,075

Hungary

-

1.9%

Hungary

Government

Bond,

1.1250%, 4/28/26

EUR

1,000,000

1,148,555

Hungary

Government

Bond,

5.3750%, 9/26/30

(144A)

$

995,000

1,025,406

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

Hungary

-

(continued)

Hungary

Government

Bond,

4.5000%, 6/16/34

EUR

800,000

$

956,119

Hungary

Government

Bond,

5.5000%, 6/16/34

$

600,000

611,621

Hungary

Government

Bond,

6.0000%, 9/26/35

(144A)

825,000

866,952

Hungary

Government

Bond,

5.5000%, 3/26/36

1,000,000

1,009,526

Hungary

Government

Bond,

6.7500%, 9/23/55

(144A)

1,333,000

1,449,912

MFB

Magyar

Fejlesztesi

Bank

Zrt

.,

6.5000%, 6/29/28

1,000,000

1,050,592

8,118,683

Indonesia

-

1.9%

Perusahaan

Listrik

Negara

PT,

5.4500%, 5/21/28

5,000,000

5,133,615

Perusahaan

Penerbit

SBSN

Indonesia

III,

5.2000%, 7/2/34

3,000,000

3,087,629

8,221,244

Iraq

-

0.5%

Republic

of

Iraq,

5.8000%, 1/15/28

2,150,000

2,142,382

Ivory

Coast

-

1.0%

Republic

of

Cote

d'Ivoire,

4.8750%, 1/30/32

EUR

296,000

330,365

Republic

of

Cote

d'Ivoire,

6.1250%, 6/15/33

$

1,250,000

1,214,237

Republic

of

Cote

d'Ivoire,

8.0750%, 4/1/36

(144A)

1,701,000

1,791,049

Republic

of

Cote

d'Ivoire,

6.8750%, 10/17/40

EUR

900,000

1,009,390

4,345,041

Jamaica

-

0.3%

Jamaica

Government

Bond,

7.8750%, 7/28/45

$

1,100,000

1,327,150

Kazakhstan

-

0.4%

Development

Bank

of

Kazakhstan

JSC,

5.6250%, 4/7/30

(144A)

1,700,000

1,758,035

Luxembourg

-

0.4%

Eagle

Funding

Luxco

Sarl

,

5.5000%, 8/17/30

(144A)

1,784,000

1,812,366

Macedonia,

the

Former

Yugoslav

Republic

of

-

1.4%

Republic

of

North

Macedonia,

3.6750%, 6/3/26

EUR

1,900,000

2,194,954

Republic

of

North

Macedonia,

6.9600%, 3/13/27

EUR

100,000

120,111

Republic

of

North

Macedonia,

1.6250%, 3/10/28

EUR

3,650,000

4,009,601

6,324,666

Mexico

-

5.9%

Petroleos

Mexicanos

,

8.7500%, 6/2/29

$

500,000

539,551

Petroleos

Mexicanos

,

6.8400%, 1/23/30

150,000

153,970

Petroleos

Mexicanos

,

5.9500%, 1/28/31

4,000,000

3,912,564

Petroleos

Mexicanos

,

6.7000%, 2/16/32

7,150,000

7,143,871

Petroleos

Mexicanos

,

6.7500%, 9/21/47

1,275,000

1,055,895

Petroleos

Mexicanos

,

6.3500%, 2/12/48

2,000,000

1,602,885

Petroleos

Mexicanos

,

7.6900%, 1/23/50

1,000,000

906,801

Petroleos

Mexicanos

,

6.6250%, 12/28/73

1,000,000

767,650

United

Mexican

States,

3.5000%, 9/19/29

EUR

890,000

1,034,833

United

Mexican

States,

4.7500%, 4/27/32

$

1,150,000

1,132,175

United

Mexican

States,

5.8500%, 7/2/32

1,190,000

1,229,865

United

Mexican

States,

4.8750%, 5/19/33

2,200,000

2,139,500

United

Mexican

States,

6.3500%, 2/9/35

500,000

528,550

United

Mexican

States,

6.8750%, 5/13/37

265,000

287,061

United

Mexican

States,

5.1250%, 3/19/38

EUR

485,000

571,230

United

Mexican

States,

4.4000%, 2/12/52

$

500,000

377,975

United

Mexican

States,

6.3380%, 5/4/53

1,400,000

1,389,150

United

Mexican

States,

7.3750%, 5/13/55

350,000

392,645

United

Mexican

States,

3.7710%, 5/24/61

200,000

128,790

25,294,961

Mongolia

-

2.4%

City

of

Ulaanbaatar

Mongolia,

7.7500%, 8/21/27

2,000,000

2,049,943

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

Mongolia

-

(continued)

Development

Bank

of

Mongolia

LLC,

8.5000%, 7/3/28

$

4,250,000

$

4,345,625

State

of

Mongolia,

3.5000%, 7/7/27

500,000

480,860

State

of

Mongolia,

6.6250%, 2/25/30

(144A)

500,000

511,465

State

of

Mongolia,

4.4500%, 7/7/31

3,200,000

2,932,191

10,320,084

Montenegro

-

1.1%

Republic

of

Montenegro,

7.2500%, 3/12/31

2,300,000

2,477,443

Republic

of

Montenegro,

4.8750%, 4/1/32

EUR

300,000

351,821

Republic

of

Montenegro,

4.8750%, 4/1/32

(144A)

EUR

1,459,000

1,711,021

4,540,285

Nigeria

-

1.1%

Federal

Republic

of

Nigeria,

7.6250%, 11/21/25

$

1,000,000

1,001,244

Federal

Republic

of

Nigeria,

6.5000%, 11/28/27

800,000

804,318

Federal

Republic

of

Nigeria,

7.1430%, 2/23/30

1,000,000

996,033

Federal

Republic

of

Nigeria,

7.3750%, 9/28/33

1,200,000

1,159,335

Federal

Republic

of

Nigeria,

7.6250%, 11/28/47

440,000

391,166

Federal

Republic

of

Nigeria,

8.2500%, 9/28/51

400,000

370,609

4,722,705

Oman

-

0.5%

Sultanate

of

Oman

Government

Bond,

4.7500%, 6/15/26

800,000

800,989

Sultanate

of

Oman

Government

Bond,

7.0000%, 1/25/51

1,050,000

1,211,266

2,012,255

Pakistan

-

0.5%

Islamic

Republic

of

Pakistan,

6.0000%, 4/8/26

200,000

199,230

Islamic

Republic

of

Pakistan,

6.8750%, 12/5/27

825,000

823,931

Islamic

Republic

of

Pakistan,

8.8750%, 4/8/51

1,500,000

1,432,054

2,455,215

Panama

-

2.0%

Republic

of

Panama,

3.1600%, 1/23/30

1,150,000

1,076,573

Republic

of

Panama,

2.2520%, 9/29/32

2,300,000

1,886,230

Republic

of

Panama,

3.2980%, 1/19/33

1,500,000

1,309,800

Republic

of

Panama,

6.4000%, 2/14/35

800,000

840,360

Republic

of

Panama,

4.5000%, 4/16/50

950,000

741,817

Republic

of

Panama,

6.8530%, 3/28/54

1,000,000

1,057,700

Republic

of

Panama,

4.5000%, 4/1/56

300,000

228,750

Republic

of

Panama,

3.8700%, 7/23/60

1,300,000

878,800

8,020,030

Paraguay

-

1.4%

Paraguay

Government

Bond,

2.7390%, 1/29/33

300,000

265,398

Paraguay

Government

Bond,

3.8490%, 6/28/33

1,000,000

941,500

Paraguay

Government

Bond,

5.4000%, 3/30/50

1,000,000

929,060

Republic

of

Paraguay,

2.7390%, 1/29/33

2,400,000

2,123,184

Republic

of

Paraguay,

6.0000%, 2/9/36

1,000,000

1,064,850

Republic

of

Paraguay,

5.6000%, 3/13/48

500,000

478,500

5,802,492

Peru

-

1.3%

Corp.

Financiera

de

Desarrollo

SA,

5.5000%, 5/6/30

585,000

600,877

Corp.

Financiera

de

Desarrollo

SA,

5.5000%, 5/6/30

(144A)

585,000

600,877

Petroleos

del

Peru

SA,

4.7500%, 6/19/32

2,500,000

2,143,713

Petroleos

del

Peru

SA,

5.6250%, 6/19/47

2,100,000

1,512,000

Republic

of

Peru,

5.3750%, 2/8/35

300,000

307,953

Republic

of

Peru,

5.8750%, 8/8/54

400,000

404,800

5,570,220

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

Philippines

-

0.7%

Republic

of

Philippines,

1.9500%, 1/6/32

$

1,000,000

$

870,549

Republic

of

Philippines,

3.5560%, 9/29/32

1,000,000

950,194

Republic

of

Philippines,

5.2500%, 5/14/34

1,075,000

1,125,028

2,945,771

Poland

-

1.2%

Bank

Gospodarstwa

Krajowego

,

5.7500%, 7/9/34

1,750,000

1,865,701

Republic

of

Poland,

5.5000%, 4/4/53

650,000

640,745

Republic

of

Poland,

5.5000%, 3/18/54

2,500,000

2,464,330

4,970,776

Qatar

-

1.6%

QatarEnergy

,

2.2500%, 7/12/31

750,000

676,331

QatarEnergy

,

3.1250%, 7/12/41

1,000,000

780,350

State

of

Qatar,

4.7500%, 5/29/34

2,900,000

3,020,995

State

of

Qatar,

4.4000%, 4/16/50

2,100,000

1,910,171

6,387,847

Romania

-

2.8%

Romania

Government

Bond,

5.7500%, 9/16/30

(144A)

1,350,000

1,380,760

Romania

Government

Bond,

3.0000%, 2/14/31

450,000

404,222

Romania

Government

Bond,

7.1250%, 1/17/33

1,000,000

1,078,635

Romania

Government

Bond,

5.3750%, 6/7/33

(144A)

EUR

905,000

1,053,932

Romania

Government

Bond,

3.7500%, 2/7/34

EUR

1,500,000

1,538,541

Romania

Government

Bond,

6.6250%, 5/16/36

(144A)

$

1,350,000

1,388,189

Romania

Government

Bond,

6.1250%, 10/7/37

(144A)

EUR

800,000

923,451

Romania

Government

Bond,

6.7500%, 7/11/39

EUR

1,550,000

1,861,096

Romania

Government

Bond,

6.5000%, 10/7/45

(144A)

EUR

800,000

915,117

Romania

Government

Bond,

5.1250%, 6/15/48

$

900,000

748,456

Romania

Government

Bond,

4.0000%, 2/14/51

1,300,000

896,622

12,189,021

Saudi

Arabia

-

4.5%

Kingdom

of

Saudi

Arabia,

3.2500%, 10/26/26

1,300,000

1,289,148

Kingdom

of

Saudi

Arabia,

5.1250%, 1/13/28

3,000,000

3,062,928

Kingdom

of

Saudi

Arabia,

4.7500%, 1/18/28

500,000

506,804

Kingdom

of

Saudi

Arabia,

3.3750%, 3/5/32

(144A)

EUR

642,000

746,196

Kingdom

of

Saudi

Arabia,

5.5000%, 10/25/32

$

1,500,000

1,595,086

Kingdom

of

Saudi

Arabia,

2.2500%, 2/2/33

1,500,000

1,293,909

Kingdom

of

Saudi

Arabia,

5.0000%, 1/16/34

2,300,000

2,363,600

Kingdom

of

Saudi

Arabia,

5.0000%, 4/17/49

1,500,000

1,395,585

Kingdom

of

Saudi

Arabia,

5.2500%, 1/16/50

1,000,000

973,386

Kingdom

of

Saudi

Arabia,

3.2500%, 11/17/51

1,000,000

687,310

Kingdom

of

Saudi

Arabia,

5.0000%, 1/18/53

600,000

551,528

Kingdom

of

Saudi

Arabia,

5.7500%, 1/16/54

1,500,000

1,534,448

Kingdom

of

Saudi

Arabia,

3.7500%, 1/21/55

1,500,000

1,106,863

KSA

Sukuk

Ltd.,

2.2500%, 5/17/31

600,000

539,826

KSA

Sukuk

Ltd.,

5.2500%, 6/4/34

1,100,000

1,145,133

18,791,750

Senegal

-

0.9%

Republic

of

Senegal,

4.7500%, 3/13/28

EUR

500,000

488,200

Republic

of

Senegal,

6.2500%, 5/23/33

$

600,000

428,947

Republic

of

Senegal,

5.3750%, 6/8/37

EUR

2,050,000

1,543,314

Republic

of

Senegal,

6.7500%, 3/13/48

$

1,700,000

1,086,434

3,546,895

South

Africa

-

1.9%

Republic

of

South

Africa,

4.8750%, 4/14/26

1,750,000

1,752,022

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

South

Africa

-

(continued)

Republic

of

South

Africa,

5.6500%, 9/27/47

$

450,000

$

380,211

Republic

of

South

Africa,

5.7500%, 9/30/49

800,000

675,925

Republic

of

South

Africa,

7.3000%, 4/20/52

2,700,000

2,720,544

Republic

of

South

Africa,

7.9500%, 11/19/54

(144A)

758,000

810,549

South

Africa

Government

Bond,

7.9500%, 11/19/54

1,500,000

1,603,989

7,943,240

Sri

Lanka

-

0.9%

Democratic

Socialist

Republic

of

Sri

Lanka,

4.0000%, 4/15/28

743,080

712,428

Democratic

Socialist

Republic

of

Sri

Lanka,

3.1000%, 1/15/30

Ç

1,110,770

1,045,512

Democratic

Socialist

Republic

of

Sri

Lanka,

3.3500%, 3/15/33

Ç

609,570

532,149

Democratic

Socialist

Republic

of

Sri

Lanka,

3.6000%, 6/15/35

Ç

411,600

318,570

Democratic

Socialist

Republic

of

Sri

Lanka,

3.6000%, 5/15/36

Ç

285,660

260,618

Democratic

Socialist

Republic

of

Sri

Lanka,

3.6000%, 2/15/38

Ç

871,560

804,010

3,673,287

Suriname

-

0.1%

Suriname

Government

International

Bond,

8.5000%, 11/6/35

(144A)

200,000

206,000

Tajikistan

-

0.4%

Republic

of

Tajikistan,

7.1250%, 9/14/27

1,533,333

1,537,772

Trinidad

and

Tobago

-

0.2%

Republic

of

Trinidad

and

Tobago,

4.5000%, 6/26/30

950,000

902,975

Tunisia

-

0.7%

Tunisian

Republic,

6.3750%, 7/15/26

EUR

2,600,000

2,984,220

Turkey

-

3.3%

Hazine

Mustesarligi

Varlik

Kiralama

A/S,

5.1250%, 6/22/26

$

1,350,000

1,356,080

Istanbul

Metropolitan

Municipality,

10.7500%, 4/12/27

1,000,000

1,063,092

Istanbul

Metropolitan

Municipality,

10.5000%, 12/6/28

1,900,000

2,081,910

Republic

of

Turkiye

(The),

6.5000%, 9/20/33

2,000,000

2,007,081

Republic

of

Turkiye

(The),

4.8750%, 4/16/43

1,200,000

913,741

Republic

of

Turkiye

(The),

6.6250%, 2/17/45

2,200,000

2,015,132

Republic

of

Turkiye

(The),

5.7500%, 5/11/47

2,100,000

1,706,833

Turkiye

Ihracat

Kredi

Bankasi

A/S,

7.5000%, 2/6/28

2,000,000

2,071,480

Turkiye

Ihracat

Kredi

Bankasi

A/S,

6.8750%, 7/3/28

(144A)

827,000

848,768

14,064,117

Ukraine

-

1.3%

NPC

Ukrenergo

,

6.8750%, 11/9/28

€

700,000

560,597

Ukraine

Government

Bond,

4.5000%, 2/1/29

Ç

228,844

157,352

Ukraine

Government

Bond,

4.5000%, 2/1/29

(144A)

Ç

200,000

137,519

Ukraine

Government

Bond,

0.0000%, 2/1/30

Ç

10,667

5,605

Ukraine

Government

Bond,

0.0000%, 2/1/34

(144A)

Ç

400,000

165,688

Ukraine

Government

Bond,

0.0000%, 2/1/34

Ç

39,862

16,512

Ukraine

Government

Bond,

4.5000%, 2/1/34

(144A)

Ç

600,000

336,150

Ukraine

Government

Bond,

4.5000%, 2/1/34

Ç

678,412

380,080

Ukraine

Government

Bond,

0.0000%, 2/1/35

Ç

986,686

502,098

Ukraine

Government

Bond,

0.0000%, 2/1/35

(144A)

Ç

200,000

101,775

Ukraine

Government

Bond,

4.5000%, 2/1/35

(144A)

Ç

700,000

388,290

Ukraine

Government

Bond,

4.5000%, 2/1/35

Ç

258,435

143,354

Ukraine

Government

Bond,

0.0000%, 2/1/36

(144A)

Ç

200,000

101,733

Ukraine

Government

Bond,

4.5000%, 2/1/36

Ç

1,229,591

675,171

Ukraine

Government

Bond,

4.5000%, 2/1/36

(144A)

Ç

200,000

109,820

Ukraine

Government

Bond,

0.0000%, 8/1/41

‡€

1,900,000

1,609,543

5,391,287

United

Arab

Emirates

-

0.1%

Sharjah

Sukuk

Program

Ltd.,

3.6250%, 3/10/33

400,000

362,557

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Foreign

Government

Bonds

-

(continued)

Uruguay

-

2.2%

Oriental

Republic

of

Uruguay,

5.7500%, 10/28/34

$

4,500,000

$

4,830,750

Oriental

Republic

of

Uruguay,

4.9750%, 4/20/55

2,400,000

2,232,000

Oriental

Republic

of

Uruguay,

5.2500%, 9/10/60

2,550,000

2,444,175

9,506,925

Uzbekistan

-

1.1%

Navoiyuran

State

Enterprise,

6.7000%, 7/2/30

(144A)

2,196,000

2,221,055

Republic

of

Uzbekistan,

5.3750%, 5/29/27

EUR

1,000,000

1,188,815

Republic

of

Uzbekistan,

3.9000%, 10/19/31

$

250,000

232,115

Uzbekneftegaz

JSC,

8.7500%, 5/7/30

(144A)

1,059,000

1,128,907

4,770,892

Zambia

-

1.0%

Republic

of

Zambia,

5.7500%, 6/30/33

Ç

3,676,712

3,529,755

Republic

of

Zambia,

0.5000%, 12/31/53

1,310,000

914,495

4,444,250

Total

Foreign

Government

Bonds

(cost

$321,297,630)

339,277,822

Investment

Companies

-

4.6%

Money

Market

Funds

-

4.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$19,482,945)

19,482,562

19,486,458

Total

Investments

(total

cost

$

395,908,690)

-

97.8%

415,242,712

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

2.2%

9,530,314

Net

Assets

-

100.0%

$424,773,026

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

Mexico

$

25,294,961

6.1 %

Turkey

22,969,218

5.5 United

States

19,486,458

4.7 Dominican

Republic

19,126,017

4.6 Saudi

Arabia

18,791,750

4.5 Argentina

16,298,431

3.9 South

Africa

13,186,546

3.2 Romania

12,189,021

2.9 United

Arab

Emirates

11,583,702

2.8 Colombia

11,234,710

2.7 Ghana

10,991,611

2.7 Uzbekistan

10,891,349

2.6 Chile

10,651,517

2.6 Mongolia

10,320,084

2.5 Uruguay

9,506,925

2.3 Egypt

8,439,844

2.0 Nigeria

8,377,005

2.0 Costa

Rica

8,316,030

2.0 Indonesia

8,221,244

2.0 Hungary

8,118,683

2.0 Panama

8,020,030

1.9 #### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

(continued)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

Cayman

Islands

$

7,900,002

1.9 %

Brazil

7,446,300

1.8 Bulgaria

6,623,608

1.6 Qatar

6,387,847

1.5 Macedonia,

the

Former

Yugoslav

Republic

of

6,324,666

1.5 Ecuador

6,232,393

1.5 Paraguay

5,802,492

1.4 Oman

5,575,058

1.3 Peru

5,570,220

1.3 Ukraine

5,391,287

1.3 Poland

4,970,776

1.2 Bahamas

4,917,017

1.2 Netherlands

4,630,248

1.1 Montenegro

4,540,285

1.1 Zambia

4,444,250

1.1 Ivory

Coast

4,345,041

1.1 Sri

Lanka

3,673,287

0.9 Senegal

3,546,895

0.9 Guatemala

3,198,075

0.8 Tunisia

2,984,220

0.7 Philippines

2,945,771

0.7 Angola

2,911,455

0.7 Azerbaijan

2,757,009

0.7 Pakistan

2,455,215

0.6 Albania

2,260,187

0.6 Togo

2,242,805

0.5 Iraq

2,142,382

0.5 Cameroon

2,056,377

0.5 Luxembourg

1,812,366

0.4 Benin

1,803,318

0.4 United

Kingdom

1,774,347

0.4 Kazakhstan

1,758,035

0.4 Georgia

1,646,439

0.4 Gabon

1,561,640

0.4 Tajikistan

1,537,772

0.4 Malaysia

1,464,126

0.4 El

Salvador

1,391,956

0.3 Jamaica

1,327,150

0.3 Bahrain

1,223,404

0.3 Trinidad

and

Tobago

902,975

0.2 Barbados

542,880

0.1 Suriname

206,000

0.1 Total

$415,242,712

100.0 %

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

4.6%

Money

Market

Funds

-

4.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

8,380,259

$

399,073,521

$

(387,966,912)

$

(3,923)

$

3,513

$

19,486,458

19,482,562

$

539,313

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

–

1,060,444

(1,060,444)

–

–

–

–

Δ

Total

Affiliated

Investments

-

4.6%

$8,380,259

$400,133,965

$(389,027,356)

$(3,923)

$3,513

$19,486,458

$539,614

#### Schedule

#### of

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
*Counterparty/*

*Foreign* 

*Currency*

*Settlement* 

*Date*

*Foreign* 

*Currency*

*Amount* 

*Sold/*

(Purchased)

*USD* 

*Currency*

*Amount* 

*Sold/*

(Purchased)

*Market* 

*Value*

*and* 

*Unrealized*

*Appreciation*

(Depreciation)

BNP

Paribas

SA

Euro

12/11/25

26,873,263

$

(31,707,927)

$

624,999

Euro

12/11/25

2,483,143

(2,926,165)

54,041

Euro

12/11/25

1,372,170

(1,634,206)

47,086

Euro

12/11/25

1,026,252

(1,221,990)

34,977

Euro

12/11/25

1,193,248

(1,406,308)

26,140

Euro

12/11/25

1,534,425

(1,789,384)

14,593

Euro

12/11/25

1,366,310

(1,593,601)

13,260

Euro

12/11/25

1,261,683

(1,462,098)

2,773

Euro

12/11/25

(61,840)

71,962

(435) 817,434

Total

$817,434

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025. #### Schedule

#### of

#### Futures

#### Contracts
*Description*

*Number* 

*of*

*Contracts*

*Expiration*

*Date*

*Notional*

*Amount*

*Value* 

*and*

*Unrealized*

*Appreciation*

(Depreciation)

*Futures* 

*Long:*

U.S.

