DEED vs JMBS

DEEDCFirst Trust Securitized Plus ETF

JMBSAJanus Henderson Mortgage-Backed Securities ETF

In short

DEED Most securitized bond ETFs hug agency mortgages. DEED can put up to half its book in private-label MBS, ABS and CLOs, and First Trust has managed it in-house since 2025. Fee: 0.76%, no waiver.

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

DEED The Fund seeks to maximize long-term total return by normally investing at least 80% of net assets in securitized debt securities, including asset-backed securities, residential and commercial mortgage-backed securities, and collateralized loan obligations.

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

Why people hold it

• DEED The "Plus" is literal: an agency-mortgage core plus room for up to 50% of total assets in private-label MBS, ABS and CLOs, and up to 50% of net assets below investment grade.sec.gov
• At least 80% of net assets sit in securitized debt: ABS, residential and commercial MBS, CLOs. Roughly 90 positions, a corner of the bond market core aggregate funds barely touch.ftportfolios.com
• Active since 2020, run in-house by First Trust Advisors since the TCW sub-advisory ended in May 2025, on the same prospectus strategy. Pays monthly.sec.gov

• 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

• DEED At 0.76%, gross and net identical with no waiver, it sits above the category median; agency-focused JMBS runs 0.21% for a narrower job.
• Thinly traded with a modest asset base, so bid-ask spreads can run wider than a mainstream bond ETF's and large orders move the quote.
• Private-label MBS and CLO tranches add credit and valuation risk agency paper lacks; fund documents flag subordination and collateral shortfalls.ftportfolios.comsec.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 DEED profile⁠

Full JMBS profile⁠