FSEC vs JHMB: Grades, Fees and Holdings Compared

FIDELITY INVESTMENT GRADE SECURITIZED ETF

FSECBNYSE Arca

John Hancock Mortgage-Backed Securities ETF

JHMBBNYSE Arca

Overlap

No data

Expense ratio

FSEC −0.03pt a year

FSEC0.36%JHMB0.39%

Avg volume · 30D

FSEC 7.5×the volume

FSEC408KJHMB54.5K

5Y return · a year

JHMB +0.9pt

FSEC+0.4%JHMB+1.3%

FSEC vs JHMB Performance

Oct 29, 2021 – Oct 30, 2026

+1.9%FSEC+6.5%JHMB

Expense ratio: FSEC 0.36%, better; JHMB 0.39%
Fund size: FSEC $4.46B; JHMB $201M
1Y total return: FSEC +0.7%, better; JHMB 0.0%
Yield (12M): FSEC 4.56%; JHMB 4.97%, better
Holdings: FSEC 1176; JHMB 408
Avg volume (30D): FSEC 408K sh, better; JHMB 54.5K sh
NAV per share: FSEC $42.71; JHMB $21.23
52W range

ETF.net Grade

Pillar letters and Scores for FSEC, JHMB, with each pillar’s weight
Pillar	FSEC	JHMB
Cost30% weight	B59Higher	C44
Mission25% weight	A94	A94
Risk15% weight	C42Higher	D35
Tradability15% weight	B68Higher	C43
Holdings10% weight	C44	A77Higher
Durability5% weight	A79Higher	B60

Rank among Core Securitized Bond funds

How we build Categories ›

Same Category. FSEC and JHMB 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 ›

FSEC ranks 3rd and JHMB 5th of 10 funds in the Core Securitized Bond Category.

Rank 1AJMBSJanus Henderson Mortgage-Backed Securities ETFScore 77
Rank 2BJPLDJPMorgan Limited Duration Bond ETFScore 69
Rank 3BFSECFIDELITY INVESTMENT GRADE SECURITIZED ETFScore 66
Rank 3BSECRNYLI MacKay Securitized Income ETFScore 66
Rank 5BJHMBJohn Hancock Mortgage-Backed Securities ETFScore 59
Rank 6BTRBFAngel Oak Total Return ETFScore 55

Our read on each fund

ETF.net Research

FSECBFIDELITY INVESTMENT GRADE SECURITIZED ETF

JHMBBJohn Hancock Mortgage-Backed Securities ETF

In short

FSEC Most funds in this aisle buy a little of everything. FSEC goes narrow: at least 80% in securitized debt, run for current income, paid out monthly.

JHMB An actively run mortgage-bond specialist from John Hancock, sub-advised by affiliate Manulife: at least 80% in mortgage-backed securities, agency and private-label, with room for other asset-backed paper and CLOs. Pays monthly.

Stated mandate

FSEC The fund seeks a high level of current income by investing primarily in securitized securities and related instruments. Its policy requires at least 80% exposure to that securitized-investment segment.

JHMB Seeks exposure to mortgage-backed securities and related mortgage instruments by investing in mortgage-backed securities and related asset-backed instruments.

Why people hold it

FSEC A specialist, not a sampler. The mandate locks at least 80% of assets into securitized debt, so you own that corner of the bond market at full strength instead of as a sliver.
Income is the stated job, not a byproduct, and the cash lands monthly.
Costs 0.36% a year, right at the median for its bond peer group, on a multi-billion-dollar asset base with steady two-way trading.
Holds its own in the upper half of a crowded aggregate-bond field, with a Fidelity bond desk and clear filings behind it.

JHMB Not an index fund: the Manulife team seeks a high level of current income and aims to beat the Bloomberg U.S. MBS Index over a market cycle via bottom-up issue selection.jhinvestments.com jhinvestments.com 2
Wide toolkit, tight label: agency and private-label mortgage bonds, residential and commercial, plus to-be-announced contracts, in roughly 400 positions matching the mandate.jhinvestments.com
0.39% net of a waiver through July 31, 2027 (0.47% gross), near the median for its securitized peers, with monthly distributions.

Worth knowing

FSEC Broad-market rivals such as BND, SPAB and SCHZ charge 0.03% for the whole bond market. The 0.36% here is the price of the narrower mandate.
One segment, about 120 positions. It moves with securitized debt rather than the full bond market, which is a different ride from a total-market core fund.
Launched in 2021, so the record is short by bond-fund standards.

JHMB That 0.39% leans on a waiver running through July 31, 2027; gross is 0.47%. Active peer JMBS charges 0.21% with no waiver attached.
Credit reaches past plain agency paper: up to 20% in below-investment-grade bonds at purchase and up to 20% outside MBS in other ABS and CLOs.jhinvestments.com
Mid-sized and moderately traded, so spreads can run wider than in the category's most-traded names.

Full FSEC profile⁠

Full JHMB profile⁠

FSEC vs JHMB Holdings

How FSEC and JHMB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile99.8%

Sector

No Sector split for JHMB.

Country, concentration and asset class

Country by domicile

Country weights in FSEC and JHMB, widest gap first
Country	More in FSECMore in JHMB	FSEC	JHMB
United States	FSEC +0.2 points	100.0%	99.8%
Australia	JHMB +0.2 points	0.0%	0.2%
Cayman Islands	JHMB +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

FSEC22.0%
JHMB10.3%

Securities held

FSEC1,150
JHMB313

Asset class

FSEC: Fixed Income
JHMB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FSEC holds 1,150 securities, JHMB 313.

All FSEC holdings⁠All 409 JHMB 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.

FSEC vs JHMB Cost

Overpaying JHMB vs FSEC

$578

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

FSEC 0.36%
$7,320
JHMB 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

FSEC 0.36%
JHMB 0.39%
Overpaying

Year by year

Year	FSEC	JHMB	Overpaying
10	$652	$705	$53
20	$2,522	$2,725	$203
30	$7,320	$7,898	$578

Expense ratio

0.36%FSEC, cheaper
0.39%JHMB

FSEC0.36%JHMB0.39%

0.21%0.80%

Middle half of Core Securitized Bond funds
Median 0.38%

FSEC 5th cheapest of 10 funds

JHMB 6th cheapest of 10 funds

FSEC vs JHMB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FSEC 4.56%; JHMB 4.97%, better
Payout (12M): FSEC $1.95; JHMB $1.05
Last payment: FSEC $0.14; JHMB $0.09
Ex-dividend: FSEC Oct 29, 2026; JHMB Oct 28, 2026
Paid on: FSEC Pays Nov 2, 2026; JHMB Oct 30, 2026
Frequency: FSEC Monthly; JHMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FSECMonthly · 47 paymentsAll FSEC payments⁠

JHMBMonthly · 46 paymentsAll JHMB payments⁠

FSEC vs JHMB Risk

Fall from peak · 5 years

FSEC
JHMB

Risk facts

VolatilityStd dev, 3 years: FSEC 6.3%JHMB 5.8%, better
Return per unit of riskSharpe ratio, 3 years: FSEC 0.36, betterJHMB 0.32
Worst fallMax drawdown, 5 years: FSEC −17.4%JHMB −14.0%, better
Market sensitivityBeta, 5 years: FSEC 1.14JHMB 1.03; Market = 1

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