Treasury

Year

Notes

12/31/25

$

6,039,023

$

(7,274)

U.S.

Treasury

Year

Notes

12/31/25

13,542,156

17,283

U.S.

Treasury

Long

Bonds

12/19/25

54,784,938

489,165

U.S.

Treasury

Ultra

Bonds

12/19/25

12,613,250

432,248

Total

-

Futures

Long

931,422

*Futures* 

*Short:*

Euro-

Bobl

12/8/25

(5,459,828)

(23,178)

Euro-Bund

12/8/25

(18,966,426)

(143,258)

Euro-

Buxl

12/8/25

(1,742,334)

(34,031)

Euro-Schatz

12/8/25

(8,527,830)

(2,962)

U.S.

Treasury

Year

Notes

12/19/25

(5,971,609)

2,910

U.S.

Treasury

Year

Ultra

Bonds

12/19/25

(8,776,813)

12,775

Total

-

Futures

Short

(187,744)

Total

$743,678

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### as

#### of

#### October

#### 31,

#### 2025
*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Total*

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

817,869

$

817,869

\*

Futures

contracts

954,381

—

954,381

Total

Asset

Derivatives

$

954,381

$

817,869

$

1,772,250

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

\*

Futures

contracts

210,703

—

210,703

Total

Liability

Derivatives

$

210,703

$

$

211,138

\*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

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,

2025. Please

see

the

"Net

realized

and

change

in

unrealized

gain/(loss)

on

investments"

sections

of

the

Fund's

Statement

of

Operations.

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### on

#### the

#### Statement

#### of

#### Operations

#### for

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
*Amount* 

*of* 

*Realized* 

*Gain/(Loss)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Total*

Forward

foreign

currency

exchange

contracts

$

—

$

(1,306,974)

$

(1,306,974)

Futures

contracts

(1,578,096)

—

(1,578,096)

Total

$

(1,578,096)

$

(1,306,974)

$

(2,885,070)

*Amount* 

*of* 

*Change* 

*in* 

*Unrealized* 

*Appreciation/(Depreciation)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Total*

Forward

foreign

currency

exchange

contracts

$

—

$

917,837

$

917,837

Futures

contracts

1,803,033

—

1,803,033

Total

$

1,803,033

$

917,837

$

2,720,870

#### Average

#### Ending

#### Monthly

#### Value

#### of

#### Derivative

#### Instruments

#### During

#### the

#### Year

#### Ended

#### October

#### 31,

#### 2025
Futures

contracts:

Average

notional

amount

of

contracts

-

long

$57,259,096

Average

notional

amount

of

contracts

-

short

30,043,674

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

3,523,162

Average

amounts

sold

-

in

USD

26,497,692

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets
*Counterparty*

*Gross* 

*Amounts*

*of* 

*Recognized*

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral*

*Pledged*

(b) *Net* 

*Amount*

BNP

Paribas

SA

$

817,869

$

(435) $

—

$

817,434

Total

$

817,869

$

(435) $

—

$

817,434

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities
*Counterparty*

*Gross* 

*Amounts*

*of* 

*Recognized*

*Liabilities*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral*

*Pledged*

(b) *Net* 

*Amount*

BNP

Paribas

SA

$

$

(435) $

—

$

—

Total

$

$

(435) $

—

$

—

(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

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

CJSC

Closed

Joint

Stock

Company

EUR

Euro

JSC

Joint

Stock

Company

LLC

Limited

Liability

Company

PIK

Pay-in-kind

(PIK)

bonds

give

the

issuer

an

option

to

make

the

interest

payment

in

case

of

additional

securities.

PJSC

Public

Joint

Stock

Company

SAOC

Societe

Anonyme

Omanaise

Close

SPC

Special

Purpose

Company

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

€

Security

is

in

default,

thus

not

accruing

interest

income.

The

rate

and

maturity

date

shown

is

as

of

the

contractual

maturity

date.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

¤

Zero

coupon

bond.

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

1933

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,

2025

is

$55,155,404

which

represents

13.0%

of

net

assets.

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Corporate* 

*Bonds*

$

—

$

56,478,432

$

—

$

56,478,432

*Foreign* 

*Government* 

*Bonds*

—

339,277,822

—

339,277,822

*Investment* 

*Companies*

—

19,486,458

—

19,486,458

Total

Investments

in

Securities

$

—

$

415,242,712

$

—

$

415,242,712

#### Other

#### Financial

#### Instruments
(a) #### :
*Forward* 

*Foreign* 

*Currency* 

*Exchange* 

*Contracts*

$

—

$

817,869

$

—

$

817,869

*Futures* 

*Contracts*

954,381

—

—

954,381

Total

Other

Financial

Instruments

$

954,381

$

817,869

$

—

$

1,772,250

#### Total

#### Assets
$

954,381

$

416,060,581

$

—

$

417,014,962

#### Liabilities

#### Other

#### Financial

#### Instruments
(a) #### :
*Forward* 

*Foreign* 

*Currency* 

*Exchange* 

*Contracts*

$

—

$

$

—

$

*Futures* 

*Contracts*

210,703

—

—

210,703

#### Total

#### Liabilities
$

210,703

$

$

—

$

211,138

(a) Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$376,425,745)

$

395,756,254

Affiliated

investments,

at

value

(cost

$19,482,945)

19,486,458

Forward

foreign

currency

exchange

contracts

817,869

Due

from

broker

for

futures

3,150,000

Receivables:

Interest

6,107,776

Total

Assets

425,318,357

Liabilities:

Foreign

cash

due

to

custodian

(cost

$1)

Payable

for

variation

margin

on

futures

contracts

159,315

Forward

foreign

currency

exchange

contracts

Due

to

custodian

Payables:

Investments

purchased

200,000

Management

fees

185,577

Total

Liabilities

545,331

Commitments

and

contingent

liabilities

Net

Assets

$

424,773,026

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

404,392,891

Total

distributable

earnings

(loss)

20,380,135

Total

Net

Assets

$

424,773,026

Net

Assets

$

424,773,026

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

7,900,000

Net

Asset

Value

Per

Share

$

.77

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### year

#### ended

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

19,261,641

Dividends

from

affiliates

539,313

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

Total

Investment

Income

19,801,255

Expenses:

Management

Fees

1,495,214

Total

Expenses

1,495,214

Net

Investment

Income/(Loss)

18,306,041

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

423,641

Investments

in

affiliates

(3,923)

Forward

foreign

currency

exchange

contracts

(1,306,974)

Futures

contracts

(1,578,096)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(2,465,352)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

21,332,429

Investments

in

affiliates

3,513

Forward

foreign

currency

exchange

contracts

917,837

Futures

contracts

1,803,033

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

24,056,812

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

39,897,501

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Period* 

*Ended*

*October* 

*31,* 

*2024*

(1) Operations:

Net

investment

income/(loss)

$

18,306,041

$

2,702,916

Net

realized

gain/(loss)

on

investments

(2,465,352)

388,830

Change

in

unrealized

net

appreciation/depreciation

24,056,812

(3,165,715)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

39,897,501

(73,969)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(18,011,112)

(1,336,315)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(18,011,112)

(1,336,315)

Capital

Share

Transactions

178,994,700

225,302,221

Net

Increase/(Decrease)

in

Net

Assets

200,881,089

223,891,937

Net

Assets:

—

—

Beginning

of

Year

223,891,937

—

End

of

Year

$

424,773,026

$

223,891,937

(1) Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024. #### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

(1) Net

Asset

Value,

Beginning

of

Period

$50.88

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2) 3.26 0.73 Net

realized

and

unrealized

gain/(loss)

3.00 0.45 (3) Total

from

Investment

Operations

6.26 1.18 (3) Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(3.37)

(0.30)

Total

Dividends

and

Distributions

(3.37)

(0.30)

Net

Asset

Value,

End

of

Period

$53.77

$50.88

Total

Return

\*

12.90%

2.36%

Net

assets,

End

of

Period

(in

thousands)

$424,773

$223,892

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.52%

0.52%

Ratio

of

Net

Investment

Income/(Loss)

6.35%

6.59%

Portfolio

Turnover

Rate

(4) 53%

11%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024. (2) Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3) The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund's

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

fluctuating

market

values

for

the

Fund's

securities.

(4) Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Emerging

Markets

Debt

Hard

Currency 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 fifteen

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

to

provide

a

return,

from

a

combination

of

income

and

capital

growth

over

the

long

term.

The

Fund

is

classified

as

nondiversified,

as

defined in

the 1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Foreign

#### Currency

#### Translations
The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

#### Dividends

#### and

#### Distributions
Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Derivative

#### Instruments
The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

2025

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund's

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

When

used

to

enhance

return

the

Fund

may

be

fully

exposed

to

the

risk

of

loss

of

that

derivative,

which

may

sometimes

be

greater

than

the

derivative's

cost.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund's

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations.

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors:

#### Counterparty

#### Risk
-

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

#### Credit

#### Risk
-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations.

#### Currency

#### Risk
-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment.

#### Index

#### Risk
-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index.

#### Interest

#### Rate

#### Risk
-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease.

#### Leverage

#### Risk
-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested.

#### Liquidity

#### Risk
-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth.

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk.

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund's

commitment

with

respect

to

certain

exchange-traded

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's ability

to

establish

and

maintain

appropriate

systems

and

trading.

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
A

forward

foreign

currency

exchange

contract

("forward

currency

contract")

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

#### Futures

#### Contracts
A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i) fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii) contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

"ASET"

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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.

3. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Emerging

#### Markets

#### Risk
Emerging

market

securities

involve

a

number

of

risks,

which

may

result

from

less

government

supervision

and

regulation

of

business

and

industry

practices

(including

the

potential

lack

of

strict

finance

and

accounting

controls

and

standards),

stock

exchanges,

brokers,

and

listed

companies.

Information

about

emerging

market

companies,

including

financial

information,

may

be

less

available

or

reliable

and

the

Adviser's

ability

to

conduct

due

diligence

with

respect

to

such

companies

may

be

limited.

Accordingly,

these

investments

may

be

potentially

more

volatile

in

price

and

less

liquid

than

investments

in

developed

securities

markets,

resulting

in

greater

risk

to

investors.

There

is

a

risk

in

developing

countries

that

a

current

or

future

economic

or

political

crisis

could

lead

to

price

controls,

forced

mergers

of

companies,

expropriation

or

confiscatory

taxation,

imposition

or

enforcement

of

foreign

ownership

limits,

seizure,

nationalization,

sanctions

or

imposition

of

restrictions

by

various

governmental

entities

on

investment

and

trading,

or

creation

of

government

monopolies,

any

of

which

may

have

a

detrimental

effect

on

the

Fund's

investments.

In

addition,

the

taxation

systems

at

the

federal,

regional,

and

local

levels

in

developing

or

emerging

market

countries

may

be

less

transparent,

inconsistently

enforced,

and

subject

to

change.

Emerging

markets

may

be

subject

to

a

higher

degree

of

corruption

and

fraud

than

developed

markets,

and

financial

institutions

and

transaction

counterparties

may

have

less

financial

sophistication,

creditworthiness,

and/or

resources

than

participants

in

developed

markets.

In

addition,

the

Fund's

investments

may

be

denominated

in

foreign

currencies

and

therefore,

changes

in

the

value

of

a

foreign

currency

compared

to

the

U.S.

dollar

may

affect

the

value

of

the

Fund's

investments.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

emerging

markets

issuers

in

or

companies

of

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region,

which

could

have

a

negative

impact

on

the

Fund's

performance.

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

#### Foreign

#### Exposure

#### Risk
The

Fund

normally

has

significant

exposure

to

foreign

markets

as

a

result

of

its

investments

in

foreign

securities,

including

investments

in

emerging

markets,

which

can

be

more

volatile

than

the

U.S.

markets.

As

a

result,

its

returns

and

net

asset

value

may

be

affected

by

fluctuations

in

currency

exchange

rates

or

political

or

economic

conditions

in

a

particular

country.

In

some

foreign

markets,

there

may

not

be

protection

against

failure

by

other

parties

to

complete

transactions.

It

may

not

be

possible

for

the

Fund

to

repatriate

capital,

dividends,

interest,

and

other

income

from

a

particular

country

or

governmental

entity.

In

addition,

a

market

swing

in

one

or

more

countries

or

regions

where

the

Fund

has

invested

a

significant

amount

of

its

assets

may

have

a

greater

effect

on

the

Fund's

performance

than

it

would

in

a

more

geographically

diversified

portfolio.

The

Fund's

investments

in

emerging

market

countries,

if

any,

may

involve

risks

greater

than,

or

in

addition

to,

the

risks

of

investing

in

more

developed

countries.

#### Sovereign

#### Debt
The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

("sovereign

debt").

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor's

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor's

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor's

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund's

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

"Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

October

31,

2025"

table

located

in

the

Fund's

Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund's

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund's

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund's

corresponding

forward

foreign

currency

exchange

contract's

obligation

value.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

October

31,

2025. 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,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.52% 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

0.52%

Over

$500

million

0.48%

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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,

2025, the

Adviser

owned 6,039,667

shares

or 76.45%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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 period

ended

October

31,

2025 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.

Other

book

to

tax

differences

primarily

consist

of

derivatives

and

foreign

currency

contract

adjustments.

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.

During

the

year ended

October

31,

2025,

capital

loss

carryovers

of

$1,184,090

were

utilized

by

the

Fund.

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2025

is

as

follows:

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$2,995,020

$—

$—

$—

$(4,037)

$17,389,152

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$397,853,560

$18,139,578

$(750,426)

$17,389,152

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$1,561,112

$—

$—

$—

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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.

6. #### Capital

#### Share

#### Transactions
7. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

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. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

9. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$18,011,112

$—

$—

$—

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2024*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$1,336,315

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Period* 

*Ended* 

*October* 

*31,* 

*2024*

(1) *Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

4,600,000

$

233,596,099

4,400,000

$

225,302,221

Shares

repurchased

(1,100,000)

(54,601,399)

—

—

Net

Increase/(Decrease)

3,500,000

$

178,994,700

4,400,000

$

225,302,221

(1) Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024. *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*

$300,544,796

$143,304,216

$—

$—

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Janus

Detroit

Street

Trust

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2025

and

the

period

August

13, 2024

(commencement

of

operations)

through

October

31,

2024,

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,

2025,

the

results

of

its

operations

for

the

year

ended

October

31,

2025,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2025

and

for

the

period

August

13, 2024

(commencement

of

operations)

through

October

31,

2024

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

audits

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,

2025

by

correspondence

with

the

custodian

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Designation

#### Requirements
(unaudited)

October

31,

2025

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

5.23%

#### Janus

#### Henderson

#### Emerging

#### Markets

#### Debt

#### Hard

#### Currency

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93099

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statement

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares*

*Value*

Common

Stocks

-

.0

%

Aerospace

&

Defense

-

.4

%

HEICO

Corp.

$

9,851

HEICO

Corp.

-

Class

A

1,602

396,863

Howmet

Aerospace,

Inc.

3,209

660,894

1,067,608

Banks

-

.1

%

Popular,

Inc.

2,384

265,745

Beverages

-

.5

%

Celsius

Holdings,

Inc.\*

2,028

122,147

Biotechnology

-

.3

%

Exelixis,

Inc.\*

5,466

211,370

Halozyme

Therapeutics,

Inc.\*

2,530

164,931

Neurocrine

Biosciences,

Inc.\*

1,280

183,309

559,610

Capital

Markets

-

.1

%

Ameriprise

Financial,

Inc.

1,581

715,829

Ares

Management

Corp.

-

Class

A

4,191

623,244

Coinbase

Global,

Inc.

-

Class

A\*

111,728

Houlihan

Lokey,

Inc.

-

Class

A

2,678

479,576

Lazard,

Inc.

-

Class

A

4,466

217,941

XP,

Inc.

-

Class

A

4,204

76,597

2,224,915

Commercial

Services

&

Supplies

-

.6

%

Rollins,

Inc.

3,647

210,104

Veralto

Corp.

1,952

192,623

402,727

Communications

Equipment

-

.8

%

Ubiquiti,

Inc.

199,157

Construction

&

Engineering

-

.0

%

Comfort

Systems

USA,

Inc.

533

514,654

EMCOR

Group,

Inc.

747

504,808

MasTec,

Inc.\*

970

198,035

1,217,497

Consumer

Finance

-

.3

%

Credit

Acceptance

Corp.\*

141,359

SoFi

Technologies,

Inc.\*

6,376

189,240

330,599

Consumer

Staples

Distribution

&

Retail

-

.4

%

Sprouts

Farmers

Market,

Inc.\*

1,123

88,672

Diversified

Consumer

Services

-

.4

%

Grand

Canyon

Education,

Inc.\*

855

160,997

H&R

Block,

Inc.

3,880

192,991

353,988

Electric

Utilities

-

.0

%

NRG

Energy,

Inc.

2,857

491,004

Electrical

Equipment

-

.5

%

Rockwell

Automation,

Inc.

725

267,061

Vertiv

Holdings

Co.

-

Class

A

4,386

845,884

1,112,945

Electronic

Equipment,

Instruments

&

Components

-

.2

%

CDW

Corp.

1,262

201,125

Jabil,

Inc.

1,565

345,693

546,818

Entertainment

-

.9

%

Live

Nation

Entertainment,

Inc.\*

2,745

410,460

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares*

*Value*

Common

Stocks

-

(continued)

Entertainment

-

(continued)

ROBLOX

Corp.

-

Class

A\*

4,744

$

539,488

949,948

Financial

Services

-

.3

%

Equitable

Holdings,

Inc.

11,471

566,667

Ground

Transportation

-

.5

%

Lyft,

Inc.

-

Class

A\*

6,522

133,440

Health

Care

Equipment

&

Supplies

-

.6

%

IDEXX

Laboratories,

Inc.\*

992

624,474

ResMed,

Inc.

1,005

248,114

872,588

Health

Care

Providers

&

Services

-

.8

%

Cardinal

Health,

Inc.

1,988

379,251

Cencora,

Inc.

3,077

1,039,441

1,418,692

Health

Care

Technology

-

.8

%

Veeva

Systems,

Inc.

-

Class

A\*

1,482

431,558

Hotels,

Restaurants

&

Leisure

-

.7

%

Carnival

Corp.\*

8,139

234,647

Darden

Restaurants,

Inc.

1,588

286,078

Expedia

Group,

Inc.

1,714

377,080

Hilton

Worldwide

Holdings,

Inc.

69,379

Light

&

Wonder,

Inc.\*

1,184

86,077

Royal

Caribbean

Cruises

Ltd.

2,653

760,960

Texas

Roadhouse,

Inc.

-

Class

A

1,030

168,488

Vail

Resorts,

Inc.

939

139,282

2,121,991

Household

Durables

-

.7

%

Somnigroup

International,

Inc.

3,022

239,765

TopBuild

Corp.\*

182,934

422,699

Independent

Power

and

Renewable

Electricity

Producers

-

.3

%

Vistra

Corp.

2,961

557,556

Insurance

-

.8

%

Kinsale

Capital

Group,

Inc.

132,624

Markel

Group,

Inc.\*

306,052

438,676

Interactive

Media

&

Services

-

.9

%

Pinterest,

Inc.

-

Class

A\*

6,477

214,389

IT

Services

-

.3

%

Gartner,

Inc.\*

1,163

288,819

GoDaddy,

Inc.

-

Class

A\*

1,802

239,900

Kyndryl

Holdings,

Inc.\*

1,541

44,566

573,285

Life

Sciences

Tools

&

Services

-

.9

%

Medpace

Holdings,

Inc.\*

777

454,475

Machinery

-

.7

%

Allison

Transmission

Holdings,

Inc.

2,215

182,848

Media

-

.7

%

Nexstar

Media

Group,

Inc.

-

Class

A

931

182,225

Oil,

Gas

&

Consumable

Fuels

-

.8

%

Cheniere

Energy,

Inc.

1,224

259,488

Texas

Pacific

Land

Corp.

171,695

431,183

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares*

*Value*

Common

Stocks

-

(continued)

Professional

Services

-

.4

%

Booz

Allen

Hamilton

Holding

Corp.

-

Class

A

1,789

$

155,929

Verisk

Analytics,

Inc.

-

Class

A

1,921

420,238

576,167

Retail

REITs

-

.5

%

Simon

Property

Group,

Inc.

2,050

360,308

Semiconductors

&

Semiconductor

Equipment

-

.2

%

Monolithic

Power

Systems,

Inc.

527

529,635

Software

-

.3

%

Bentley

Systems,

Inc.

-

Class

B

4,924

250,287

Docusign,

Inc.

-

Class

A\*

2,258

165,150

Gen

Digital,

Inc.

11,311

298,158

Manhattan

Associates,

Inc.\*

1,456

265,094

Pegasystems,

Inc.

4,868

309,848

Rubrik,

Inc.

-

Class

A\*

1,146

86,260

Teradata

Corp.\*

8,524

177,725

1,552,522

Specialty

Retail

-

.1

%

Carvana

Co.

-

Class

A\*

1,126

345,164

Chewy,

Inc.

-

Class

A\*

2,520

84,975

Ulta

Beauty,

Inc.\*

648

336,882

767,021

Technology

Hardware,

Storage

&

Peripherals

-

.2

%

NetApp,

Inc.

4,502

530,245

Super

Micro

Computer,

Inc.\*

5,612

535,857

Textiles,

Apparel

&

Luxury

Goods

-

.5

%

Ralph

Lauren

Corp.

-

Class

A

620

198,189

Tapestry,

Inc.

3,817

419,183

617,372

Trading

Companies

&

Distributors

-

.5

%

Core

&

Main,

Inc.

-

Class

A\*

3,912

204,128

Ferguson

Enterprises,

Inc.

