Exhibit (h)(9)
Expense Limitation Agreement (Affiliated ETFs)
January 22, 2026
Janus Detroit Street Trust
151 Detroit Street
Denver, Colorado 80206
Ladies and Gentlemen:
As you know, Section 5 of our Investment Advisory Agreement provides for compensation payable to Janus Henderson Investors US LLC (“Adviser”) with respect to each series of Janus Detroit Street Trust (“DST”), listed in Appendix A (each an “Acquiring ETF”). This letter is to inform you that the Adviser will waive and/or reimburse to the Acquiring ETFs a portion of its management fee in an amount equal to a portion of the management fee it earns as investment adviser to affiliated exchange traded funds (“Affiliated ETFs") in which an Acquiring ETF invests (if any), for at least a one-year term commencing on the effective date of the annual update to each Acquired ETF’s registration statement for the fiscal year ended October 31, 2025, set forth as follows:
| 1. | With respect to each investment by a Acquiring ETF in an Affiliated ETF, the waiver/reimbursement amount shall be equal to the amount of Acquiring ETF assets invested in the Affiliated ETF, multiplied by an amount equal to the current daily unitary management fee of the Affiliated ETF less certain asset-based operating fees and expenses incurred on a per-fund basis and paid by the Adviser with respect to the Affiliated ETF (such expenses include, but are not limited to: custody, sub-administration, and transfer agency fees and fees paid to the distributor) (“Waiver Amount”). |
| 2. | The Waiver Amount shall be calculated by the Adviser on a monthly basis and used daily for purposes of calculating the Acquiring ETFs’ net asset value per share. |
For the avoidance of doubt, the Adviser will not recover from the Acquiring ETF amounts previously waived pursuant to this Agreement.
This waiver/reimbursement will continue in effect at least until February 28, 2028, unless otherwise terminated, revised or extended by the Board of Trustees. This waiver/reimbursement may be terminated at any time by the Trustees of the Trust, and may be amended only if such amendment is approved by the Trustees of the Trust.
| JANUS HENDERSON INVESTORS US LLC | JANUS DETROIT STREET TRUST |
By: /s/ Berg Crawford |
By: /s/ Jesper Nergaard |
| Berg Crawford | Jesper Nergaard |
| Chief Accounting Officer | Vice President, Chief Financial Officer, Treasurer, and Principal Accounting Officer |
APPENDIX A – ACQUIRING ETFS
| Janus Henderson AAA CLO ETF |
| Janus Henderson Asset-Backed Securities ETF |
| Janus Henderson B-BBB CLO ETF |
| Janus Henderson Corporate Bond ETF |
| Janus Henderson Emerging Markets Debt Hard Currency ETF |
| Janus Henderson Global Artificial Intelligence ETF |
| Janus Henderson Income ETF |
| Janus Henderson Mid Cap Growth Alpha ETF |
| Janus Henderson Mortgage-Backed Securities ETF |
| Janus Henderson Securitized Income ETF |
| Janus Henderson Short Duration Income ETF |
| Janus Henderson Small Cap Growth Alpha ETF |
| Janus Henderson Small/Mid Cap Growth Alpha ETF |
| Janus Henderson Transformational Growth ETF |
| Janus Henderson U.S. Real Estate ETF |