DANA vs JMBS: Grades, Fees and Holdings Compared

Dana Limited Volatility ETF

DANADNYSE Arca

Janus Henderson Mortgage-Backed Securities ETF

JMBSANYSE Arca

Overlap

No data

Expense ratio

JMBS −0.14pt a year

DANA0.35%JMBS0.21%

Avg volume · 30D

JMBS 182.9×the volume

DANA4.83KJMBS883K

DANA vs JMBS Performance

Dec 31, 2025 – Nov 9, 2026

+1.5%DANA−0.3%JMBS

Expense ratio: DANA 0.35%; JMBS 0.21%, better
Fund size: DANA $18M; JMBS $6.17B
1Y total return: DANA No data; JMBS +0.4%
Yield (12M): DANA No data; JMBS 5.39%
Holdings: DANA 94; JMBS 414
Avg volume (30D): DANA 4.83K sh; JMBS 883K sh, better
NAV per share: DANA $25.04; JMBS $43.60
52W range

ETF.net Grade

Pillar letters and Scores for DANA, JMBS, with each pillar’s weight
Pillar	DANA	JMBS
Cost30% weight	B59	A93Higher
Mission25% weight	F0	A100Higher
Risk15% weight	A74Higher	D33
Tradability15% weight	D27	A90Higher
Holdings10% weight	C48Higher	F14
Durability5% weight	F24	A82Higher

Rank among Core Securitized Bond funds

How we build Categories ›

Same Category. DANA and JMBS are both graded against the same 10 Core Securitized Bond funds, so their Grades compare head to head.

Core Securitized Bond⁠

Category · 10 funds

See all 10 ›

JMBS ranks 1st and DANA 10th of 10 funds in the Core Securitized Bond Category.

Rank 1AJMBSJanus Henderson Mortgage-Backed Securities ETFScore 76
Rank 2BJPLDJPMorgan Limited Duration Bond ETFScore 69
Rank 9CDEEDFirst Trust Securitized Plus ETFScore 44
Rank 10DDANADana Limited Volatility ETFScore 38

Our read on each fund

ETF.net Research

DANADDana Limited Volatility ETF

JMBSAJanus Henderson Mortgage-Backed Securities ETF

In short

DANA Dana targets portfolio duration of 0.60 to 2.50 years and an average credit quality of AA-/Aa3, then pays monthly. Grouped with the core bond crowd, it is built more like a short-duration parking spot than a core holding.

JMBS The original actively managed mortgage-backed securities ETF, launched in 2018. Rather than replicate the MBS index, the team picks through agency mortgage bonds, a corner of the market where prepayment behavior makes security selection its own craft.

Stated mandate

DANA The Fund seeks to preserve capital and provide current income. It is actively managed and primarily invests in high-quality, cash-flow-producing fixed-income securities, focusing on U.S. government securities and investment-grade corporate bonds.

JMBS The fund seeks a high level of total return through both income and capital appreciation.

Why people hold it

DANA The mandate is written down, not implied: a 0.60 to 2.50 year duration target and an AA-/Aa3 average credit quality target, straight from the prospectus.sec.gov
Active management at 0.35%, essentially the middle of the pack for its bond cohort, where most rivals simply hold the index.
Monthly income is the stated policy, and the portfolio can hold floating and adjustable-rate paper to soften interest-rate sensitivity.sec.gov
It is the ETF version of Dana's Limited Volatility bond strategy, run by a Wisconsin shop that has been managing money since 1980.danainvestment.com yahoo.com

JMBS Charges 0.21% a year against a 0.36% median for its bond peer group, and that buys an active specialist mandate rather than an index tracker.
First mover: Janus Henderson launched it in 2018 as the first actively managed MBS ETF in the US, and it now runs several hundred mortgage bonds.prnewswire.com
A multi-billion-dollar fund that trades actively and pays monthly, which is a real edge in a corner of the bond market where most products stay small.
Does what its documents say it does, and stands as one of the stronger implementations in its broad-bond peer group.

Worth knowing

DANA You pay 0.35% here while the cohort's index giants (BND, SPAB, SCHZ) charge 0.03%. The gap buys active short-duration management, not broad market beta.
Small and thinly traded since its December 2025 launch, so spreads matter more than with the household-name bond funds.
Short duration means less rate sensitivity than a core aggregate fund, and a different ride from the intermediate-term bonds it gets screened against.sec.gov

JMBS This is one slice of the bond market, not a whole-market core. Broad aggregate funds such as BND, SPAB and SCHZ cover the full index for 0.03%.
Mortgage bonds prepay. Homeowners refinance when rates fall and sit tight when they rise, so the portfolio's cash flows and rate sensitivity shift with the cycle.janushenderson.com
The mandate targets total return from income plus price moves, so the monthly payout is not a fixed rate and the manager's calls drive the result.

Full DANA profile⁠

Full JMBS profile⁠

DANA vs JMBS Holdings

How DANA and JMBS differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector3 Sectors85.3%
Asset classBonds100%
Countryby domicile100%

Sector

Sector weights in DANA and JMBS, widest gap first
Sector	Gap	DANA	JMBS
Government	DANA +14.7 points	14.7%	0.0%
Securitized	JMBS +14.0 points	85.3%	99.3%
Corporate	JMBS +0.7 points	0.0%	0.7%

Country, concentration and asset class

Country by domicile

Country weights in DANA and JMBS, widest gap first
Country	More in DANAMore in JMBS	Gap	DANA	JMBS
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

DANA28.8%
JMBS67.3%

Securities held

DANA93
JMBS411

Asset class

DANA: Bonds
JMBS: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. DANA holds 93 securities, JMBS 411.

All DANA holdings⁠All 411 JMBS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DANA vs JMBS Cost

Overpaying DANA vs JMBS

$2,769

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DANA 0.35%
$7,126
JMBS 0.21%
$4,357

Amount$10,000

Years30 years

Cost over time

DANA 0.35%
JMBS 0.21%
Overpaying

Year by year

Year	DANA	JMBS	Overpaying
10	$634	$383	$251
20	$2,454	$1,491	$963
30	$7,126	$4,357	$2,769

Expense ratio

0.35%DANA
0.21%JMBS, cheaper

JMBS0.21%DANA0.35%

0.21%0.80%

Middle half of Core Securitized Bond funds
Median 0.38%

JMBS cheapest of 10 funds

DANA 4th cheapest of 10 funds

DANA vs JMBS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DANA No data; JMBS 5.39%
Payout (12M): DANA No data; JMBS $2.35
Last payment: DANA $0.06; JMBS $0.19
Ex-dividend: DANA Oct 27, 2026; JMBS Oct 30, 2026
Paid on: DANA Oct 28, 2026; JMBS Nov 5, 2026
Frequency: DANA Monthly; JMBS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DANAMonthly · 11 paymentsAll DANA payments⁠

JMBSMonthly · 46 paymentsAll JMBS payments⁠

DANA vs JMBS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DANA No dataJMBS 6.9%
Return per unit of riskSharpe ratio, 3 years: DANA No dataJMBS 0.31
Worst fallMax drawdown, 5 years: DANA No dataJMBS −16.5%
Market sensitivityBeta, 5 years: DANA 0.04JMBS 1.20; Market = 1

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