1,683

418,226

622,354

Total

Common

Stocks

(cost

$23,248,942)

24,496,888

Investment

Companies

-

0.0 %

Money

Market

Funds

-

0.0 %

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$7,836)

7,836

7,836

Total

Investments

(total

cost

$

23,256,778)

-

.0

%

24,504,724

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(2,408)

Net

Assets

-

100.0%

$24,502,316

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

24,162,382

.6

%

Puerto

Rico

265,745

.1

Brazil

76,597

.3

Total

$24,504,724

.0

%

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*10/31/24*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares*

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

1,360

$

353,549

$

(347,073)

$

–

$

–

$

7,836

7,836

$

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

–

2,823,809

(2,823,809)

–

–

–

–

2,180

Δ

Total

Affiliated

Investments

-

0.0%

$1,360

$3,177,358

$(3,170,882)

$–

$–

$7,836

$2,574

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

\*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Common* 

*Stocks*

$

24,496,888

$

—

$

—

$

24,496,888

*Investment* 

*Companies*

—

7,836

—

7,836

#### Total

#### Assets
$

24,496,888

$

7,836

$

—

$

24,504,724

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$23,248,942)

$

24,496,888

Affiliated

investments,

at

value

(cost

$7,836)

7,836

Cash

Receivables:

Dividends

4,145

Total

Assets

24,508,870

Liabilities:

Payables:

Management

fees

6,554

Total

Liabilities

6,554

Commitments

and

contingent

liabilities

Net

Assets

$

24,502,316

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

23,649,490

Total

distributable

earnings

(loss)

852,826

Total

Net

Assets

$

24,502,316

Net

Assets

$

24,502,316

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

825,000

Net

Asset

Value

Per

Share

$

.70

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### period

#### ended

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

195,078

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

2,180

Unaffiliated

securities

lending

income,

net

579

Dividends

from

affiliates

Foreign

tax

withheld

(332)

Total

Investment

Income

197,899

Expenses:

Management

Fees

59,748

Total

Expenses

59,748

Net

Investment

Income/(Loss)

138,151

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

31,967

Total

Net

Realized

Gain/(Loss)

on

Investments

$

31,967

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

1,027,313

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,027,313

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,197,431

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Year* 

*Ended*

*October* 

*31,* 

*2025*

*Period* 

*Ended*

*October* 

*31,* 

*2024*

(1) Operations:

Net

investment

income/(loss)

$

138,151

$

1,197

Net

realized

gain/(loss)

on

investments

31,967

(70)

Change

in

unrealized

net

appreciation/depreciation

1,027,313

220,633

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,197,431

221,760

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(120,766)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(120,766)

—

Capital

Share

Transactions

17,580,084

5,623,807

Net

Increase/(Decrease)

in

Net

Assets

18,656,749

5,845,567

Net

Assets:

—

—

Beginning

of

Year

5,845,567

—

End

of

Year

$

24,502,316

$

5,845,567

(1) Period

from

September

17,

2024

(commencement

of

operations)

through

October

31,

2024. #### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

2025

2024

(1) Net

Asset

Value,

Beginning

of

Period

$25.98

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2) 0.20 0.01 Net

realized

and

unrealized

gain/(loss)

3.69 0.97 Total

from

Investment

Operations

3.89 0.98 Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.17)

—

Total

Dividends

and

Distributions

(0.17)

—

Net

Asset

Value,

End

of

Period

$29.70

$25.98

Total

Return

\*

15.01%

3.92%

Net

assets,

End

of

Period

(in

thousands)

$24,502

$5,846

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.30%

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.69%

0.17%

Portfolio

Turnover

Rate

(3) 213%

0%

(4) \*

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

17,

2024

(commencement

of

operations)

through

October

31,

2024. (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.

(4) Amount

is

less

than

0.5%

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Mid

Cap

Growth

Alpha

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 fifteen

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. The

Fund

seeks

to

provide

long-term

growth

of

capital. The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on The

Nasdaq

Stock

Market

LLC

("Nasdaq")

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the year ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

days

or

less

may

be

evaluated

and

valued

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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,

2025 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

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Dividends

#### and

#### Distributions
The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

("REITs")

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs'

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Mid-Sized

#### Companies

#### Risk
Investments

in

securities

issued

by

mid-sized

companies

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

mid-sized

companies

tend

to

be

more

volatile

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

These

holdings

are

also

subject

to

wider

price

fluctuations

and

tend

to

be

less

liquid

than

stocks

of

larger

or

more

established

companies,

which

could

have

significant

adverse

effect

on

the

Fund's

returns,

especially

as

market

conditions

change.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser

is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

October

31,

2025. 3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund's

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

As

of

October

31,

2025, the

Adviser

owned 100,000

shares

or 12.12%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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,

2025 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$17,192

$—

$(409,180)

$—

$—

$1,244,814

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(409,180)

$—

$(409,180)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$23,259,910

$2,695,823

$(1,451,009)

$1,244,814

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital.

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5. #### Capital

#### Share

#### Transactions
6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

year

ended

October

31,

2025,

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:

For

the

year

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

had

net

realized

gain of $446,041 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

*For* 

*the* 

*year* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$120,766

$—

$—

$—

*Year* 

*Ended* 

*October* 

*31,* 

*2025*

*Period* 

*Ended* 

*October* 

*31,* 

*2024*

(1) *Shares*

*Amount*

*Shares*

*Amount*

Shares

sold

775,000

$

22,465,016

225,000

$

5,623,807

Shares

repurchased

(175,000)

(4,884,932)

—

—

Net

Increase/(Decrease)

600,000

$

17,580,084

225,000

$

5,623,807

(1) Period

from

September

17,

2024

(commencement

of

operations)

through

October

31,

2024. *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*

$41,969,021

$41,949,879

$—

$—

*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*

$22,460,829

$4,887,257

$—

$—

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2025

and

the

period

September

17,

2024

(commencement

of

operations)

through

October

31,

2024,

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,

2025,

the

results

of

its

operations

for

the

year

ended

October

31,

2025,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2025

and

for

the

period

September

17,

2024

(commencement

of

operations)

through

October

31,

2024

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

audits

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,

2025

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2025:

Dividends

Received

Deduction

Percentage

100.00%

Qualified

Dividend

Income

Percentage

100.00%

#### Janus

#### Henderson

#### Mid

#### Cap

#### Growth

#### Alpha

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93100

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Income

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Income

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statement

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

13.5%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

573,140

$

592,121

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

159,289

160,900

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

315,584

319,483

Ally

Bank

Auto

Credit-Linked

Notes,

6.0660%,

6/15/33

(144A)

223,899

222,532

Ally

Bank

Auto

Credit-Linked

Notes,

6.1640%,

9/15/33

(144A)

720,000

720,029

Amur

Equipment

Finance

Receivables

XV

LLC,

5.6800%,

8/20/32

(144A)

275,000

279,230

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.7828%,

12/26/31

(144A)

‡

438,642

443,019

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

6.9328%,

6/25/47

(144A)

‡

74,870

76,525

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

5.9828%,

7/27/48

(144A)

‡

244,680

244,679

Business

Jet

Securities

LLC,

9.1320%,

5/15/39

(144A)

211,478

217,191

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

344,829

336,297

Coinstar

Funding

LLC,

5.2160%,

4/25/47

(144A)

466,650

428,170

Compass

Datacenters

Issuer

II

LLC,

5.7560%,

5/25/50

(144A)

443,000

447,921

COOPR

Residential

Mortgage

Trust,

5.6540%,

5/25/60

(144A)

Ç

769,209

775,469

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

95,000

98,852

Exeter

Select

Automobile

Receivables

Trust,

5.3400%,

1/15/32

150,000

148,907

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

305,000

296,088

FHF

Issuer

Trust,

5.9500%,

6/15/32

(144A)

193,000

188,042

FIGRE

Trust,

5.9740%,

12/25/54

(144A)

‡

414,555

418,671

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

330,000

332,216

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

212,906

226,409

Hilton

Grand

Vacations

Trust,

5.5200%,

5/27/42

(144A)

281,620

285,333

Hilton

Grand

Vacations

Trust,

5.1200%,

5/25/44

(144A)

375,404

376,309

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

346,385

351,179

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

9.4338%,

5/20/32

(144A)

‡

169,559

173,260

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.2500%,

7.4338%,

9/20/33

(144A)

‡

469,823

470,235

Jersey

Mike's

Funding,

5.6100%,

8/16/55

(144A)

350,000

356,901

Libra

Solutions

LLC,

8.0550%,

8/15/39

(144A)

1,000,000

1,003,070

Marlette

Funding

Trust,

6.0200%,

7/16/35

(144A)

348,000

348,785

MVW

LLC,

5.7500%,

9/22/42

(144A)

266,884

272,311

PRET

LLC,

5.4871%,

10/25/51

(144A)

‡

240,625

240,870

QTS

Issuer

ABS

I

LLC,

5.9280%,

5/25/55

(144A)

248,000

250,465

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

302,519

304,267

RCKT

Mortgage

Trust,

5.6870%,

5/25/55

(144A)

Ç

242,071

243,910

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

198,000

203,673

Reach

ABS

Trust,

5.6900%,

8/18/32

(144A)

150,000

151,608

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

444,827

449,028

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

865,838

873,492

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

217,025

220,137

Sierra

Timeshare

Receivables

Funding

LLC,

6.8600%,

1/21/42

(144A)

333,181

333,548

Sierra

Timeshare

Receivables

Funding

LLC,

4.6400%,

8/22/44

(144A)

1,626,000

1,626,709

SoFi

Consumer

Loan

Program

Trust,

5.3500%,

8/15/34

(144A)

713,000

713,724

Sotheby's

Artfi

Master

Trust,

7.9100%,

12/22/31

(144A)

668,000

670,104

Taco

Bell

Funding

LLC,

4.8210%,

8/25/55

(144A)

405,000

402,491

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

802,000

182,484

Truist

Bank

Auto

Credit-Linked

Notes,

6.8070%,

9/26/33

(144A)

552,327

552,435

Upstart

Securitization

Trust,

5.4300%,

9/20/35

(144A)

160,000

158,461

US

Bank

NA,

6.7890%,

8/25/32

(144A)

64,160

64,860

VERTICAL

BRIDGE

CC

LLC,

7.4460%,

8/16/55

(144A)

426,000

425,076

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

$

208,000

$

200,552

Westlake

Automobile

Receivables

Trust,

5.0800%,

5/15/31

(144A)

118,000

118,188

Westlake

Automobile

Receivables

Trust,

5.5900%,

7/15/32

(144A)

275,000

279,044

Wingspire

Equipment

Finance

LLC,

5.4500%,

9/20/33

(144A)

374,000

373,864

Total

Asset-Backed

Securities

(cost

$20,210,258)

19,649,124

Bank

Loans

-

15.1%

Communication

Services

-

1.4%

CE

Intermediate

I

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.0000%,

7.3764%, 3/25/32

‡,ƒ

137,958

137,872

DIRECTV

Financing

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

5.2500%,

9.8195%, 8/2/29

‡,ƒ

250,265

250,501

Summer

BC

Holdco

B

SARL,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

5.0000%,

9.2615%, 2/15/29

‡,ƒ

418,879

395,493

Versant

Media

Group,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

3.5000%,

7.1825%, 10/23/30

‡,ƒ

234,000

232,928

Windstream

Services

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.0000%,

7.9646%, 10/6/32

‡,ƒ

439,000

433,512

Ziggo

BV,

First

Lien

Term

Loan

H,

EURIBOR

Month

+

3.0000%,

4.8910%, 1/31/29

‡,ƒ

EUR

500,000

565,558

2,015,864

Consumer

Discretionary

-

2.7%

Atlas

Luxco

SARL,

First

Lien

Term

Loan

B,

EURIBOR

Month

+

3.7500%,

5.6430%, 8/20/32

‡,ƒ

EUR

500,000

578,133

Gloves

Buyer,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.0000%,

7.9646%, 5/21/32

‡,ƒ

$

576,000

566,819

Motel

One

GmbH,

First

Lien

Term

Loan

B,

EURIBOR

Month

+

4.2500%,

6.2820%, 6/4/32

‡,ƒ

EUR

500,000

579,824

Park

River

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.5000%,

8.4853%, 3/17/31

‡,ƒ

$

110,000

110,290

PAX

HoldCo

Spain

SL,

First

Lien

Term

Loan,

EUR0012M

+

4.0000%,

6.0730%, 12/31/29

‡,ƒ

EUR

500,000

579,986

Peer

Holding

III

BV,

First

Lien

Term

Loan

B9,

EURIBOR

Month

+

2.7500%,

4.7500%, 9/27/32

‡,ƒ

EUR

500,000

577,775

River

Rock

Entertainment,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

9.0000%,

10.0000%, 6/25/31

‡,ƒ

$

280,000

271,600

Victra

Holdings

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.7500%,

7.9134%, 3/30/29

‡,ƒ

114,056

114,271

Winterfell

Financing

SARL,

First

Lien

Term

Loan

B3,

EURIBOR

Month

+

5.0000%,

7.0290%, 5/4/28

‡,ƒ

EUR

500,000

522,754

3,901,452

Consumer

Staples

-

0.6%

Froneri

International

Ltd.,

First

Lien

Term

Loan

B5,

EURIBOR

Month

+

3.0000%,

5.0330%, 9/30/32

‡,ƒ

EUR

500,000

578,081

Lavender

Dutch

BorrowerCo

BV,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

3.2500%,

7.0090%, 9/27/32

‡,ƒ

$

249,219

249,219

827,300

Energy

-

0.2%

Deep

Blue

Operating

I

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

2.7500%,

6.8843%, 10/1/32

‡,ƒ

321,767

322,372

Financials

-

2.0%

Acropole

Holding

SAS,

First

Lien

Term

Loan

B,

EURIBOR

Month

+

3.5000%,

5.5000%, 7/23/32

‡,ƒ

EUR

403,846

466,371

Aretec

Group,

Inc.,

First

Lien

Term

Loan

B3,

CME

Term

SOFR

Month

+

3.5000%,

7.4646%, 8/9/30

‡,ƒ

$

298,496

299,472

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Bank

Loans

-

(continued)

Financials

-

(continued)

Asurion

LLC,

First

Lien

Term

Loan

B13,

CME

Term

SOFR

Month

+

4.2500%,

8.2146%, 9/19/30

‡,ƒ

$

355,359

$

353,732

Boots

Group

Bidco

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.5000%,

7.7050%, 8/30/32

‡,ƒ

268,000

269,005

Chrysaor

Bidco

SARL,

First

Lien

Term

Loan

B,

EUR0012M

+

3.5000%,

5.6190%, 10/30/31

‡,ƒ

EUR

500,000

579,743

Mermaid

Bidco,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

3.2500%,

7.5712%, 7/3/31

‡,ƒ

$

407,210

407,719

Osaic

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.0000%,

7.1634%, 8/2/32

‡,ƒ

123,000

123,154

OVG

Business

Services

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.0000%,

6.9646%, 6/25/31

‡,ƒ

447,020

446,184

2,945,380

Health

Care

-

2.2%

Althea

Acquisition

Bidco

SARL,

First

Lien

Term

Loan

B,

EUR0012M

+

3.2500%,

5.3650%, 10/7/32

‡,ƒ

EUR

500,000

575,657

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.2500%,

8.0904%, 3/26/29

‡,ƒ

$

277,136

261,084

Donte

Group

SL,

First

Lien

Term

Loan

B,

EUR0012M

+

4.0000%,

6.1150%, 10/4/32

‡,ƒ

EUR

500,000

578,064

Heartland

Dental

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.7500%,

7.7146%, 8/25/32

‡,ƒ

$

569,130

569,899

LifePoint

Health,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.5000%,

7.6604%, 5/19/31

‡,ƒ

80,392

80,291

Loire

Finco

Luxembourg

SARL,

First

Lien

Term

Loan

B,

EURIBOR

Month

+

4.0000%,

5.8930%, 1/21/30

‡,ƒ

EUR

500,000

579,882

Star

Parent,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.0000%,

8.0015%, 9/27/30

‡,ƒ

$

568,129

568,890

3,213,767

Industrials

-

1.8%

Ammega

Group

BV,

First

Lien

Term

Loan,

EURIBOR

Month

+

5.0000%,

7.0000%, 12/30/28

‡,ƒ

EUR

500,000

519,967

Beacon

Mobility

Corp.,

Delayed

Draw

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.2500%,

7.2515%, 8/6/30

‡,ƒ

$

23,785

23,919

Beacon

Mobility

Corp.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.2500%,

7.2515%, 8/6/30

‡,ƒ

284,644

286,247

CP

Atlas

Buyer,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

5.2500%,

9.2146%, 7/8/30

‡,ƒ

593,000

583,660

EMRLD

Borrower

LP,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

2.2500%,

6.1219%, 8/4/31

‡,ƒ

327,402

326,017

EMRLD

Borrower

LP,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

2.2500%,

6.4489%, 5/31/30

‡,ƒ

238,306

237,583

gategroup

Finance

Luxembourg

SA,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

4.2500%,

8.3843%, 5/28/32

‡,ƒ

110,445

111,377

Inizio

Group

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.2500%,

8.3515%, 8/21/28

‡,ƒ

583,000

580,085

2,668,855

Information

Technology

-

2.4%

Dawn

Bidco

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.0000%,

6.7590%, 10/7/32

‡,ƒ

554,000

551,922

Leia

Finco

US

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.2500%,

7.1853%, 10/9/31

‡,ƒ

139,300

139,540

Modena

Buyer

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.2500%,

8.0904%, 7/1/31

‡,ƒ

576,472

562,636

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Bank

Loans

-

(continued)

Information

Technology

-

(continued)

Ping

Identity

Holding

Corp.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

2.7500%,

6.4300%, 11/5/32

‡,ƒ

$

234,000

$

234,000

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

5.0000%,

9.0015%, 5/9/33

‡,ƒ

32,000

31,120

Proofpoint,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.0000%,

6.7848%, 8/31/28

‡,ƒ

200,000

200,722

Proofpoint,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.0000%,

6.9646%, 8/31/28

‡,ƒ

223,300

224,106

X

Corp.,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

Month

+

6.5000%,

10.4475%, 10/26/29

‡,ƒ

173,554

169,061

X

Corp.,

First

Lien

Term

Loan

B3,

9.5000%, 10/26/29

ƒ

807,000

808,888

Zodiac

Purchaser

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

3.5000%,

7.4646%, 2/16/32

‡,ƒ

568,575

558,153

3,480,148

Materials

-

1.6%

Ahlstrom

Holding

Oy,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

Month

+

4.2500%,

8.5131%, 5/23/30

‡,ƒ

290,392

291,571

INEOS

US

Petrochem

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

4.2500%,

8.2146%, 10/7/31

‡,ƒ

130,345

104,243

INEOS

US

Petrochem

LLC,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

Month

+

4.2500%,

8.3146%, 4/2/29

‡,ƒ

291,520

242,204

Lonza

Group

AG,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

3.9250%,

8.0265%, 7/3/28

‡,ƒ

334,311

296,410

Olympus

Water

US

Holding

Corp.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

3.2500%,

7.1348%, 7/23/32

‡,ƒ

172,000

171,140

ProAmpac

PG

Borrower

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

+

4.0000%,

8.1946%, 9/15/28

‡,ƒ

417,879

417,118

Spa

Holdings

Oy,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

4.0000%,

8.2631%, 2/4/28

‡,ƒ

298,502

299,248

White

Cap

Supply

Holdings

LLC,

First

Lien

Term

Loan

C,

CME

Term

SOFR

Month

+

3.2500%,

7.2146%, 10/19/29

‡,ƒ

423,102

423,898

2,245,832

Utilities

-

0.2%

Long

Ridge

Energy

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

Month

+

4.5000%,

8.5015%, 2/19/32

‡,ƒ

283,927

276,948

Total

Bank

Loans

(cost

$21,978,945)

21,897,918

Collateralized

Loan

Obligations

-

6.2%

Ares

LIII

CLO

Ltd.

2019-53A

A1R,

CME

Term

SOFR

Month

+

1.2800%,

5.1454%,

10/24/36

(144A)

‡

1,072,000

1,072,800

Arini

European

CLO

II

DAC

2A

DR,

EURIBOR

Month

+

3.1500%,

0.0000%,

10/15/38

(144A)

†,‡

EUR

400,000

461,680

Ballyrock

CLO

Ltd.

2024-22A

A1A,

CME

Term

SOFR

Month

+

1.5400%,

5.4445%,

4/15/37

(144A)

‡

$

250,000

250,807

Capital

Four

CLO

XI

DAC

11A

D,

EURIBOR

Month

+

3.1000%,

0.0000%,

1/25/39

(144A)

†,‡

EUR

400,000

461,680

Cedar

Funding

IX

CLO

Ltd.

2018-9A

AR,

CME

Term

SOFR

Month

+

1.4200%,

5.3044%,

7/20/37

(144A)

‡

$

500,000

501,218

CIFC

Funding

Ltd.

2023-3A

D,

CME

Term

SOFR

Month

+

4.2500%,

8.1344%,

1/20/37

(144A)

‡

250,000

251,123

CIFC

Funding

Ltd.

2021-1A

A1R,

CME

Term

SOFR

Month

+

1.4200%,

5.2780%,

7/25/37

(144A)

‡

400,000

401,059

CIFC

Funding

Ltd.

2019-7A

A1R,

CME

Term

SOFR

Month

+

1.2800%,

5.3713%,

10/19/38

(144A)

‡

1,227,000

1,228,828

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Collateralized

Loan

Obligations

-

(continued)

Madison

Park

Funding

LXVI

Ltd.

2024-66A

A2,

CME

Term

SOFR

Month

+

1.5800%,

5.4500%,

10/21/37

(144A)

‡

$

1,000,000

$

1,002,276

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2021-42A

AR,

CME

Term

SOFR

Month

+

0.9500%,

4.8436%,

7/16/36

(144A)

‡

1,000,000

999,108

Octagon

Ltd.

2025-1A

D2,

CME

Term

SOFR

Month

+

3.6500%,

7.5074%,

1/22/38

(144A)

‡

700,000

696,489

Palmer

Square

European

CLO

DAC

2021-2A

DR,

EURIBOR

Month

+

3.1500%,

0.0000%,

3/15/38

(144A)

†,‡

EUR

280,000

323,176

Penta

CLO

DAC

2023-15A

DR,

EURIBOR

Month

+

3.0500%,

0.0000%,

10/15/38

(144A)

†,‡

EUR

250,000

288,550

Rad

CLO

Ltd.

2021-10A

A,

CME

Term

SOFR

Month

+

1.4316%,

5.2914%,

4/23/34

(144A)

‡

$

1,050,000

1,050,036

Total

Collateralized

Loan

Obligations

(cost

$8,968,291)

8,988,830

Convertible

Bonds

-

0.5%

Consumer,

Cyclical

-

0.2%

Live

Nation

Entertainment,

Inc.,

2.8750%, 10/15/31

(144A)

216,000

213,905

Financial

-

0.3%

Coinbase

Global,

Inc.,

0.0000%, 10/1/29

(144A)

¤

131,000

141,611

Galaxy

Digital

Holdings

LP,

0.5000%, 5/1/31

(144A)

164,000

161,704

IREN

Ltd.,

0.0000%, 7/1/31

(144A)

¤

190,000

200,070

Terawulf,

Inc.,

0.0000%, 5/1/32

(144A)

¤

63,000

65,142

568,527

Total

Convertible

Bonds

(cost

$778,390)

782,432

Corporate

Bonds

-

34.0%

Basic

Materials

-

0.7%

First

Quantum

Minerals

Ltd.,

7.2500%, 2/15/34

(144A)

429,000

445,521

Olympus

Water

US

Holding

Corp.,

5.3750%, 10/1/29

EUR

320,000

348,490

Olympus

Water

US

Holding

Corp.,

7.2500%, 2/15/33

(144A)

$

200,000

199,074

993,085

Communications

-

3.3%

AMC

Networks,

Inc.,

10.5000%, 7/15/32

(144A)

408,000

428,900

Gray

Media,

Inc.,

7.2500%, 8/15/33

(144A)#

346,000

338,758

Level

Financing,

Inc.,

3.7500%, 7/15/29

(144A)

406,000

358,295

Level

Financing,

Inc.,

6.8750%, 6/30/33

(144A)

115,135

117,931

Level

Financing,

Inc.,

7.0000%, 3/31/34

(144A)

334,284

343,444

Lumen

Technologies,

Inc.,

4.1250%, 4/15/29

(144A)

195,411

192,842

Lumen

Technologies,

Inc.,

10.0000%, 10/15/32

(144A)

184,918

186,767

Meta

Platforms,

Inc.,

4.6000%, 11/15/32

105,000

105,528

Meta

Platforms,

Inc.,

5.5000%, 11/15/45

273,000

270,639

Meta

Platforms,

Inc.,

5.7500%, 11/15/65

308,000

305,421

Midcontinent

Communications,

8.0000%, 8/15/32

(144A)

479,000

487,905

Univision

Communications,

Inc.,

8.5000%, 7/31/31

(144A)

299,000

305,819

Univision

Communications,

Inc.,

9.3750%, 8/1/32

(144A)

319,000

336,728

Vmed

O2

UK

Financing

I

plc,

6.7500%, 1/15/33

(144A)

393,000

393,966

WULF

Compute

LLC,

7.7500%, 10/15/30

(144A)

573,000

595,275

4,768,218

Consumer,

Cyclical

-

8.9%

Allwyn

Entertainment

Financing

UK

plc,

7.2500%, 4/30/30

EUR

288,000

349,960

Aston

Martin

Capital

Holdings

Ltd.,

10.3750%, 3/31/29

GBP

120,000

140,779

Beazer

Homes

USA,

Inc.,

7.5000%, 3/15/31

(144A)

$

356,000

360,320

Caesars

Entertainment,

Inc.,

6.0000%, 10/15/32

(144A)#

757,000

722,158

Carnival

Corp.,

5.7500%, 8/1/32

(144A)

343,000

352,358

Carvana

Co.,

4.8750%, 9/1/29

(144A)

939,000

868,575

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Carvana

Co.,

9.0000%, 6/1/30

(144A)Ø

$

558,227

$

582,996

CD&R

Firefly

Bidco

plc,

8.6250%, 4/30/29

GBP

320,000

439,413

Cirsa

Finance

International

Sarl,

4.8750%, 10/15/31

(144A)

EUR

470,000

553,952

EG

Global

Finance

plc,

11.0000%, 11/30/28

EUR

320,000

402,310

Flutter

Treasury

DAC,

6.1250%, 6/4/31

GBP

170,000

225,369

Ford

Motor

Credit

Co.

LLC,

6.5000%, 2/7/35#

$

408,000

422,260

Full

House

Resorts,

Inc.,

8.2500%, 2/15/28

(144A)

49,000

43,505

General

Motors

Financial

Co.,

Inc.,

ICE

LIBOR

USD

Month

+

3.5980%,

5.7500%, 9/30/27#,‡,μ

504,000

498,873

Grupo

Antolin

Irausa

SA,

10.3750%, 1/30/30

EUR

100,000

77,325

Hilton

Grand

Vacations

Borrower

LLC,

4.8750%, 7/1/31

(144A)

$

527,000

487,234

K. Hovnanian

Enterprises,

Inc.,

8.0000%, 4/1/31

(144A)

347,000

354,532

Latam

Airlines

Group

SA,

7.6250%, 1/7/31

(144A)

473,000

486,433

LGI

Homes,

Inc.,

4.0000%, 7/15/29

(144A)

652,000

585,565

LGI

Homes,

Inc.,

7.0000%, 11/15/32

(144A)

112,000

107,480

Mohegan

Tribal

Gaming

Authority,

8.2500%, 4/15/30

(144A)

633,000

657,139

NCL

Corp.

Ltd.,

5.8750%, 1/15/31

(144A)

612,000

611,710

New

Home

Co.,

Inc.

(The),

9.2500%, 10/1/29

(144A)

73,000

76,560

New

Home

Co.,

Inc.

(The),

8.5000%, 11/1/30

(144A)

397,000

410,823

Penn

Entertainment,

Inc.,

4.1250%, 7/1/29

(144A)

498,000

463,773

Rivers

Enterprise

Lender

LLC,

6.2500%, 10/15/30

(144A)

353,000

355,877

Royal

Caribbean

Cruises

Ltd.,

5.3750%, 1/15/36

285,000

286,932

SIG

plc,

9.7500%, 10/31/29

EUR

220,000

235,158

Starz

Capital

Holdings

1,

Inc.,

6.0000%, 4/15/30

(144A)

$

511,000

480,340

Victra

Holdings

LLC,

8.7500%, 9/15/29

(144A)

501,000

531,578

Voyager

Parent

LLC,

9.2500%, 7/1/32

(144A)

536,000

561,933

Warnermedia

Holdings,

Inc.,

4.0540%, 3/15/29

221,000

206,856

12,940,076

Consumer,

Non-cyclical

-

3.7%

Currenta

Group

Holdings

Sarl,

EURIBOR

Month

+

4.0000%,

6.0360%, 5/15/32‡

EUR

230,000

266,545

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.5160%,

6.7500%, 12/10/54‡

$

267,000

277,474

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.8860%,

7.0000%, 3/10/55‡

169,000

177,565

HLF

Financing

Sarl

LLC,

12.2500%, 4/15/29

(144A)

175,000

189,210

HLF

Financing

Sarl

LLC,

4.8750%, 6/1/29

(144A)

323,000

283,466

House

of

HR

Group

BV,

9.0000%, 11/3/29

EUR

300,000

327,805

Humana,

Inc.,

5.5000%, 3/15/53

$

271,000

251,561

ION

Platform

Finance

US,

Inc.,

7.8750%, 9/30/32

(144A)

581,000

566,690

LifePoint

Health,

Inc.,

11.0000%, 10/15/30

(144A)

27,000

29,770

LifePoint

Health,

Inc.,

10.0000%, 6/1/32

(144A)

271,000

288,246

Nidda

Healthcare

Holding

GmbH,

EURIBOR

Month

+

3.2500%,

5.2760%, 10/15/32

(144A)‡

EUR

170,000

197,465

Pilgrim's

Pride

Corp.,

6.2500%, 7/1/33

$

279,000

297,493

Raven

Acquisition

Holdings

LLC,

6.8750%, 11/15/31

(144A)

285,000

291,236

Solventum

Corp.,

5.6000%, 3/23/34

275,000

286,008

Star

Parent,

Inc.,

9.0000%, 10/1/30

(144A)#

167,000

178,318

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36#

604,000

632,874

UnitedHealth

Group,

Inc.,

5.3000%, 6/15/35#

137,000

141,809

Veritiv

Operating

Co.,

10.5000%, 11/30/30

(144A)

596,000

620,244

5,303,779

Diversified

-

0.3%

Progroup

AG,

5.3750%, 4/15/31

EUR

400,000

466,714

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Energy

-

3.5%

Civitas

Resources,

Inc.,

8.7500%, 7/1/31

(144A)

$

331,000

$

340,286

Civitas

Resources,

Inc.,

9.6250%, 6/15/33

(144A)

175,000

187,747

DT

Midstream,

Inc.,

5.8000%, 12/15/34

(144A)

205,000

211,769

Hess

Midstream

Operations

LP,

4.2500%, 2/15/30

(144A)

635,000

618,479

Howard

Midstream

Energy

Partners

LLC,

6.6250%, 1/15/34

(144A)

346,000

356,558

ITT

Holdings

LLC,

6.5000%, 8/1/29

(144A)

442,000

428,109

Occidental

Petroleum

Corp.,

5.5500%, 10/1/34

207,000

209,646

OEG

Finance

plc,

7.2500%, 9/27/29

EUR

320,000

386,472

Sunoco

LP,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.2300%,

7.8750%, 9/18/30

(144A)‡,μ

$

839,000

852,004

Tallgrass

Energy

Partners

LP,

6.7500%, 3/15/34

(144A)

718,000

712,479

USA

Compression

Partners

LP,

6.2500%, 10/1/33

(144A)

496,000

497,904

Viper

Energy

Partners

LLC,

5.7000%, 8/1/35

279,000

284,478

5,085,931

Financial

-

4.4%

American

Express

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.8540%,

3.5500%, 9/15/26‡,μ

452,000

443,565

Aretec

Group,

Inc.,

10.0000%, 8/15/30

(144A)

253,000

275,277

Atlas

Warehouse

Lending

Co.

LP,

6.2500%, 1/15/30

(144A)

275,000

288,024

Burford

Capital

Global

Finance

LLC,

6.8750%, 4/15/30

(144A)

200,000

198,990

Burford

Capital

Global

Finance

LLC,

7.5000%, 7/15/33

(144A)

400,000

394,913

Capital

One

Financial

Corp.,

SOFR

+

2.0360%,

6.1830%, 1/30/36#,‡

273,000

284,510

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.4170%,

3.8750%, 2/18/26‡,μ

441,000

438,133

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.2800%,

5.5920%, 11/19/34‡

205,000

209,777

EF

Holdco,

7.3750%, 9/30/30

(144A)

190,000

190,496

Jane

Street

Group,

6.7500%, 5/1/33

(144A)

666,000

694,751

JPMorgan

Chase

&

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.8500%,

3.6500%, 6/1/26‡,μ

441,000

435,588

LPL

Holdings,

Inc.,

5.7500%, 6/15/35#

137,000

140,613

Millrose

Properties,

Inc.,

6.3750%, 8/1/30

(144A)

303,000

306,951

Millrose

Properties,

Inc.,

6.2500%, 9/15/32

(144A)

269,000

270,286

Navient

Corp.,

5.5000%, 3/15/29

506,000

496,908

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

280,000

285,679

Rithm

Capital

Corp.,

8.0000%, 7/15/30

(144A)

286,000

289,912

Stonex

Escrow

Issuer

LLC,

6.8750%, 7/15/32

(144A)

357,000

369,354

StoneX

Group,

Inc.,

7.8750%, 3/1/31

(144A)

136,000

144,037

Toronto-Dominion

Bank

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.7210%,

6.3500%, 10/31/85‡

269,000

272,111

6,429,875

Industrial

-

3.0%

Amphenol

Corp.,

5.3000%, 11/15/55

354,000

344,488

Ardagh

Metal

Packaging

Finance

USA

LLC,

3.0000%, 9/1/29

EUR

540,000

581,889

Assemblin

Caverion

Group

AB,

EURIBOR

Month

+

3.5000%,

5.5000%, 7/1/31‡

EUR

320,000

371,285

Bombardier,

Inc.,

7.4500%, 5/1/34

(144A)

$

434,000

482,129

JH

North

America

Holdings,

Inc.,

5.8750%, 1/31/31

(144A)

358,000

364,628

Maxam

Prill

Sarl,

7.7500%, 7/15/30

(144A)

661,000

675,073

Rand

Parent

LLC,

8.5000%, 2/15/30

(144A)

474,000

484,558

Reno

de

Medici

SpA,

EURIBOR

Month

+

5.0000%,

7.0140%, 4/15/29‡

EUR

320,000

239,656

Stonepeak

Nile

Parent

LLC,

7.2500%, 3/15/32

(144A)

$

58,000

61,340

Watco

Cos.

LLC,

7.1250%, 8/1/32

(144A)

368,000

381,229

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Corporate

Bonds

-

(continued)

Industrial

-

(continued)

Wilsonart

LLC,

11.0000%, 8/15/32

(144A)

$

449,000

$

424,063

4,410,338

Technology

-

2.8%

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35#

199,000

206,107

Capstone

Borrower,

Inc.,

8.0000%, 6/15/30

(144A)

155,000

158,138

Cloud

Software

Group,

Inc.,

9.0000%, 9/30/29

(144A)

565,000

584,402

CoreWeave,

Inc.,

9.2500%, 6/1/30

(144A)

408,000

411,968

CoreWeave,

Inc.,

9.0000%, 2/1/31

(144A)

307,000

307,898

Electronic

Arts,

Inc.,

2.9500%, 2/15/51#

392,000

357,795

Kioxia

Holdings

Corp.,

6.6250%, 7/24/33

(144A)

353,000

368,217

McAfee

Corp.,

7.3750%, 2/15/30

(144A)

379,000

346,952

ROBLOX

Corp.,

3.8750%, 5/1/30

(144A)

521,000

498,531

Rocket

Software,

Inc.,

6.5000%, 2/15/29

(144A)

507,000

492,540

TeamSystem

SpA,

EURIBOR

Month

+

3.5000%,

5.5260%, 7/31/31‡

EUR

320,000

370,573

4,103,121

Utilities

-

3.4%

Algonquin

Power

&

Utilities

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.2490%,

4.7500%, 1/18/82‡

$

202,000

198,196

Alpha

Generation

LLC,

6.2500%, 1/15/34

(144A)

722,000

730,390

American

Electric

Power

Co.,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.6750%,

3.8750%, 2/15/62‡

298,000

289,459

Calpine

Corp.,

5.0000%, 2/1/31

(144A)

273,000

273,462

Calpine

Corp.,

3.7500%, 3/1/31

(144A)#

288,000

276,466

CenterPoint

Energy,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.2230%,

5.9500%, 4/1/56#,‡

406,000

408,588

CMS

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.9610%,

6.5000%, 6/1/55#,‡

411,000

427,586

Long

Ridge

Energy

LLC,

8.7500%, 2/15/32

(144A)

388,000

401,178

NRG

Energy,

Inc.,

5.7500%, 1/15/34

(144A)

200,000

201,410

NRG

Energy,

Inc.,

6.0000%, 1/15/36

(144A)

380,000

386,541

Talen

Energy

Supply

LLC,

6.2500%, 2/1/34

(144A)

355,000

364,034

Talen

Energy

Supply

LLC,

6.5000%, 2/1/36

(144A)

472,000

488,852

Vistra

Operations

Co.

LLC,

6.0000%, 4/15/34

(144A)

198,000

207,687

VoltaGrid

LLC,

7.3750%, 11/1/30

(144A)

204,000

207,479

4,861,328

Total

Corporate

Bonds

(cost

$48,445,213)

49,362,465

Mortgage-Backed

Securities

-

45.8%

ALA

Trust

,

CME

Term

SOFR

Month

+

3.0907%

,

7.1237 %

,

6/15/40

(144A)

‡

176,000

177,062

BAMLL

Re-REMIC

Trust

0.0099%, 2/27/51

(144A)

‡

243,129

183,118

0.0000%, 11/27/51

(144A)

§

257,817

196,089

0.8603%, 9/27/52

(144A)

‡

327,626

291,806

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

+

2.1145%,

6.1467%, 9/15/36

(144A)

‡

314,869

314,221

CME

Term

SOFR

Month

+

1.9409%,

5.9731%, 2/15/39

(144A)

‡

148,756

148,831

CME

Term

SOFR

Month

+

1.6423%,

5.6745%, 12/15/39

(144A)

‡

65,015

65,100

CME

Term

SOFR

Month

+

1.8920%,

5.9241%, 12/15/39

(144A)

‡

1,114,893

1,116,914

7.7127%, 8/13/41

(144A)

‡

888,000

865,845

CME

Term

SOFR

Month

+

2.7905%,

6.8235%, 10/15/41

(144A)

‡

403,815

404,244

BX

Trust

CME

Term

SOFR

Month

+

2.9413%,

6.9735%, 3/15/30

(144A)

‡

299,831

297,930

CME

Term

SOFR

Month

+

2.3590%,

6.3910%, 10/15/36

(144A)

‡

325,000

324,448

CME

Term

SOFR

Month

+

2.7080%,

6.7400%, 10/15/36

(144A)

‡

600,000

598,752

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

BX

Trust

-

(continued)

CME

Term

SOFR

Month

+

2.1110%,

6.1431%, 4/15/39

(144A)

‡

$

227,500

$

227,277

CME

Term

SOFR

Month

+

2.6901%,

6.7223%, 4/15/41

(144A)

‡

765,071

766,446

CME

Term

SOFR

Month

+

2.8894%,

6.9216%, 6/15/41

(144A)

‡

370,000

369,241

CME

Term

SOFR

Month

+

3.7500%,

7.7822%, 7/15/44

(144A)

‡

808,000

813,067

BXHPP

Trust

CME

Term

SOFR

Month

+

0.7645%,

4.7965%, 8/15/36

(144A)

‡

220,000

212,722

CME

Term

SOFR

Month

+

1.0145%,

5.0465%, 8/15/36

(144A)

‡

375,000

353,184

BXP

Trust

,

3.4248 %

,

6/13/39

(144A)

‡

240,000

231,256

Connecticut

Avenue

Securities

Trust

SOFR30A

+

6.0000%,

10.1828%, 12/25/41

(144A)

‡

389,503

407,581

SOFR30A

+

4.5000%,

8.6828%, 1/25/42

(144A)

‡

500,000

519,171

SOFR30A

+

5.9000%,

10.0828%, 7/25/43

(144A)

‡

1,000,000

1,090,010

SOFR30A

+

2.8000%,

6.9828%, 3/25/44

(144A)

‡

1,425,000

1,472,768

SOFR30A

+

1.6000%,

5.7828%, 9/25/44

(144A)

‡

61,632

61,676

SOFR30A

+

1.7000%,

5.8828%, 1/25/45

(144A)

‡

1,390,536

1,382,748

SOFR30A

+

1.9500%,

6.1328%, 2/25/45

(144A)

‡

830,000

832,586

DROP

Mortgage

Trust

,

CME

Term

SOFR

Month

+

1.2645%

,

5.2965 %

,

10/15/43

(144A)

‡

325,000

316,162

Extended

Stay

America

Trust

CME

Term

SOFR

Month

+

2.6000%,

6.7500%, 10/15/42

(144A)

‡

141,000

141,693

CME

Term

SOFR

Month

+

3.3500%,

7.5000%, 10/15/42

(144A)

‡

219,000

219,854

Fashion

Show

Mall

LLC

,

5.6380 %

,

10/10/41

(144A)

‡

1,000,000

1,021,034

FHLMC

STACR

REMIC

Trust

SOFR30A

+

6.2500%,

10.4328%, 10/25/33

(144A)

‡

250,000

310,679

SOFR30A

+

2.1000%,

6.2828%, 9/25/41

(144A)

‡

440,000

443,111

SOFR30A

+

6.2500%,

10.4328%, 9/25/41

(144A)

‡

912,000

945,032

SOFR30A

+

7.5000%,

11.6828%, 10/25/41

(144A)

‡

243,000

255,937

SOFR30A

+

7.8000%,

11.9828%, 11/25/41

(144A)

‡

930,000

985,885

SOFR30A

+

7.0000%,

11.1828%, 12/25/41

(144A)

‡

1,236,000

1,303,251

SOFR30A

+

8.5000%,

12.6828%, 2/25/42

(144A)

‡

660,000

713,115

SOFR30A

+

1.4500%,

5.6328%, 10/25/44

(144A)

‡

325,000

325,102

SOFR30A

+

1.6500%,

5.8328%, 2/25/45

(144A)

‡

350,000

350,765

FNMA/FHLMC

UMBS,

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

105,000

89,115

3.0000%,

TBA, 30

Year

Maturity

^

4,468,000

3,957,866

3.5000%,

TBA, 30

Year

Maturity

^

5,733,000

5,279,629

4.0000%,

TBA, 30

Year

Maturity

^

1,934,000

1,834,778

4.5000%,

TBA, 30

Year

Maturity

^

3,518,000

3,429,072

5.0000%,

TBA, 30

Year

Maturity

^

2,463,000

2,450,636

5.5000%,

TBA, 30

Year

Maturity

^

6,438,000

6,504,762

6.0000%,

TBA, 30

Year

Maturity

^

3,207,000

3,279,254

6.5000%,

TBA, 30

Year

Maturity

^

153,000

158,409

FREMF

Mortgage

Trust

,

5.6346 %

,

11/25/28

(144A)

‡

162,000

151,738

Galaxy

Senior

Participation

Interest

Trust

,

0.0000 %

,

7/31/26

¢,‡

400,980

403,124

GNMA

II,

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

^

2,092,000

1,914,249

4.0000%,

TBA, 30

Year

Maturity

^

204,000

192,850

5.0000%,

TBA, 30

Year

Maturity

^

96,000

95,674

5.5000%,

TBA, 30

Year

Maturity

^

68,000

68,554

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Mortgage-Backed

Securities

-

(continued)

Great

Wolf

Trust

,

CME

Term

SOFR

Month

+

2.8900%

,

6.9222 %

,

3/15/39

(144A)

‡

$

325,000

$

327,007

GS

Mortgage

Securities

Corp.

Trust

,

CME

Term

SOFR

Month

+

2.6500%

,

6.6810 %

,

11/25/41

(144A)

‡

330,000

329,983

GWT

,

CME

Term

SOFR

Month

+

2.9395%

,

6.9716 %

,

5/15/41

(144A)

‡

1,330,000

1,333,105

Hudsons

Bay

Simon

JV

Trust

3.9141%, 8/5/34

(144A)

12,227

12,169

4.1545%, 8/5/34

(144A)

238,000

230,951

5.1590%, 8/5/34

(144A)

‡

100,000

98,812

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

Month

+

2.3645%,

6.3555%, 10/25/57

(144A)

‡

893,884

921,784

CME

Term

SOFR

Month

+

2.6145%,

6.6055%, 10/25/57

(144A)

‡

679,365

700,410

LHOME

Mortgage

Trust

,

7.1280 %

,

3/25/29

(144A)

Ç

325,000

327,474

Life

Mortgage

Trust

,

CME

Term

SOFR

Month

+

2.5419%

,

6.5741 %

,

5/15/39

(144A)

‡

165,000

147,859

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

+

2.7154%,

6.7474%, 4/15/38

(144A)

‡

320,000

319,884

CME

Term

SOFR

Month

+

3.3154%,

7.3474%, 4/15/38

(144A)

‡

680,000

680,034

MHP

CME

Term

SOFR

Month

+

3.9575%,

7.9897%, 1/15/27

(144A)

‡

800,000

795,948

CME

Term

SOFR

Month

+

2.3145%,

6.3475%, 7/15/38

(144A)

‡

325,000

323,718

MTN

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

5.2852%

,

9.3252 %

,

3/15/39

(144A)

‡

650,000

650,431

New

Residential

Mortgage

Loan

Trust

,

7.1010 %

,

3/25/39

(144A)

Ç

323,000

325,358

NRM

FHT1

Excess

Owner

LLC

,

6.5450 %

,

3/25/32

(144A)

Ç

594,264

602,397

NYC

Commercial

Mortgage

Trust

,

5.8329 %

,

6/10/42

(144A)

1,342,000

1,374,644

PRET

LLC

,

6.3677 %

,

4/25/55

(144A)

Ç

982,628

986,954

Prima

Capital

CRE

Securitization

Ltd.

,

5.5000 %

,

10/1/33

(144A)

175,000

146,422

PRM7

Trust

,

6.8390 %

,

11/10/42

(144A)

‡

278,000

274,121

PRPM

LLC

,

6.4690 %

,

5/25/30

(144A)

Ç

627,248

628,220

Saluda

Grade

Alternative

Mortgage

Trust

8.0000%, 4/25/29

(144A)

Ç

466,275

464,033

7.5000%, 2/25/30

(144A)

Ç

170,000

170,821

SCG

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

2.7500%

,

6.7822 %

,

8/15/42

(144A)

‡

200,000

200,005

SCG

Trust

,

CME

Term

SOFR

Month

+

3.4000%

,

7.4322 %

,

9/15/42

(144A)

‡

290,000

290,081

SREIT

Trust

,

CME

Term

SOFR

Month

+

2.7327%

,

6.7647 %

,

11/15/36

(144A)

‡

165,000

164,699

SWCH

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

+

3.3402%,

7.3724%, 2/15/42

(144A)

‡

170,000

168,775

CME

Term

SOFR

Month

+

4.2389%,

8.2711%, 2/15/42

(144A)

‡

530,000

527,063

Taurus

UK

Designated

Activity

Co.

SONIO/N

+

2.0000%,

5.9738%, 7/20/35

(144A)

‡

GBP

120,000

157,448

SONIO/N

+

2.8000%,

6.7738%, 7/20/35

(144A)

‡

GBP

170,000

222,308

TEXAS

Commercial

Mortgage

Trust

,

CME

Term

SOFR

Month

+

3.0906%

,

7.1228 %

,

4/15/42

(144A)

‡

$

271,000

271,159

Vontive

Mortgage

Trust

,

6.5070 %

,

3/25/30

(144A)

Ç

496,000

504,785

Wells

Fargo

Commercial

Mortgage

Trust

6.1762%, 3/15/38

(144A)

‡

302,000

302,027

6.9072%, 3/15/38

(144A)

‡

189,000

189,815

5.5755%, 9/15/40

(144A)

‡

561,000

563,862

Total

Mortgage-Backed

Securities

(cost

$66,380,583)

66,599,989

Common

Stocks

-

1.4%

Diversified

Telecommunication

Services

-

0.2%

GCI

Liberty,

Inc.\*

,¢

250,000

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Common

Stocks

-

(continued)

Hotels,

Restaurants

&

Leisure

-

0.2%

Caesars

Entertainment,

Inc.\*

7,793

$

156,639

Churchill

Downs,

Inc.

1,142

113,287

269,926

Household

Durables

-

0.2%

Lennar

Corp.

-

Class

A

1,177

145,678

LGI

Homes,

Inc.\*

2,609

106,473

252,151

Semiconductors

&

Semiconductor

Equipment

-

0.1%

Micron

Technology,

Inc.

1,050

234,958

Software

-

0.6%

Bitfarms

Ltd.\*

22,792

90,484

Cipher

Mining,

Inc.\*

11,313

210,987

Cleanspark,

Inc.\*

8,950

159,310

MARA

Holdings,

Inc.\*

7,584

138,560

Riot

Platforms,

Inc.\*

7,341

145,205

Terawulf,

Inc.\*

10,719

166,145

910,691

Specialty

Retail

-

0.1%

Carvana

Co.

-

Class

A\*

126,294

Total

Common

Stocks

(cost

$2,079,736)

2,044,020

Exchange

Traded

Fund

-

4.7%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

£

(cost

$6,265,536)

124,406

6,728,350

Investment

Companies

-

2.2%

Money

Market

Funds

-

2.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$3,264,403)

3,264,403

3,265,055

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.8%

Investment

Companies

-

1.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

£,∞

2,069,198

2,069,198

Time

Deposits

-

0.4%

Royal

Bank

of

Canada,

3.8500%,

11/3/25

$

517,300

517,300

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,586,498)

2,586,498

Total

Investments

(total

cost

$

180,957,853)

-

125.2%

181,904,681

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(25.2%)

(36,556,509)

Net

Assets

-

100.0%

$145,348,172

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

162,941,319

89.5 %

Luxembourg

4,838,609

2.7 United

Kingdom

3,775,229

2.1 Netherlands

2,240,324

1.2 Canada

1,488,441

0.8 Germany

1,244,003

0.7 Spain

1,235,375

0.7 Italy

610,229

0.3 Ireland

605,125

0.3 Finland

590,819

0.3 Chile

486,433

0.3 France

466,371

0.3 Sweden

371,285

0.2 Japan

368,217

0.2 Switzerland

296,410

0.2 Australia

200,070

0.1 Cayman

Islands

146,422

0.1 Total

$181,904,681

100.0%

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*11/12/2024*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

6.9%

Exchange

Traded

Fund

-

4.7%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

$

–

$

8,930,569

$

(2,611,652)

$

(53,381)

$

462,814

$

6,728,350

124,406

$

275,447

Money

Market

Funds

-

2.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

–

152,588,022

(149,322,774)

(845) 652

3,265,055

3,264,403

250,056

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.8%

Investment

Companies

-

1.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

–

11,600,860

(9,531,662)

–

–

2,069,198

2,069,198

16,053

Δ

Total

Affiliated

Investments

-

8.3%

$–

$173,119,451

$(161,466,088)

$(54,226)

$463,466

$12,062,603

$541,556

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Unfunded

#### Loan

#### Commitments
*Borrower*

*Unfunded* 

*Loan*

*Commitments*

*Value*

*Unrealized*

*Appreciation/*

(Depreciation)

Acropole

Holding

SAS,

First

Lien

Term

Loan

B

$96,154

$96,154

$–

Beacon

Mobility

Corp.,

Delayed

Draw

First

Lien

Term

Loan

15,093

15,293

Total

$111,247

$111,447

$200

#### Schedule

#### of

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
*Counterparty/*

*Foreign* 

*Currency*

*Settlement* 

*Date*

*Foreign* 

*Currency*

*Amount* 

*Sold/*

(Purchased)

*USD* 

*Currency*

*Amount* 

*Sold/*

(Purchased)

*Market* 

*Value*

*and* 

*Unrealized*

*Appreciation*

(Depreciation)

BNP

Paribas

SA

Euro

12/11/25

7,728,952

$

(9,119,438)

$

179,754

Euro

12/11/25

500,000

(590,456)

12,132

Euro

12/11/25

989,375

(1,151,913)

7,554

Euro

12/11/25

970,000

(1,128,736)

6,786

Euro

12/11/25

475,000

(555,092)

5,684

Euro

12/11/25

280,000

(327,344)

3,483

Euro

12/11/25

413,131

(480,022)

2,175

Euro

12/11/25

498,750

(579,035)

2,157

Euro

12/11/25

170,000

(198,247)

1,617

Euro

12/11/25

(4,447)

5,158

(14) Euro

12/11/25

(5,936)

6,908

(42) Euro

12/11/25

(5,704)

6,738

(140) Euro

12/11/25

(10,760)

12,591

(145) Euro

12/11/25

(8,528)

10,028

(163) Euro

12/11/25

(11,600)

13,685

(268) Euro

12/11/25

(121,170)

140,780

(629) Euro

12/11/25

(74,989)

87,452

(717) Euro

12/11/25

(321,133)

373,144

(1,707)

Euro

12/11/25

(163,788)

193,200

(3,755)

Euro

12/11/25

(310,486)

367,337

(8,214)

Euro

12/11/25

(350,590)

417,475

(11,966)

Great

British

Pound

12/11/25

1,594,300

(2,162,913)

68,094

Great

British

Pound

12/11/25

(3,789)

5,091

(112) Great

British

Pound

12/11/25

(155,353)

208,735

(4,610)

Great

British

Pound

12/11/25

(203,546)

273,216

(5,768)

Great

British

Pound

12/11/25

(314,959)

430,229

(16,390)

Japanese

Yen

12/11/25

21,373,449

(141,944)

2,676

Japanese

Yen

12/11/25

4,682,950

(30,990)

Japanese

Yen

12/11/25

(26,056,399)

172,417

(2,636)

235,312

Total

$235,312

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025. #### Schedule

#### of

#### Futures

#### Contracts
*Description*

*Number* 

*of*

*Contracts*

*Expiration*

*Date*

*Notional*

*Amount*

*Value* 

*and*

*Unrealized*

*Appreciation*

(Depreciation)

*Futures* 

*Long:*

U.S.

Treasury

Year

Notes

12/19/25

$

1,239,391

$

4,637

U.S.

Treasury

Year

Notes

12/31/25

14,785,195

(13,843)

U.S.

Treasury

Year

Notes

12/31/25

34,401,445

(22,258)

Total

-

Futures

Long

(31,464)

*Futures* 

*Short:*

U.S.

Treasury

Year

Ultra

Bonds

12/19/25

(4,965,828)

(58,317)

U.S.

Treasury

Long

Bonds

12/19/25

(469,250)

(12,800)

U.S.

Treasury

Ultra

Bonds

12/19/25

(2,546,906)

(97,147)

Total

-

Futures

Short

(168,264)

Total

$(199,728)

#### Schedule

#### of

#### OTC

#### Total

#### Return

#### Swaps
*Counterparty/Return* 

*Paid* 

*by* 

*the* 

*Fund*

*Return* 

*Received* 

*by* 

*Fund*

*Payment* 

*Frequency*

*Termination* 

*Date*

*Notional* 

*Amount*

*Swap* 

*Contracts,* 

*at* 

*Value* 

*and* 

*Unrealized* 

*Appreciation/*

(Depreciation)

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.19%

Janus

Henderson

AAA

CLO

ETF

Quarterly

01/26/2026

USD

134,758

$

4,866

#### Schedule

#### of

#### Exchange-Traded

#### Written

#### Call

#### Options
*Reference* 

*Asset*

*Number* 

*of* 

*Contracts*

*Exercise* 

*Price*

*Expiration* 

*Date*

*Notional*

*Amount*

*Premiums*

*Received*

*Unrealized*

*Appreciation/* 

(Depreciation)

*Option* 

*Written,* 

*at* 

*Value*

*S&P* 

*500* 

*Emini* 

*Index*

7,175.00

USD

12/19/2025

$

500

$

(14,053)

$

(2,947)

$

(17,000)

$(14,053)

$(2,947)

$(17,000)

#### Schedule

#### of

#### Exchange-Traded

#### Written

#### Put

#### Options
*Reference* 

*Asset*

*Number* 

*of* 

*Contracts*

*Exercise* 

*Price*

*Expiration* 

*Date*

*Notional*

*Amount*

*Premiums*

*Received*

*Unrealized*

*Appreciation/* 

(Depreciation)

*Option* 

*Written,* 

*at* 

*Value*

*S&P* 

*500* 

*Emini* 

*Index*

6,150.00

USD

12/19/2025

$

500

$

(23,333)

$

9,708

$

(13,625)

$(23,333)

$9,708

$(13,625)

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund's

Statement

of

Operations

for

the period

ended

October

31,

2025. Please

see

the

"Net

realized

and

change

in

unrealized

gain/(loss)

on

investments"

sections

of

the

Fund's

Statement

of

Operations.

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### as

#### of

#### October

#### 31,

#### 2025
*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

Equity

Contracts

*Total*

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

292,588

$

–

$

292,588

\*

Futures

contracts

4,637

—

–

4,637

Swaps

-

OTC

—

—

4,866

4,866

Total

Asset

Derivatives

$

4,637

$

292,588

$

4,866

$

302,091

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

57,276

–

57,276

\*

Futures

contracts

204,365

—

–

204,365

Written

Options,

at

Value

—

—

30,625

30,625

Total

Liability

Derivatives

$

204,365

$

57,276

$

30,625

$

292,266

\*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### on

#### the

#### Statement

#### of

#### Operations

#### for

#### the

#### period

#### ended

#### October

#### 31,

#### 2025
*Amount* 

*of* 

*Realized* 

*Gain/(Loss)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Credit*

*Contracts*

*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Equity*

*Contracts*

*Commodity*

*Contracts*

*Total*

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(668,041)

$

—

$

—

$

(668,041)

Futures

contracts

—

207,511

—

—

(297,020)

(89,509)

Swap

contracts

(5,745)

—

—

1,052

—

(4,693)

Written

Options

contracts

—

52,421

—

57,409

90,147

199,977

Total

$

(5,745)

$

259,932

$

(668,041)

$

58,461

$

(206,873)

$

(562,266)

*Amount* 

*of* 

*Change* 

*in* 

*Unrealized* 

*Appreciation/(Depreciation)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Interest* 

*Rate*

*Contracts*

*Currency*

*Contracts*

*Equity*

*Contracts*

*Total*

Forward

foreign

currency

exchange

contracts

$

—

$

235,312

$

–

$

235,312

Futures

contracts

(199,728)

—

–

(199,728)

Swap

contracts

—

—

4,866

4,866

Written

Options

contracts

—

—

6,761

6,761

Total

$

(199,728)

$

235,312

$

11,627

$

47,211

#### Janus

#### Henderson

#### Income

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Average

#### Ending

#### Monthly

#### Value

#### of

#### Derivative

#### Instruments

#### During

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Futures

contracts:

Average

notional

amount

of

contracts

-

long

$39,563,594

Average

notional

amount

of

contracts

-

short

6,094,831

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

2,884,296

Average

amounts

sold

-

in

USD

11,918,585

Credit

default

swaps:

Average

notional

amount

-

buy

protection

184,534

Average

notional

amount

-

sell

protection

175,000

OTC

Swaps:

Average

notional

amount

65,753

Options:

Average

value

of

option

contracts

written

21,260

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets
*Counterparty*

*Gross* 

*Amounts*

*of* 

*Recognized*

*Assets*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral*

*Pledged*

(b) *Net* 

*Amount*

BNP

Paribas

SA

$

292,588

$

(57,276)

$

—

$

235,312

J.P.

Morgan

Chase

Bank

4,866

—

—

4,866

Total

$

297,454

$

(57,276)

$

—

$

240,178

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities
*Counterparty*

*Gross* 

*Amounts*

*of* 

*Recognized*

*Liabilities*

*Offsetting* 

*Asset*

*or* 

*Liability*

(a) *Collateral*

*Pledged*

(b) *Net* 

*Amount*

BNP

Paribas

SA

$

57,276

$

(57,276)

$

—

$

—

Total

$

57,276

$

(57,276)

$

—

$

—

#### 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

$

2,525,644

$

—

$

(2,525,644)

$

—

(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

#### Income

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

EUR

Euro

EUR0012M

12-Month

EURIBOR

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GBP

British

Pound

GNMA

Government

National

Mortgage

Association

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

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

\*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

securities

as

of

the

period

ended

October

31,

2025

is

$653,124,

which

represents

0.4%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2025. ∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

†

The

position

has

not

yet

settled

as

of

October

31,

2025. The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

¤

Zero

coupon

bond.

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.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

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

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

October

31,

2025

is

$100,737,377

which

represents

69.3%

of

net

assets.

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Asset-Backed* 

*Securities*

$

—

$

19,649,124

$

—

$

19,649,124

*Bank* 

*Loans*

—

21,897,918

—

21,897,918

*Collateralized* 

*Loan* 

*Obligations*

—

8,988,830

—

8,988,830

*Convertible* 

*Bonds*

—

782,432

—

782,432

*Corporate* 

*Bonds*

—

49,362,465

—

49,362,465

*Mortgage-Backed* 

*Securities*

—

66,196,865

403,124

66,599,989

*Common* 

*Stocks*

Diversified

Telecommunication

Services

—

—

250,000

250,000

All

Other

1,794,020

—

—

1,794,020

*Exchange* 

*Traded* 

*Fund*

6,728,350

—

—

6,728,350

*Investment* 

*Companies*

—

3,265,055

—

3,265,055

*Investments* 

*Purchased* 

*with* 

*Cash* 

*Collateral* 

*from* 

*Securities* 

*Lending*

—

2,586,498

—

2,586,498

Total

Investments

in

Securities

$

8,522,370

$

172,729,187

$

653,124

$

181,904,681

#### Other

#### Financial

#### Instruments
(a) #### :
*Forward* 

*Foreign* 

*Currency* 

*Exchange* 

*Contracts*

$

—

$

292,588

$

—

$

292,588

*Futures* 

*Contracts*

4,637

—

—

4,637

*OTC* 

*Swaps*

—

4,866

—

4,866

Total

Other

Financial

Instruments

$

4,637

$

297,454

$

—

$

302,091

*Unfunded* 

*Loan* 

*Commitments*

$

—

$

$

—

$

#### Total

#### Assets
$

8,527,007

$

173,026,841

$

653,124

$

182,206,972

#### Liabilities

#### Other

#### Financial

#### Instruments
(a) #### :
*Forward* 

*Foreign* 

*Currency* 

*Exchange* 

*Contracts*

$

—

$

57,276

$

—

$

57,276

*Futures* 

*Contracts*

204,365

—

—

204,365

*Options* 

*Written,* 

*at* 

*Value*

30,625

—

—

30,625

Total

Other

Financial

Instruments

$

234,990

$

57,276

$

—

$

292,266

#### Total

#### Liabilities
$

234,990

$

57,276

$

—

$

292,266

(a) Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

#### Janus

#### Henderson

#### Income

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$169,358,716)

(1) $

169,842,078

Affiliated

investments,

at

value

(cost

$11,599,137)

12,062,603

Cash

13,655

Cash

denominated

in

foreign

currency

(cost

$1,791,744)

1,773,448

Forward

foreign

currency

exchange

contracts

292,588

Due

from

broker

for

futures

630,000

Receivable

for

variation

margin

on

futures

contracts

13,976

Net

Unrealized

Appreciation

on

Unfunded

Commitments

Receivables:

Investments

sold

837,689

TBA

investments

sold

5,331,914

Interest

993,836

OTC

swap

contracts,

at

value

4,866

Due

from

adviser

2,851

Total

Assets

191,799,704

Liabilities:

Collateral

on

securities

loaned

(Note

3)

2,586,498

Forward

foreign

currency

exchange

contracts

57,276

Options

written,

at

value

(premiums

received

$37,386)

30,625

Payables:

Investments

purchased

9,194,627

TBA

investments

purchased

34,518,727

Management

fees

63,779

Total

Liabilities

46,451,532

Commitments

and

contingent

liabilities

Net

Assets

$

145,348,172

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

142,265,301

Total

distributable

earnings

(loss)

3,082,871

Total

Net

Assets

$

145,348,172

Net

Assets

$

145,348,172

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,850,000

Net

Asset

Value

Per

Share

$

.00

(1) Includes

$2,525,644

of

securities

on

loan.

See

Note

in

Notes

to

Financial

Statements.

#### Janus

#### Henderson

#### Income

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### period

#### ended

#### October

#### 31,

#### 2025
(1) Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

5,991,606

Dividends

from

affiliates

525,503

Dividends

347,013

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

16,053

Unaffiliated

securities

lending

income,

net

4,363

Foreign

tax

withheld

(7,046)

Total

Investment

Income

6,877,492

Expenses:

Management

Fees

530,128

Total

Expenses

530,128

Less:

Excess

Expense

Reimbursement

and

Waivers

(23,392)

Net

Expenses

506,736

Net

Investment

Income/(Loss)

6,370,756

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

1,326,219

Investments

in

affiliates

(54,226)

TBA

sales

commitments

834,479

Forward

foreign

currency

exchange

contracts

(668,041)

Futures

contracts

(89,509)

Swap

contracts

(4,693)

Written

options

contracts

199,977

Total

Net

Realized

Gain/(Loss)

on

Investments

$

1,544,206

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

488,479

Investments

in

affiliates

463,466

Unfunded

Commitments

Forward

foreign

currency

exchange

contracts

235,312

Futures

contracts

(199,728)

Swap

contracts

4,866

Written

options

contracts

6,761

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

999,356

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

8,914,318

(1) Period

from

November

12,

2024

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Income

#### ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Period* 

*Ended*

*October* 

*31,* 

*2025*

(1) Operations:

Net

investment

income/(loss)

$

6,370,756

Net

realized

gain/(loss)

on

investments

1,544,206

Change

in

unrealized

net

appreciation/depreciation

999,356

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

8,914,318

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(5,831,447)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(5,831,447)

Capital

Share

Transactions

142,265,301

Net

Increase/(Decrease)

in

Net

Assets

145,348,172

Net

Assets:

—

Beginning

of

Period

—

End

of

Period

$

145,348,172

(1) Period

from

November

12,

2024

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Income

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

2025

(1) Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2) 3.04 Net

realized

and

unrealized

gain/(loss)

0.59 Total

from

Investment

Operations

3.63 Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(2.63)

Total

Dividends

and

Distributions

(2.63)

Net

Asset

Value,

End

of

Period

$51.00

Total

Return

\*

7.46%

Net

assets,

End

of

Period

(in

thousands)

$145,348

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.52%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.50%

Ratio

of

Net

Investment

Income/(Loss)

6.20%

Portfolio

Turnover

Rate

(3)(4)

126%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

November

12,

2024

(commencement

of

operations)

through

October

31,

2025. (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.

(4) Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson

Income

ETF (the

"Fund")

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

"Trust"),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946. The

financial

statements

include

information

for

the

period

from November

12,

2024

(commencement

of

operations)

through

October

31,

2025. As

of

the

date

of

this

report,

the

Trust

offers fifteen

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

high

current

income

with

a

secondary

focus

on

capital

appreciation.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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 period.

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,

2025 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.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

#### 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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Foreign

#### Currency

#### Translations
The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

#### Dividends

#### and

#### Distributions
Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

2. #### Derivative

#### Instruments
The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended October

31,

2025

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:

#### 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

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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.

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
A

forward

foreign

currency

exchange

contract

("forward

currency

contract")

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

#### Futures

#### Contracts
A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

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

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

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.

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.

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

#### Swaps
Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund's

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

("CCP").

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

("FCM")

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

"Executing

Dealer")

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

("CFTC").

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund's

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund's

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract's

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund's

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

("CDX"),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

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

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

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,

2025. Total

return

swaps

involve

an

exchange

by

two

parties

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset,

which

includes

both

the

income

it

generates

and

any

capital

gains

over

the

payment

period.

A

fixed-income

total

return

swap

may

be

written

on

many

different

kinds

of

underlying

reference

assets,

and

may

include

different

indices

for

various

kinds

of

debt

securities

(e.g.,

U.S.

investment

grade

bonds,

high-yield

bonds,

or

emerging

market

bonds).

During

the

period,

the

Fund

entered

into

total

return

swaps

on

to

increase

exposure

to

equity

risk.

These

total

return

swaps

require

the

Fund

to

pay

a

floating

reference

interest

rate,

and

an

amount

equal

to

the

negative

price

movement

of

securities

or

an

index

multiplied

by

the

notional

amount

of

the

contract.

The

Fund

will

receive

payments

equal

to

the

positive

price

movement

of

the

same

securities

or

index

multiplied

by

the

notional

amount

of

the

contract

and,

in

some

cases,

dividends

paid

on

the

securities.

#### Options

#### Contracts
An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

"exercises"

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor's

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

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

as

"Variation

margin

receivable"

or

"Variation

margin

payable"

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund's

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund's

exposure

to

the

counterparty.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

"Options

written,

at

value"

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The

risk

in

writing

put

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund

wrote

call

options

on

commodity

futures

for

the

purpose

of

decreasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund

wrote

put

options

on

commodity

futures

for

the

purpose

of

increasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund wrote put

options

on

bond

futures

in

order

to increase

interest

rate

risk

where increasing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund

wrote

call

options

on

various

equity

index

futures

for

the

purpose

of

decreasing

exposure

to

broad

equity

risk

and/or

generating

carry.

During

the

period,

the

Fund

wrote

put

options

on

various

equity

index

futures

for

the

purpose

of

increasing

exposure

to

broad

equity

risk

and/or

generating

carry.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

3. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Exchange-Traded

#### Funds

#### Risk
The

Fund

may

invest

in

exchange-traded

funds

("ETFs"),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests.

#### CLO

#### Risk
The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

In stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

significant

losses

experienced

by

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund's

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others.

#### Nondiversification

#### Risk
The

Fund

is

classified

as

nondiversified

under

the

1940

Act.

This

gives

the

Fund's

portfolio

managers

more

flexibility

to

hold

larger

positions

in

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund's

NAV

and

total

return.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

#### Privately

#### Issued

#### Securities

#### Risk
Privately-issued

securities

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

"Securities

Act").

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund's

net

asset

value

per

share

("NAV")

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result.

#### Mortgage

#### and

#### Asset-Backed

#### Securities
Mortgage-and

asset-backed

securities

represent

interests

in

"pools"

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

("Ginnie

Mae"),

the

Federal

National

Mortgage

Association

("Fannie

Mae"),

the

Federal

Home

Loan

Mortgage

Corporation

("Freddie

Mac"),

or

other

governmental

or

government-related

entities.

Ginnie

Mae's

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

("FHFA"),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities'

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA's

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities'

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund's

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

#### TBA

#### Commitments
The

Fund

may

enter

into

"to

be

announced"

or

"TBA"

commitments.

TBAs

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities,

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

Although

TBA

securities

must

meet

industry-accepted

"good

delivery"

standards,

there

can

be

no

assurance

that

a

security

purchased

on

forward

commitment

basis

will

ultimately

be

issued

or

delivered

by

the

counterparty.

During

the

settlement

period,

the

Fund

will

still

bear

the

risk

of

any

decline

in

the

value

of

the

security

to

be

delivered.

Because

TBA

commitments

do

not

require

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

the

delivery

of

a

specific

security,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

("MSFTA")

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund's

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund's

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash.

#### When-Issued,

#### Delayed

#### Delivery

#### and

#### Forward

#### Commitment

#### Transactions
The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund's

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security's

price

appreciates

in

value

such

that

the

security's

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss.

#### Counterparties
Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties.

#### Offsetting

#### Assets

#### and

#### Liabilities
The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

"Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

October

31,

2025"

table

located

in

the

Fund's

Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund's

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund's

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund's

corresponding

forward

foreign

currency

exchange

contract's

obligation

value.

#### Loans
The

Fund

may

invest

in

various

commercial

loans,

including

bank

loans,

bridge

loans,

debtor-in-possession

("DIP")

loans,

mezzanine

loans,

and

other

fixed

and

floating

rate

loans.

These

loans

may

be

acquired

through

loan

participations

and

assignments

or

on

a

when-issued

basis.

Below

are

descriptions

of

the

types

of

loans

held

by

the

Fund

as of

October

31,

2025. • Bank

Loans

-

Bank

loans

are

obligations

of

companies

or

other

entities

entered

into

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

The

Fund's

investments

in

bank

loans

are

generally

acquired

as

a

participation

interest

in,

or

assignment

of,

loans

originated

by

a

lender

or

other

financial

institution.

These

investments

may

include

institutionally-

traded

floating

and

fixed-rate

debt

securities.

• Floating

Rate

Loans

–

Floating

rate

loans

are

debt

securities

that

have

floating

interest

rates,

that

adjust

periodically,

and

are

tied

to

a

benchmark

lending

rate,

such

as

Secured

Overnight

Financing

Rate

("SOFR").

In

other

cases,

the

lending

rate

could

be

tied

to

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

or

the

rate

paid

on

large

certificates

of

deposit

traded

in

the

secondary

markets.

If

the

benchmark

lending

rate

changes,

the

rate

payable

to

lenders

under

the

loan

will

change

at

the

next

scheduled

adjustment

date

specified

in

the

loan

agreement.

Floating

rate

loans

are

typically

issued

to

companies

(''borrowers'')

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

Floating

rate

loan

investments

are

generally

below

investment

grade.

Senior

floating

rate

loans

are

secured

by

specific

collateral

of

a

borrower

and

are

senior

in

the

borrower's

capital

structure.

The

senior

position

in

the

borrower's

capital

structure

generally

gives

holders

of

senior

loans

a

claim

on

certain

of

the

borrower's

assets

that

is

senior

to

subordinated

debt

and

preferred

and

common

stock

in

the

case

of

a

borrower's

default.

Floating

rate

loan

investments

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

Floating

rate

loans

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged.

The

Fund

may

invest

in

obligations

of

borrowers

who

are

in

bankruptcy

proceedings.

While

the

Fund

generally

expects

to

invest

in

fully

funded

term

loans,

certain

of

the

loans

in

which

the

Fund

may

invest

include

revolving

loans,

bridge

loans,

and

delayed

draw

term

loans.

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Purchasers

of

floating

rate

loans

may

pay

and/or

receive

certain

fees.

The

Fund

may

receive

fees

such

as

covenant

waiver

fees

or

prepayment

penalty

fees.

The

Fund

may

pay

fees

such

as

facility

fees.

Such

fees

may

affect

the

Fund's

return.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

As

of

October

31,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,525,644

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2025 is $2,586,498,

resulting

in

the

net

amount

due

to

the

counterparty

of

$60,854.

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

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

period

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.52% of

the

Fund's

average

daily

net

assets.

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

28,

2026. The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended October

31,

2025,

the

Adviser

waived

$23,392 of

the

Fund's

management

fee,

attributable

to

the

Fund's

investment

in

the

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2025, the

Adviser

owned 400,000

shares

or 14.04%

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

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$1

billion

0.52%

Next

$2

billion

0.50%

Over

$3

billion

0.48%

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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

period

ended

October

31,

2025 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.

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2025

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$2,263,402

$—

$—

$—

$14,559

$804,910

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$181,099,771

$2,142,479

$(1,337,569)

$804,910

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$9,825

$—

$—

$—

*For* 

*the* 

*period* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$5,831,447

$—

$—

$—

#### Janus

#### Henderson

#### Income

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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.

6. #### Capital

#### Share

#### Transactions
7. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

period

ended

October

31,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows:

8. #### Recent

#### Accounting

#### Pronouncements
The

FASB

issued

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(ASU

2023-09)

in

December

2023. The

new

guidance

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

9. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*Period* 

*Ended* 

*October* 

*31,* 

*2025*

(1) *Shares*

*Amount*

Shares

sold

2,850,001

$

142,265,351

Shares

repurchased

(1) (50)

Net

Increase/(Decrease)

2,850,000

$

142,265,301

(1) Period

from

November

12,

2024

(commencement

of

operations)

through

October

31,

2025. *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*

$271,811,472

$127,305,893

$—

$—

#### Janus

#### Henderson

#### Income

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Income

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

November

12,

2024

(commencement

of

operations)

through

October

31,

2025

(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,

2025,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

November

12,

2024

(commencement

of

operations)

through

October

31,

2025

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

audit.

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

audit

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

audit

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

audit

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,

2025

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

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Income

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

period

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

84.49%

#### Janus

#### Henderson

#### Income

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93101

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statement

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares*

*Value*

Common

Stocks

-

99.8%

Aerospace

&

Defense

-

7.9%

Boeing

Co.

(The)\*

5,668

$

1,139,381

Howmet

Aerospace,

Inc.

7,499

1,544,419

2,683,800

Beverages

-

2.4%

Monster

Beverage

Corp.\*

12,487

834,506

Biotechnology

-

7.0%

Argenx

SE

(ADR)\*

995

814,407

Madrigal

Pharmaceuticals,

Inc.\*

3,711

1,554,538

2,368,945

Broadline

Retail

-

12.9%

Amazon.com,

Inc.\*

13,186

3,220,285

MercadoLibre

,

Inc.\*

511

1,189,230

4,409,515

Capital

Markets

-

4.1%

Intercontinental

Exchange,

Inc.

9,654

1,412,284

Construction

&

Engineering

-

1.7%

Legence

Corp.

-

Class

A\*

14,018

579,925

Health

Care

Providers

&

Services

-

3.5%

UnitedHealth

Group,

Inc.

3,516

1,200,925

Hotels,

Restaurants

&

Leisure

-

11.6%

Booking

Holdings,

Inc.

1,137,414

Chipotle

Mexican

Grill,

Inc.

-

Class

A\*

21,698

687,610

DoorDash

,

Inc.

-

Class

A\*

3,974

1,010,866

DraftKings,

Inc.

-

Class

A\*

37,007

1,132,044

3,967,934

IT

Services

-

2.8%

Shopify,

Inc.

-

Class

A\*

5,423

942,843

Life

Sciences

Tools

&

Services

-

2.4%

Danaher

Corp.

3,725

802,291

Pharmaceuticals

-

2.8%

Eli

Lilly

&

Co.

1,114

961,226

Semiconductors

&

Semiconductor

Equipment

-

18.7%

Broadcom,

Inc.

8,493

3,139,267

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

10,741

3,226,919

6,366,186

Software

-

22.0%

AppLovin

Corp.

-

Class

A\*

1,455

927,315

Datadog,

Inc.

-

Class

A\*

8,343

1,358,324

HubSpot,

Inc.\*

1,470

723,122

Nebius

Group

NV

-

Class

A\*

4,202

549,706

Oracle

Corp.

12,428

3,263,717

PTC,

Inc.\*

3,339

662,925

7,485,109

Total

Common

Stocks

(cost

$28,370,826)

34,015,489

Investment

Companies

-

0.2%

Money

Market

Funds

-

0.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$86,939)

86,939

86,956

Total

Investments

(total

cost

$

28,457,765)

-

100.0%

34,102,445

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(15,885)

Net

Assets

-

100.0%

$34,086,560

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

27,379,340

80.2 %

Taiwan

3,226,919

9.5 Netherlands

1,364,113

4.0 Uruguay

1,189,230

3.5 Canada

942,843

2.8 Total

$34,102,445

100.0%

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*2/4/25*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

0.2%

Money

Market

Funds

-

0.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

–

$

1,625,946

$

(1,538,992)

$

(15) $

$

86,956

86,939

$

4,538

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.0500%

∞

–

4,556,580

(4,556,580)

–

–

–

–

2,330

Δ

Total

Affiliated

Investments

-

0.2%

$–

$6,182,526

$(6,095,572)

$(15)

$17

$86,956

$6,868

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

\*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Common* 

*Stocks*

$

34,015,489

$

—

$

—

$

34,015,489

*Investment* 

*Companies*

—

86,956

—

86,956

#### Total

#### Assets
$

34,015,489

$

86,956

$

—

$

34,102,445

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$28,370,826)

$

34,015,489

Affiliated

investments,

at

value

(cost

$86,939)

86,956

Receivables:

Dividends

600

Total

Assets

34,103,045

Liabilities:

Payables:

Management

fees

16,485

Total

Liabilities

16,485

Commitments

and

contingent

liabilities

Net

Assets

$

34,086,560

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

28,624,740

Total

distributable

earnings

(loss)

5,461,820

Total

Net

Assets

$

34,086,560

Net

Assets

$

34,086,560

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,200,000

Net

Asset

Value

Per

Share

$

.41

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### period

#### ended

#### October

#### 31,

#### 2025
(1) Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

82,062

Dividends

from

affiliates

4,538

Affiliated

securities

lending

income,

net&nbsp;&nbsp;&nbsp;&nbsp;

2,330

Unaffiliated

securities

lending

income,

net

595

Foreign

tax

withheld

(3,763)

Total

Investment

Income

85,762

Expenses:

Management

Fees

95,855

Total

Expenses

95,855

Net

Investment

Income/(Loss)

(10,093)

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(182,845)

Investments

in

affiliates

(15)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(182,860)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

5,644,663

Investments

in

affiliates

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

5,644,680

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

5,451,727

(1) Period

from

February

4,

2025

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

October

31,

2025

See

Notes

to

Financial

Statements.

*Period* 

*Ended*

*October* 

*31,* 

*2025*

(1) Operations:

Net

investment

income/(loss)

$

(10,093)

Net

realized

gain/(loss)

on

investments

(182,860)

Change

in

unrealized

net

appreciation/depreciation

5,644,680

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

5,451,727

Dividends

and

Distributions

to

Shareholders:

—

Return

of

Capital

(6,568)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(6,568)

Capital

Share

Transactions

28,641,401

Net

Increase/(Decrease)

in

Net

Assets

34,086,560

Net

Assets:

—

Beginning

of

Period

—

End

of

Period

$

34,086,560

(1) Period

from

February

4,

2025

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Financial

#### Highlights
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

2025

(1) Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2) (0.01)

Net

realized

and

unrealized

gain/(loss)

3.43 Total

from

Investment

Operations

3.42 Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

—

Return

of

Capital

(0.01)

Total

Dividends

and

Distributions

(0.01)

Net

Asset

Value,

End

of

Period

$28.41

Total

Return

\*

13.70%

Net

assets,

End

of

Period

(in

thousands)

$34,087

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.57%

Ratio

of

Net

Investment

Income/(Loss)

(0.06)%

Portfolio

Turnover

Rate

(3) 31%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

February

4,

2025

(commencement

of

operations)

through

October

31,

2025. (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

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Transformational

Growth 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. The

financial

statements

include

information

for

the

period

from

February 4,

2025

through

October

31,

2025. As

of

the

date

of

this

report,

the

Trust

offers fifteen

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

the Cboe

BZX

Exchange,

Inc. (the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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 period.

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,

2025 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

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Dividends

#### and

#### Distributions
The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Small-

#### and

#### Mid-Sized

#### Companies

#### Risk
The

Fund's

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

#### Nondiversification

#### Risk
The

Fund

is

classified

as

nondiversified

under

the

1940

Act.

This

gives

the

Fund's

portfolio

managers

more

flexibility

to

hold

larger

positions

in

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund's

NAV

and

total

return.

#### Securities

#### Lending
Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns.

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC. Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation.

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

"Affiliated

securities

lending

income,

net"

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

October

31,

2025. 3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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

period

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.57% of

the

Fund's

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.57%

Next

$500

million

0.55%

Over

$1

billion

0.52%

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

As

of

October

31,

2025, the

Adviser

owned 850,000

shares

or 70.83%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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

period

ended

October

31,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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,

2025 are

noted

below.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$—

$—

$(182,860)

$—

$—

$5,644,680

Capital

Loss

Carryover

Schedule

For

the

period

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(182,860)

$—

$(182,860)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$28,457,765

$7,073,832

$(1,429,152)

$5,644,680

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital.

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5. #### Capital

#### Share

#### Transactions
6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

period

ended

October

31,

2025,

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:

For

the

period

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

7. #### Recent

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

Improvements

to

Income

tax

disclosures

("ASU

2023-09").

The

primary

purpose

of

the

amendments

within

ASU

2023-09

is

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

the

rate

reconciliation

table

and

income

taxes

paid

information.

The

amendments

in

ASU

2023-09

are

effective

for

annual

periods

beginning

after

December

15,

2024. During

the

current

fiscal

period,

the

Fund

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Fund.

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*For* 

*the* 

*period* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$—

$—

$6,568

$—

*Period* 

*Ended* 

*October* 

*31,* 

*2025*

(1) *Shares*

*Amount*

Shares

sold

1,200,001

$

28,641,426

Shares

repurchased

(1) (25)

Net

Increase/(Decrease)

1,200,000

$

28,641,401

(1) Period

from

February

4,

2025

(commencement

of

operations)

through

October

31,

2025. *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*

$11,764,209

$6,757,889

$—

$—

*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*

$23,547,351

$—

$—

$—

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Janus

Detroit

Street

Trust

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Transformational

Growth

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Transformational

Growth

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

February

4,

2025

(commencement

of

operations)

through

October

31,

2025

(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,

2025,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

February

4,

2025

(commencement

of

operations)

through

October

31,

2025

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

audit.

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

audit

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

audit

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

audit

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,

2025

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Designation

#### Requirements
(unaudited)

October

31,

2025

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

period

ended

October

31,

2025:

Return

of

Capital

Distributions

$6,568

#### Janus

#### Henderson

#### Transformational

#### Growth

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
Not

applicable.

125-02-93102

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statement

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

85.5%

Affirm

Master

Trust,

5.1300%,

2/15/33

(144A)

$

1,641,000

$

1,648,608

Affirm

Master

Trust,

4.8900%,

10/16/34

(144A)

1,000,000

993,255

Alloya

Auto

Receivables

Trust,

4.9900%,

3/25/30

(144A)

1,500,000

1,521,893

Ally

Bank

Auto

Credit-Linked

Notes,

5.8270%,

5/17/32

(144A)

129,512

131,165

Ally

Bank

Auto

Credit-Linked

Notes,

4.8440%,

6/15/33

(144A)

3,506,252

3,516,168

Aqua

Finance

Issuer

Trust,

4.7900%,

5/17/51

(144A)

1,364,138

1,368,927

Aqua

Finance

Issuer

Trust,

5.2400%,

5/17/51

(144A)

1,500,000

1,503,260

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

263,549

242,569

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

5.4200%,

12/15/31

(144A)

1,000,000

972,136

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

6.4400%,

8/21/28

(144A)

625,000

642,176

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

5.8500%,

6/20/30

(144A)

1,350,000

1,401,099

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

5.2300%,

12/20/30

(144A)

130,000

133,393

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.7000%,

5.8828%,

7/27/48

(144A)

‡

880,847

880,843

Brex

Commercial

Charge

Card

Master

Trust,

6.0500%,

7/15/27

(144A)

1,250,000

1,255,989

Carmax

Auto

Owner

Trust,

5.1100%,

5/17/32

1,000,000

998,141

Carmax

Select

Receivables

Trust,

4.8300%,

6/16/31

1,000,000

996,216

Carvana

Auto

Receivables

Trust,

6.0900%,

11/13/29

(144A)

427,000

440,732

Carvana

Auto

Receivables

Trust,

4.9900%,

1/12/32

1,000,000

987,420

Compass

Datacenters

Issuer

II

LLC,

5.3160%,

5/25/50

(144A)

3,000,000

3,039,710

Compass

Datacenters

Issuer

II

LLC,

5.4630%,

5/25/50

(144A)

1,000,000

999,126

Compass

Datacenters

Issuer

III

LLC,

5.6560%,

2/25/50

(144A)

315,000

321,381

Dell

Equipment

Finance

Trust,

4.8300%,

3/22/32

(144A)

1,000,000

999,118

Exeter

Select

Automobile

Receivables

Trust,

4.9100%,

12/15/31

2,000,000

1,991,545

FHF

Issuer

Trust,

5.8900%,

6/15/30

(144A)

278,663

280,067

FHF

Issuer

Trust,

6.4300%,

7/15/30

(144A)

200,000

195,345

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

1,500,000

1,456,173

FHF

Trust,

4.4300%,

1/18/28

(144A)

77,908

77,851

FIGRE

Trust,

5.5600%,

5/25/55

(144A)

‡

4,411,710

4,446,406

FIGRE

Trust,

5.4670%,

7/25/55

(144A)

Ç

2,370,006

2,372,215

Flagship

Credit

Auto

Trust,

5.0500%,

1/18/28

(144A)

645,608

645,278

GLS

Auto

Receivables

Issuer

Trust,

4.6900%,

5/15/31

(144A)

1,250,000

1,247,643

GM

Financial

Automobile

Leasing

Trust,

4.6000%,

1/21/30

2,500,000

2,508,552

Gracie

Point

International

Funding

LLC,

SOFR30A

+

2.0000%,

6.3146%,

8/15/28

(144A)

‡

650,000

650,110

Hertz

Vehicle

Financing

III

LLC,

6.5300%,

2/25/28

(144A)

750,000

763,229

Hilton

Grand

Vacations

Trust,

5.2700%,

8/27/40

(144A)

659,263

668,018

Hilton

Grand

Vacations

Trust,

4.7300%,

5/25/44

(144A)

4,395,835

4,403,359

HPEFS

Equipment

Trust,

4.7700%,

5/20/33

(144A)

2,000,000

1,994,877

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

128,380

130,157

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

234,113

235,232

Huntington

Bank

Auto

Credit-Linked

Notes,

4.8350%,

9/20/33

(144A)

3,069,861

3,080,871

LAD

Auto

Receivables

Trust,

4.7000%,

8/16/32

(144A)

2,500,000

2,467,111

Lendbuzz

Securitization

Trust,

6.9200%,

8/15/28

(144A)

133,950

135,313

Lendbuzz

Securitization

Trust,

9.1700%,

4/16/29

(144A)

651,000

677,064

Lendbuzz

Securitization

Trust,

5.2800%,

4/15/31

(144A)

2,862,000

2,826,498

Libra

Solutions

LLC,

6.3550%,

8/15/39

(144A)

2,610,000

2,624,946

Lmrk

Issuer

Co.

LLC,

5.5200%,

9/15/55

(144A)

1,000,000

1,003,855

Lyra

Music

Assets

Delaware

LP,

5.6040%,

9/20/65

(144A)

3,000,000

3,020,592

MetroNet

Infrastructure

Issuer

LLC,

5.4000%,

8/20/55

(144A)

5,000,000

5,054,638

Mission

Lane

Credit

Card

Master

Trust,

6.3200%,

1/15/30

(144A)

260,000

262,578

MVW

LLC,

5.4200%,

10/20/40

(144A)

144,050

145,700

OCCU

Auto

Receivables

Trust,

5.2000%,

10/15/31

(144A)

1,480,000

1,498,356

OCCU

Auto

Receivables

Trust,

5.6000%,

11/15/34

(144A)

2,000,000

2,010,920

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Asset-Backed

Securities

-

(continued)

OneMain

Financial

Issuance

Trust,

2.2100%,

9/14/35

(144A)

$

381,000

$

364,868

Pagaya

AI

Debt

Grantor

Trust,

5.1560%,

7/15/32

(144A)

1,345,686

1,347,245

PFS

Financing

Corp.,

4.6100%,

7/15/29

(144A)

1,000,000

997,777

PFS

Financing

Corp.,

4.6700%,

8/15/30

(144A)

1,000,000

998,768

QTS

Issuer

ABS

I

LLC,

5.4390%,

5/25/55

(144A)

2,000,000

2,026,018

QTS

Issuer

ABS

II

LLC,

5.0440%,

10/5/55

(144A)

1,000,000

994,822

RCKT

Trust,

5.1600%,

7/25/34

(144A)

1,500,000

1,500,956

RCKTL,

4.9500%,

11/27/34

(144A)

1,000,000

997,630

Santander

Bank

Auto

Credit-Linked

Notes,

6.4930%,

6/15/33

(144A)

17,567

17,598

Santander

Bank

Auto

Credit-Linked

Notes,

5.6400%,

12/15/33

(144A)

542,563

548,165

Santander

Drive

Auto

Receivables

Trust,

3.7600%,

7/16/29

12,673

12,631

SCCU

Auto

Receivables

Trust,

5.4500%,

12/15/27

(144A)

739,526

740,621

SCCU

Auto

Receivables

Trust,

5.7000%,

10/16/28

(144A)

125,878

126,662

SCCU

Auto

Receivables

Trust,

5.0800%,

2/17/32

(144A)

2,000,000

2,017,267

Sierra

Timeshare

Receivables

Funding

LLC,

4.6400%,

8/22/44

(144A)

1,250,000

1,250,545

SoFi

Consumer

Loan

Program

Trust,

5.0400%,

8/15/34

(144A)

5,000,000

5,012,947

SoFi

Consumer

Loan

Program

Trust,

4.9100%,

8/25/35

(144A)

1,000,000

998,786

Switch

ABS

Issuer

LLC,

5.3650%,

10/25/55

(144A)

1,000,000

1,002,540

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

4.7900%,

6/20/29

(144A)

1,000,000

1,000,659

Towd

Point

Mortgage

Trust,

SOFR30A

+

1.6500%,

5.8328%,

7/25/65

(144A)

‡

2,000,000

2,004,468

Tricolor

Auto

Securitization

Trust,

8.6100%,

4/17/28

(144A)

520,000

282,950

Truist

Bank

Auto

Credit-Linked

Notes,

4.7280%,

9/26/33

(144A)

1,841,092

1,842,819

United

Auto

Credit

Securitization

Trust,

5.1500%,

6/10/30

(144A)

1,250,000

1,227,863

Upstart

Securitization

Trust,

5.0200%,

9/20/35

(144A)

1,000,000

993,120

UPX

HIL

Issuer

Trust,

5.1600%,

1/25/47

(144A)

1,160,252

1,161,077

Verizon

Master

Trust,

4.9000%,

3/20/30

800,000

804,418

VERTICAL

BRIDGE

CC

LLC,

5.6020%,

8/16/55

(144A)

5,000,000

4,975,265

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

1,500,000

1,446,290

Wingspire

Equipment

Finance

LLC,

4.7600%,

9/20/33

(144A)

1,000,000

988,923

Zayo

Issuer

LLC,

5.6480%,

3/20/55

(144A)

1,150,000

1,167,741

Total

Asset-Backed

Securities

(cost

$112,977,668)

112,719,263

Collateralized

Loan

Obligations

-

5.1%

Anchorage

Capital

CLO

Ltd.

2015-7A

CR3,

CME

Term

SOFR

Month

+

2.4500%,

6.3094%,

4/28/37

(144A)

‡

1,500,000

1,508,358

PPM

CLO

Ltd.

2021-5A

C,

CME

Term

SOFR

Month

+

2.2616%,

6.1460%,

10/18/34

(144A)

‡

1,000,000

1,001,580

Sound

Point

CLO

XXXIII

Ltd.

2022-1A

C,

CME

Term

SOFR

Month

+

2.2500%,

6.1080%,

4/25/35

(144A)

‡

2,700,000

2,704,210

Voya

CLO

Ltd.

2024-7A

C,

CME

Term

SOFR

Month

+

1.8500%,

5.7344%,

1/20/38

(144A)

‡

1,500,000

1,503,415

Total

Collateralized

Loan

Obligations

(cost

$6,714,631)

6,717,563

Mortgage-Backed

Securities

-

4.7%

Connecticut

Avenue

Securities

Trust

,

SOFR30A

+

1.2000%

,

5.3828 %

,

5/25/45

(144A)

‡

284,175

284,695

Extended

Stay

America

Trust

,

CME

Term

SOFR

Month

+

1.8500%

,

6.0000 %

,

10/15/42

(144A)

‡

1,000,000

1,002,782

FHLMC

STACR

REMIC

Trust

,

SOFR30A

+

1.2000%

,

5.3828 %

,

5/25/45

(144A)

‡

363,339

363,779

Olympic

Tower

Mortgage

Trust

,

3.5660 %

,

5/10/39

(144A)

975,000

927,718

PRM7

Trust

,

5.1058 %

,

11/10/42

(144A)

‡

1,000,000

986,160

PRPM

LLC

,

4.5000 %

,

8/25/55

(144A)

Ç

1,646,000

1,588,415

SCG

Trust

,

CME

Term

SOFR

Month

+

1.9000%

,

5.9322 %

,

9/15/42

(144A)

‡

1,000,000

1,000,155

Total

Mortgage-Backed

Securities

(cost

$6,139,200)

6,153,704

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares/*

*Principal* 

*Amounts*

*Value*

Exchange

Traded

Fund

-

3.7%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$4,932,140)

97,186

$

4,931,218

Investment

Companies

-

0.6%

Money

Market

Funds

-

0.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$728,142)

728,032

728,177

Total

Investments

(total

cost

$

131,491,781)

-

99.6%

131,249,925

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.4%

495,770

Net

Assets

-

100.0%

$131,745,695

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

131,249,925

100.0 %

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*7/22/25*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

4.3%

Exchange

Traded

Fund

-

3.7%

Janus

Henderson

AAA

CLO

ETF

$

–

$

6,369,276

$

(1,431,589)

$

(5,547)

$

(922) $

4,931,218

97,186

$

83,321

Money

Market

Funds

-

0.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

–

172,432,242

(171,704,117)

728,177

728,032

172,989

Total

Affiliated

Investments

-

4.3%

$–

$178,801,518

$(173,135,706)

$(5,530)

$(887)

$5,659,395

$256,310

#### Schedule

#### of

#### Futures

#### Contracts
*Description*

*Number* 

*of*

*Contracts*

*Expiration*

*Date*

*Notional*

*Amount*

*Value* 

*and*

*Unrealized*

*Appreciation*

(Depreciation)

*Futures* 

*Short:*

U.S.

Treasury

Year

Ultra

Bonds

12/19/25

$

(1,616,782)

$

(4,614)

U.S.

Treasury

Year

Notes

12/31/25

(10,265,828)

9,194

Total

$4,580

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025. The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund's

Statement

of

Operations

for

the period

ended

October

31,

2025. Please

see

the

"Net

realized

and

change

in

unrealized

gain/(loss)

on

investments"

sections

of

the

Fund's

Statement

of

Operations.

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### as

#### of

#### October

#### 31,

#### 2025
*Interest* 

*Rate*

*Contracts*

*Total*

Asset

Derivatives:

\*

Futures

contracts

$

9,194

$

9,194

Total

Asset

Derivatives

$

9,194

$

9,194

Liability

Derivatives:

\*

Futures

contracts

4,614

4,614

Total

Liability

Derivatives

$

4,614

$

4,614

\*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### (not

#### accounted

#### for

#### as

#### hedging

#### instruments)

#### on

#### the

#### Statement

#### of

#### Operations

#### for

#### the

#### period

#### ended

#### October

#### 31,

#### 2025
*Amount* 

*of* 

*Realized* 

*Gain/(Loss)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Interest* 

*Rate*

*Contracts*

*Total*

Futures

contracts

$

90,505

$

90,505

*Amount* 

*of* 

*Change* 

*in* 

*Unrealized* 

*Appreciation/(Depreciation)* 

*Recognized* 

*on* 

*Derivatives*

*Derivative*

*Interest* 

*Rate*

*Contracts*

*Total*

Futures

contracts

$

4,580

$

4,580

#### Average

#### Ending

#### Monthly

#### Value

#### of

#### Derivative

#### Instruments

#### During

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Futures

contracts:

Average

notional

amount

of

contracts

-

long

$3,970,797

Average

notional

amount

of

contracts

-

short

2,290,000

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

LLC

Limited

Liability

Company

LP

Limited

Partnership

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2025. Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

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

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

October

31,

2025

is

$117,291,607

which

represents

89.0%

of

net

assets.

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Asset-Backed* 

*Securities*

$

—

$

112,719,263

$

—

$

112,719,263

*Collateralized* 

*Loan* 

*Obligations*

—

6,717,563

—

6,717,563

*Mortgage-Backed* 

*Securities*

—

6,153,704

—

6,153,704

*Exchange* 

*Traded* 

*Fund*

4,931,218

—

—

4,931,218

*Investment* 

*Companies*

—

728,177

—

728,177

#### Other

#### Financial

#### Instruments
(a) #### :
*Futures* 

*Contracts*

$

9,194

$

—

$

—

$

9,194

#### Total

#### Assets
$

4,940,412

$

126,318,707

$

—

$

131,259,119

#### Liabilities

#### Other

#### Financial

#### Instruments
(a) #### :
*Futures* 

*Contracts*

$

4,614

$

—

$

—

$

4,614

#### Total

#### Liabilities
$

4,614

$

—

$

—

$

4,614

(a) Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$125,831,499)

$

125,590,530

Affiliated

investments,

at

value

(cost

$5,660,282)

5,659,395

Cash

779

Due

from

broker

for

futures

260,000

Receivable

for

variation

margin

on

futures

contracts

876

Receivables:

Interest

270,133

Due

from

adviser

952

Total

Assets

131,782,665

Liabilities:

Payables:

Management

fees

36,970

Total

Liabilities

36,970

Commitments

and

contingent

liabilities

Net

Assets

$

131,745,695

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

131,373,100

Total

distributable

earnings

(loss)

372,595

Total

Net

Assets

$

131,745,695

Net

Assets

$

131,745,695

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,625,000

Net

Asset

Value

Per

Share

$

.19

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### period

#### ended

#### October

#### 31,

#### 2025
(1) 10

October

31,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

1,484,669

Dividends

from

affiliates

256,310

Total

Investment

Income

1,740,979

Expenses:

Management

Fees

113,470

Total

Expenses

113,470

Less:

Excess

Expense

Reimbursement

and

Waivers

(3,062)

Net

Expenses

110,408

Net

Investment

Income/(Loss)

1,630,571

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

38,191

Investments

in

affiliates

(5,530)

Futures

contracts

90,505

Total

Net

Realized

Gain/(Loss)

on

Investments

$

123,166

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(240,969)

Investments

in

affiliates

(887)

Futures

contracts

4,580

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(237,276)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,516,461

(1) Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

*Period* 

*Ended*

*October* 

*31,* 

*2025*

(1) Operations:

Net

investment

income/(loss)

$

1,630,571

Net

realized

gain/(loss)

on

investments

123,166

Change

in

unrealized

net

appreciation/depreciation

(237,276)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,516,461

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(1,143,866)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,143,866)

Capital

Share

Transactions

131,373,100

Net

Increase/(Decrease)

in

Net

Assets

131,745,695

Net

Assets:

—

Beginning

of

Period

—

End

of

Period

$

131,745,695

(1) Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Financial

#### Highlights

October

31,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

2025

(1) Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2) 0.66 Net

realized

and

unrealized

gain/(loss)

(0.03)

Total

from

Investment

Operations

0.63 Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(0.44)

Total

Dividends

and

Distributions

(0.44)

Net

Asset

Value,

End

of

Period

$50.19

Total

Return

\*

1.26%

Net

assets,

End

of

Period

(in

thousands)

$131,746

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.33%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.32%

Ratio

of

Net

Investment

Income/(Loss)

4.74%

Portfolio

Turnover

Rate

(3) 24%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025. (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

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Asset-Backed

Securities

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. The

financial

statements

include

information

for

the

period

from

July

22,

2025

through

October

31,

2025. As

of

the

date

of

this

report,

the

Trust

offers fifteen

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

current

income

with

a

focus

on

preservation

of

capital.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund's

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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

period.

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,

2025 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

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended October

31,

2025 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

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund's

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations.

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors:

#### Counterparty

#### Risk
-

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

#### Credit

#### Risk
-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations.

#### Currency

#### Risk
-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment.

#### Index

#### Risk
-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index.

#### Interest

#### Rate

#### Risk
-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease.

#### Leverage

#### Risk
-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested.

#### Liquidity

#### Risk
-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth.

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk.

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund's

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

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.

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

"ASET"

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

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.

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.

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

3. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### CLO

#### Risk
The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

In stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

significant

losses

experienced

by

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund's

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others.

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

#### Exchange-Traded

#### Funds

#### Risk
The

Fund

may

invest

in

exchange-traded

funds

("ETFs"),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests.

#### Mortgage

#### and

#### Asset-Backed

#### Securities
Mortgage-and

asset-backed

securities

represent

interests

in

"pools"

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

("Ginnie

Mae"),

the

Federal

National

Mortgage

Association

("Fannie

Mae"),

the

Federal

Home

Loan

Mortgage

Corporation

("Freddie

Mac"),

or

other

governmental

or

government-related

entities.

Ginnie

Mae's

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

("FHFA"),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities'

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA's

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities'

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund's

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

#### Nondiversification

#### Risk
The

Fund

is

classified

as

nondiversified

under

the

1940

Act.

This

gives

the

Fund's

portfolio

managers

more

flexibility

to

hold

larger

positions

in

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund's

NAV

and

total

return.

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

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

period

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.33% of

the

Fund's

average

daily

net

assets.

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

28,

2027. The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended October

31,

2025,

the

Adviser

waived

$3,062 of

the

Fund's

management

fee,

attributable

to

the

Fund's

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2025, the

Adviser

owned 575,000

shares

or 21.90%

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

at

least

80%

of

its

net

assets

(plus

any

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$2

billion

0.33%

Next

$3

billion

0.30%

Over

$5

billion

0.27%

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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

period

ended

October

31,

2025 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.

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,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2025

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.

*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$578,964

$57,051

$—

$—

$—

$(263,420)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$131,513,345

$364,146

$(627,566)

$(263,420)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$4,580

$—

$—

$—

*For* 

*the* 

*period* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$1,143,866

$—

$—

$—

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

6. #### Capital

#### Share

#### Transactions
7. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

period

ended

October

31,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows:

8. #### Recent

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

Improvements

to

Income

tax

disclosures

("ASU

2023-09").

The

primary

purpose

of

the

amendments

within

ASU

2023-09

is

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

the

rate

reconciliation

table

and

income

taxes

paid

information.

The

amendments

in

ASU

2023-09

are

effective

for

annual

periods

beginning

after

December

15,

2024. During

the

current

fiscal

period,

the

Fund

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Fund.

9. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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.

*Period* 

*Ended* 

*October* 

*31,* 

*2025*

(1) *Shares*

*Amount*

Shares

sold

2,625,001

$

131,373,150

Shares

repurchased

(1) (50) Net

Increase/(Decrease)

2,625,000

$

131,373,100

(1) Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025. *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*

$154,437,372

$23,659,986

$—

$—

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Asset-Backed

Securities

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Asset-Backed

Securities

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

July

22,

2025

(commencement

of

operations)

through

October

31,

2025

(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,

2025,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

July

22,

2025

(commencement

of

operations)

through

October

31,

2025

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

audit.

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

audit

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

audit

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

audit

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,

2025

by

correspondence

with

the

custodian

and

broker;

when

replies

were

not

received

from

broker,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

period

ended

October

31,

2025:

Qualified

Interest

Income

Percentage

100.00%

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
The

Trustees

of

Janus

Detroit

Street

Trust

(the

"Trust"),

including

the

Trustees

who

are

not

"interested

persons"

(the

"Independent

Trustees")

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

met

in

person

on

July

17,

2025

to

consider

the

proposed

investment

management

agreement

(the

"Investment

Management

Agreement")

for

Janus

Henderson

Asset-Backed

Securities

ETF

(the

"New

Fund").

In

the

course

of

their

consideration

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

the

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

the

Investment

Management

Agreement

for

the

New

Fund

and

other

information

provided

by

counsel

and

Janus

Henderson

Investors

US

LLC,

the

proposed

investment

adviser

to

the

New

Fund

(the

"Adviser"),

including:

(i) a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser's

management

of

the

assets

of

the

New

Fund;

(ii) information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

the

New

Fund

therefor;

(iii) information

concerning

the

Adviser's

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv) information

describing

the

New

Fund's

anticipated

advisory

fee

structure

and

operating

expenses;

(v) a

copy

of

the

Adviser's

current

Form

ADV;

and

(vi) a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

prepared

by

an

independent

third

party

data

provider

that

compared

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-traded

funds

("ETFs")

considered

to

be

comparable.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser;

the

Adviser's

personnel

and

operations;

the

New

Fund's

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels;

"fall-out"

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser's

relationship

with

the

Trust);

the

effect

of

asset

growth

on

the

New

Fund's

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

may

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser's

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a) *The* 

*nature,* 

*extent,* 

*and* 

*quality* 

*of* 

*services* 

*to* 

*be* 

*provided* 

*by* 

*the* 

*Adviser;* 

*personnel* 

*and* 

*operations* 

*of* 

*the* 

*Adviser.* 

The

Board

reviewed

the

services

that

the

Adviser

proposed

to

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund's

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

and

reinvestment

of

the

New

Fund's

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund's

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund's

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser's

experience,

resources,

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser's

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality,

and

extent

of

these

services,

as

well

as

the

Adviser's

ability

to

render

such

services

based

on

the

Adviser's

experience,

personnel,

operations,

and

resources.

(b) *Comparison* 

*of* 

*services* 

*to* 

*be* 

*rendered* 

*and* 

*fees* 

*to* 

*be* 

*paid* 

*under* 

*other* 

*investment* 

*advisory* 

*contracts,* 

*and* 

*the* 

*cost* 

*of* 

*the* 

*services* 

*to* 

*be* 

*provided* 

*and* 

*profits* 

*to* 

*be* 

*realized* 

*by* 

*the* 

*Adviser* 

*from* 

*the* 

*relationship* 

*with* 

*the* 

*New* 

*Fund;* 

*"fall-out"* 

*benefits.* 

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund's

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund's

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

the

median

and

average

contractual

management

fee

of

the

New

Fund's

anticipated

peer

group,

and

in

addition

would

include

contractual

breakpoints

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund's

asset

growth.

The

Board

also

noted

that

the

projected

total

net

expense

ratio

of

the

New

Fund

was

lower

the

median

and

average

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund's

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund's

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

New

Fund

was

fair

and

reasonable.

#### Janus

#### Henderson

#### Asset-Backed

#### Securities

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

The

Board

also

considered

that

the

Adviser

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c) *The* 

*extent* 

*to* 

*which* 

*economies* 

*of* 

*scale* 

*would* 

*be* 

*realized* 

*as* 

*the* 

*Fund* 

*grows* 

*and* 

*whether* 

*fee* 

*levels* 

*would* 

*reflect* 

*such* 

*economies* 

*of* 

*scale.* 

The

Board

next

discussed

potential

economies

of

scale.

Since

the

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

the

New

Fund

contained

a

breakpoint

for

assets

up

to

$2

billion,

then

for

the

next

$3

billion,

and

again

for

over

$5

billion.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

the

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Fund.

(d) *Investment* 

*performance* 

*of* 

*the* 

*Fund* 

*and* 

*the* 

*Adviser.* 

Because

the

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

the

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

the

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

the

New

Fund.

125-02-93103

12-25

#### 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.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2025

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF
Janus

Detroit

Street

Trust

#### Table

#### of

#### Contents

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF
Item

7. Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

..........................

Statement

of

Assets

and

Liabilities

...................

Statement

of

Operations

..........................

Statement

of

Changes

in

Net

Assets

.................

Financial

Highlights

..............................

Notes

to

Financial

Statements

......................

Report

of

Independent

Registered

Public

Accounting

Firm

...

Designation

Requirements

.........................

Items

8-11

-

Additional

Information

....................

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares*

*Value*

Common

Stocks

-

100.1%

United

States

of

America

-

75.3%

Alphabet,

Inc.

-

Class

C

2,550

$

718,641

Amazon.com,

Inc.\*

2,599

634,728

Amphenol

Corp.

-

Class

A

1,796

250,255

AppLovin

Corp.

-

Class

A\*

278,513

Arista

Networks,

Inc.\*

44,469

Autodesk,

Inc.\*

98,839

Blackstone,

Inc.

564

82,705

Booking

Holdings,

Inc.

40,622

Broadcom,

Inc.

2,906

1,074,145

Cadence

Design

Systems,

Inc.\*

1,297

439,281

Coinbase

Global,

Inc.

-

Class

A\*

78,038

Constellation

Energy

Corp.

183,599

CoreWeave,

Inc.

-

Class

A\*

35,567

Datadog,

Inc.

-

Class

A\*

952

154,995

Deere

&

Co.

182,805

DoorDash,

Inc.

-

Class

A\*

105,818

Eli

Lilly

&

Co.

92,326

Howmet

Aerospace,

Inc.

522

107,506

Intuit,

Inc.

540

360,477

Intuitive

Surgical,

Inc.\*

210,506

KLA

Corp.

323,942

Lam

Research

Corp.

2,540

399,948

Lumentum

Holdings,

Inc.\*

50,188

Micron

Technology,

Inc.

863

193,114

Microsoft

Corp.

1,974

1,022,157

Netflix,

Inc.\*

140,976

Netskope,

Inc.

-

Class

A\*

544

NVIDIA

Corp.

10,735

2,173,730

Oracle

Corp.

1,380

362,402

Progressive

Corp.

(The)

1,511

311,266

Samsara,

Inc.

-

Class

A\*

2,457

98,698

ServiceTitan,

Inc.

-

Class

A\*

41,707

Snowflake,

Inc.

-

Class

A\*

911

250,416

Toast,

Inc.

-

Class

A\*

835

30,177

Vertiv

Holdings

Co.

-

Class

A

988

190,545

Via

Transportation,

Inc.

-

Class

A\*

712

38,042

Vistra

Corp.

1,219

229,538

Workday,

Inc.

-

Class

A\*

1,085

260,313

11,291,538

Hong

Kong

-

0.7%

Alibaba

Group

Holding

Ltd.

(ADR)

588

100,213

Uruguay

-

2.6%

MercadoLibre,

Inc.\*

397,961

Ireland

-

1.0%

Eaton

Corp.

plc

151,098

Sweden

-

0.9%

Spotify

Technology

SA\*

127,788

Canada

-

1.0%

Shopify,

Inc.

-

Class

A\*

835

145,173

Taiwan

-

14.4%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

7,174

2,155,285

Israel

-

1.2%

Monday.com

Ltd.\*

65,061

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025

October

31,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

*Shares*

*Value*

Common

Stocks

-

(continued)

Israel

-

(continued)

Nova

Ltd.\*

$

127,862

192,923

Netherlands

-

1.3%

ASML

Holding

NV

(Registered)

(ADR)

75,205

Nebius

Group

NV

-

Class

A\*

947

123,887

199,092

Australia

-

0.7%

Atlassian

Corp.

-

Class

A\*

590

99,958

Japan

-

1.0%

SoftBank

Group

Corp.

(ADR)

1,698

149,271

Total

Common

Stocks

(cost

$13,445,562)

15,010,300

Investment

Companies

-

0.5%

Money

Market

Funds

-

0.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

£,∞

(cost

$80,052)

80,042

80,058

Total

Investments

(total

cost

$

13,525,614)

-

100.6%

15,090,358

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.6%)

(86,812)

Net

Assets

-

100.0%

$15,003,546

#### Summary

#### of

#### Investments

#### by

#### Country

#### -

#### (Long

#### Positions)
(unaudited)

*Country*

*Value*

*%* 

*of*

*Investment*

*Securities*

United

States

$

11,371,596

75.4 %

Taiwan

2,155,285

14.3 Uruguay

397,961

2.6 Netherlands

199,092

1.3 Israel

192,923

1.3 Ireland

151,098

1.0 Japan

149,271

1.0 Canada

145,173

1.0 Sweden

127,788

0.8 Hong

Kong

100,213

0.7 Australia

99,958

0.6 Total

$15,090,358

100.0 %

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Schedule

#### of

#### Investments

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Affiliated

#### Investments

#### -

#### (%

#### of

#### Net

#### Assets)
*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at* 

*8/19/25*

*Purchases*

*Sales*

*Proceeds*

*Realized*

*Gain/(Loss)*

*Change* 

*in*

*Unrealized*

*Appreciatio*

*n/*

(Depreciation)

*Affiliated* 

*Investments,* 

*at* 

*Value* 

*at*

*10/31/25*

.............

*Shares* 

*Held* 

*at*

*10/31/25*

*Dividend* 

*Income*

Investment

Company

-

0.5%

Money

Market

Funds

-

0.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.1200%

∞

$

–

$

638,952

$

(558,894)

$

(6) $

$

80,058

80,042

$

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Schedule

#### of

#### Investments

#### and

#### Other

#### Information

#### October

#### 31,

#### 2025

October

31,

2025

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

\*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2025. £

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

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,

2025

.

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

#### Total

#### Assets

#### Investments

#### in

#### Securities:
*Common* 

*Stocks*

$

15,010,300

$

—

$

—

$

15,010,300

*Investment* 

*Companies*

—

80,058

—

80,058

#### Total

#### Assets
$

15,010,300

$

80,058

$

—

$

15,090,358

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### October

#### 31,

#### 2025
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$13,445,562)

$

15,010,300

Affiliated

investments,

at

value

(cost

$80,052)

80,058

Receivables:

Dividends

841

Total

Assets

15,091,199

Liabilities:

Due

to

custodian

2,051

Payables:

Investments

purchased

79,037

Management

fees

6,565

Total

Liabilities

87,653

Commitments

and

contingent

liabilities

Net

Assets

$

15,003,546

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

13,522,204

Total

distributable

earnings

(loss)

1,481,342

Total

Net

Assets

$

15,003,546

Net

Assets

$

15,003,546

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

525,000

Net

Asset

Value

Per

Share

$

.58

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Statement

#### of

#### Operations

#### For

#### the

#### period

#### ended

#### October

#### 31,

#### 2025
(1) 8

October

31,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

9,547

Dividends

from

affiliates

Foreign

tax

withheld

(864)

Total

Investment

Income

9,031

Expenses:

Management

Fees

12,346

Total

Expenses

12,346

Net

Investment

Income/(Loss)

(3,315)

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(78,027)

Investments

in

affiliates

(6)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(78,033)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

1,564,738

Investments

in

affiliates

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,564,744

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,483,396

(1) Period

from

August

19,

2025

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Janus

Detroit

Street

Trust

See

Notes

to

Financial

Statements.

*Period* 

*Ended*

*October* 

*31,* 

*2025*

(1) Operations:

Net

investment

income/(loss)

$

(3,315)

Net

realized

gain/(loss)

on

investments

(78,033)

Change

in

unrealized

net

appreciation/depreciation

1,564,744

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,483,396

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(2,054)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(2,054)

Capital

Share

Transactions

13,522,204

Net

Increase/(Decrease)

in

Net

Assets

15,003,546

Net

Assets:

—

Beginning

of

Period

—

End

of

Period

$

15,003,546

(1) Period

from

August

19,

2025

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Financial

#### Highlights

October

31,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

2025

(1) Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2) (0.01)

Net

realized

and

unrealized

gain/(loss)

3.59 Total

from

Investment

Operations

3.58 Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$28.58

Total

Return

\*

14.34%

Net

assets,

End

of

Period

(in

thousands)

$15,004

Ratios

to

Average

Net

Assets

\*\*

Ratio

of

Gross

Expenses

0.59%

Ratio

of

Net

Investment

Income/(Loss)

(0.15)%

Portfolio

Turnover

Rate

(3) 14%

\*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

\*\*

Annualized

for

periods

of

less

than

one

full

year.

(1) Period

from

August

19,

2025

(commencement

of

operations)

through

October

31,

2025. (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

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Janus

Henderson Global

Artificial

Intelligence

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. The

financial

statements

include

information

for

the

period

from

August

19,

2025

through October

31,

2025. As

of

the

date

of

this

report,

the

Trust

offers fifteen

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. The

Fund

seeks

to

provide

long-term

growth

of

capital. The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

"Adviser")

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

("NAV")

in

large

increments

called

"Creation

Units"

by

certain

participants,

known

as

"Authorized

Participants."

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on The

Nasdaq

Stock

Market

LLC

("Nasdaq")

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

("CODM")

as

it

relates

to

ASC

Topic

280. The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

October

31,

2025. The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i) a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii) an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii) a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv) pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

"odd-lot"

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

#### Valuation

#### Inputs

#### Summary
FASB

ASC

820,

*Fair* 

*Value* 

*Measurements* 

*and* 

*Disclosures*

("ASC

820"),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

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

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

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

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

period.

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,

2025 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

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

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

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

#### Estimates
The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Indemnifications
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote.

#### Dividends

#### and

#### Distributions
The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

"equalization,"

has

no

effect

on

the

redeeming

shareholder

or

a

Fund's

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund's

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund.

#### Federal

#### Income

#### Taxes
The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

2. #### Other

#### Investments

#### and

#### Strategies

#### Market Risk
The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

#### Artificial

#### Intelligence

#### Investing

#### Risk
Artificial

intelligence

companies

that

contribute

to

or

benefit

from

artificial

intelligence

technologies

("Artificial

Intelligence

Companies")

face

intense

competition

and

potentially

rapid

product

obsolescence,

and

many

depend

significantly

on

retaining

and

growing

the

consumer

base

of

their

respective

products

and

services.

Artificial

Intelligence

Companies

may

be

substantially

exposed

to

market

risk

generally,

and

risks

of

other

industries

or

sectors

specifically,

and

the

Fund

may

be

adversely

affected

by

negative

developments

impacting

Artificial

Intelligence

Companies,

and

related

industries

or

sectors.

Artificial

Intelligence

Companies

are

heavily

dependent

on

intellectual

property

rights

and

may

be

adversely

affected

by

loss

or

impairment

of

those

rights.

Artificial

Intelligence

Companies

may

utilize

artificial

intelligence

in

their

own

business

operations;

such

companies'

use

of

artificial

intelligence

could

result

in

reputational

harm,

competitive

harm,

and

legal

liability,

and/or

have

an

adverse

effect

on

such

companies'

business

operations

and

Artificial

Intelligence

Companies

as

a

whole.

Artificial

intelligence

technologies

and

the

use

of

such

technology

could

face

increasing

regulatory

scrutiny

in

the

future,

which

may

limit

the

development

of

this

technology

and

impede

the

growth

of

Artificial

Intelligence

Companies.

Artificial

Intelligence

Companies

typically

engage

in

significant

amounts

of

spending

on

research

and

development,

and

there

is

no

guarantee

that

the

products

or

services

produced

by

these

companies

will

be

successful.

Securities

of

Artificial

Intelligence

Companies,

especially

smaller

companies,

tend

to

be

more

volatile

than

those

of

companies

that

have

a

more

developed

set

of

product

and/or

service

offerings.

#### Small-

#### and

#### Mid-Sized

#### Companies

#### Risk
The

Fund's

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

#### Nondiversification

#### Risk
The

Fund

is

classified

as

nondiversified

under

the

1940

Act.

This

gives

the

Fund's

portfolio

managers

more

flexibility

to

hold

larger

positions

in

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund's

NAV

and

total

return.

3. #### Investment

#### Advisory

#### Agreements

#### and

#### Other

#### Transactions

#### with

#### Affiliates
Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund's

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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:

*Daily* 

*Net* 

*Assets*

*Fee* 

*Rate*

$0-$500

million

0.59%

Next

$500

million

0.57%

Over

$1

billion

0.54%

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

For

the

period

ended October

31,

2025,

the

Fund's

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.59% of

the

Fund's

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

("JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund's

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund's

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund's

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

"Plan").

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund's

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2025, the

Adviser

owned 200,000

shares

or 38.10%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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

period

ended

October

31,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4. #### Federal

#### Income

#### Tax
The

tax

components

of

capital

shown

in

the

table

below

represent:

(1) distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2) losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3) unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes.

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Financial

#### Statements

October

31,

2025

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,

2025,

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,

2025

are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

investments

in passive

foreign

investment

companies

and

investments

in partnerships.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital.

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5. #### Capital

#### Share

#### Transactions
*Undistributed*

*Ordinary* 

*Income*

*Undistributed*

*Long-Term* 

*Gains*

*Accumulated*

*Capital* 

*Losses*

*Loss* 

*Deferrals*

*Other* 

*Book* 

*to*

*Tax* 

*Differences*

*Net* 

*Tax*

*Appreciation/*

(Depreciation)

$45,799

$—

$(78,033)

$—

$—

$1,513,576

Capital

Loss

Carryover

Schedule

For

the

period

ended

October

31,

2025

No

Expiration

*Short-Term*

*Long-Term*

*Accumulated*

*Capital* 

*Losses*

$(78,033)

$—

$(78,033)

*Federal* 

*Tax* 

*Cost*

*Unrealized* 

*Appreciation*

*Unrealized* 

(Depreciation)

*Net* 

*Tax* 

*Appreciation/*

(Depreciation)

$13,576,782

$1,654,910

$(141,334)

$1,513,576

*For* 

*the* 

*period* 

*ended* 

*October* 

*31,* 

*2025*

*:*

*Distributions*

*From* 

*Ordinary* 

*Income*

*From* 

*Long-Term* 

*Capital* 

*Gain*

*Tax* 

*Return* 

*of* 

*Capital*

*Net* 

*Investment* 

*Loss*

$2,054

$—

$—

$—

*Period* 

*Ended* 

*October* 

*31,* 

*2025*

(1) *Shares*

*Amount*

Shares

sold

525,001

$

13,522,229

Shares

repurchased

(1) (25)

Net

Increase/(Decrease)

525,000

$

13,522,204

(1) Period

from

August

19,

2025

(commencement

of

operations)

through

October

31,

2025. #### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Notes

#### to

#### Financial

#### Statements
Janus

Detroit

Street

Trust

6. #### Purchases

#### and

#### Sales

#### of

#### Investment

#### Securities
For

the

period

ended

October

31,

2025,

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:

For

the

period

ended October

31,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows:

7. #### Recent

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

Improvements

to

Income

tax

disclosures

("ASU

2023-09").

The

primary

purpose

of

the

amendments

within

ASU

2023-09

is

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

the

rate

reconciliation

table

and

income

taxes

paid

information.

The

amendments

in

ASU

2023-09

are

effective

for

annual

periods

beginning

after

December

15,

2024. During

the

current

fiscal

period,

the

Fund

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Fund.

8. #### Subsequent

#### Events
Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2025

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*

$6,385,264

$1,363,919

$—

$—

*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*

$8,502,244

$—

$—

$—

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

October

31,

2025

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Global

Artificial

Intelligence

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Global

Artificial

Intelligence

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

August

19,

2025

(commencement

of

operations)

through

October

31,

2025

(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,

2025,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

August

19,

2025

(commencement

of

operations)

through

October

31,

2025

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

audit.

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

audit

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

audit

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

audit

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,

2025

by

correspondence

with

the

custodian

and

broker;

when

replies

were

not

received

from

the

broker,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990. #### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Designation

#### Requirements
(unaudited)

Janus

Detroit

Street

Trust

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

period

ended

October

31,

2025:

Dividends

Received

Deduction

Percentage

100.00%

Qualified

Dividend

Income

Percentage

100.00%

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

#### Item
8. #### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
9. #### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies.
Not

applicable.

#### Item
10. #### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies.
Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser's

management

fees.

#### Item
11. #### APPROVAL

#### OF

#### ADVISORY

#### AGREEMENTS

#### DURING

#### THE

#### PERIOD
The

Trustees

of

Janus

Detroit

Street

Trust

(the

"Trust"),

including

the

Trustees

who

are

not

"interested

persons"

(the

"Independent

Trustees")

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

met

in

person

on

July

17,

2025

to

consider

the

proposed

investment

management

agreement

(the

"Investment

Management

Agreement")

for

Janus

Henderson

Global

Artificial

Intelligence

ETF

(the

"New

Fund").

In

the

course

of

their

consideration

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

the

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

the

Investment

Management

Agreement

for

the

New

Fund

and

other

information

provided

by

counsel

and

Janus

Henderson

Investors

US

LLC,

the

proposed

investment

adviser

to

the

New

Fund

(the

"Adviser"),

including:

(i) a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser's

management

of

the

assets

of

the

New

Fund;

(ii) information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

the

New

Fund

therefor;

(iii) information

concerning

the

Adviser's

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv) information

describing

the

New

Fund's

anticipated

advisory

fee

structure

and

operating

expenses;

(v) a

copy

of

the

Adviser's

current

Form

ADV;

and

(vi) a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

prepared

by

an

independent

third

party

data

provider

that

compared

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-traded

funds

("ETFs")

considered

to

be

comparable.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser;

the

Adviser's

personnel

and

operations;

the

New

Fund's

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels;

"fall-out"

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser's

relationship

with

the

Trust);

the

effect

of

asset

growth

on

the

New

Fund's

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

may

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Additional

#### Information
(unaudited)

Janus

Detroit

Street

Trust

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser's

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a) *The* 

*nature,* 

*extent,* 

*and* 

*quality* 

*of* 

*services* 

*to* 

*be* 

*provided* 

*by* 

*the* 

*Adviser;* 

*personnel* 

*and* 

*operations* 

*of* 

*the* 

*Adviser.* 

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund's

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

and

reinvestment

of

the

New

Fund's

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund's

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund's

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser's

experience,

resources,

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser's

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality,

and

extent

of

these

services,

as

well

as

the

Adviser's

ability

to

render

such

services

based

on

the

Adviser's

experience,

personnel,

operations,

and

resources.

(b) *Comparison* 

*of* 

*services* 

*to* 

*be* 

*rendered* 

*and* 

*fees* 

*to* 

*be* 

*paid* 

*under* 

*other* 

*investment* 

*advisory* 

*contracts,* 

*and* 

*the* 

*cost* 

*of* 

*the* 

*services* 

*to* 

*be* 

*provided* 

*and* 

*profits* 

*to* 

*be* 

*realized* 

*by* 

*the* 

*Adviser* 

*from* 

*the* 

*relationship* 

*with* 

*the* 

*New* 

*Fund;* 

*"fall-out"* 

*benefits.* 

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund's

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund's

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

the

median

and

average

contractual

management

fee

of

the

New

Fund's

anticipated

peer

group,

and

in

addition

would

include

contractual

breakpoints

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund's

asset

growth.

The

Board

also

noted

that

the

projected

total

net

expense

ratio

of

the

New

Fund

was

lower

than

the

median

and

average

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund's

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund's

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

New

Fund

was

fair

and

reasonable.

#### Janus

#### Henderson

#### Global

#### Artificial

#### Intelligence

#### ETF

#### Additional

#### Information
(unaudited)

October

31,

2025

The

Board

also

considered

that

the

Adviser

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c) *The* 

*extent* 

*to* 

*which* 

*economies* 

*of* 

*scale* 

*would* 

*be* 

*realized* 

*as* 

*the* 

*Fund* 

*grows* 

*and* 

*whether* 

*fee* 

*levels* 

*would* 

*reflect* 

*such* 

*economies* 

*of* 

*scale.* 

The

Board

next

discussed

potential

economies

of

scale.

Since

the

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

the

New

Fund

contained

a

breakpoint

for

assets

up

to

$500

million,

then

for

the

next

$500

million,

and

again

for

over

$1

billion.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

the

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Fund.

(d) *Investment* 

*performance* 

*of* 

*the* 

*Fund* 

*and* 

*the* 

*Adviser.* 

Because

the

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

the

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

the

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

the

New

Fund.

125-02-93104

12-25

#### 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.

**Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13 - Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15 - Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16 - Controls and Procedures**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

(a) Not applicable.

(b) Not applicable.

**Item 18 - Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19 - Exhibits**

(a)(1) Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(3) of Item 2 of Form N-CSR.

(a)(2) Not applicable.

(a)(3) [Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex99CERT.](ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.](ex99906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**JANUS DETROIT STREET TRUST**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>By:<br>| &nbsp;&nbsp; <br><u>/s/ Nick Cherney____________</u><br> Nick Cherney<br> President and Chief Executive Officer (Principal Executive Officer) |

---

Date: December 29, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>By:<br>| &nbsp;&nbsp; <br><u>/s/ Nick Cherney_____________</u><br> Nick Cherney<br> President and Chief Executive Officer (Principal Executive Officer) |

---

Date: December 29, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>By:<br>| &nbsp;&nbsp; <br><u>/s/ Jesper Nergaard____________</u><br> Jesper Nergaard<br> Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer) |

---

Date: December 29, 2025

## Exhibit 99.906

**Section 906 Certification**

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of Registrant on the basis of such officers' knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940.

Certification

In connection with the Annual Reports of Janus Detroit Street Trust (the "Registrant") on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission on December 29, 2025 (the "Report"), we, Nick Cherney, Principal Executive Officer of the Registrant, and Jesper Nergaard, Principal Accounting Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Nick Cherney</u>_____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nick Cherney

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer (Principal Executive Officer)

Date: December 29, 2025

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Jesper Nergaard</u>_____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jesper Nergaard

Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

Date: December 29, 2025

This certification is being furnished to the Commission solely pursuant to the requirements of Form N-CSR and is not being "filed" as part of this report. A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Cert

Section 302 Certification

I, Nick Cherney, certify that:

1. I have reviewed this report on Form N-CSR of Janus Detroit Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 29, 2025

---

| |
|:---|
| By: /s/ Nick Cherney |
| Nick Cherney |

---

President and Chief Executive Officer (Principal Executive Officer)

Section 302 Certification

I, Jesper Nergaard, certify that:

1. I have reviewed this report on Form N-CSR of Janus Detroit Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 29, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

By: /s/ Jesper Nergaard

Jesper Nergaard

Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)