IUSB vs JIII: Grades, Fees and Holdings Compared

iShares Core Universal USD Bond ETF

IUSBANasdaq

Janus Henderson Income ETF

JIIICNYSE Arca

Overlap

No data

Expense ratio

IUSB −0.48pt a year

IUSB0.06%JIII0.54%

Avg volume · 30D

IUSB 111.6×the volume

IUSB6.13MJIII54.9K

IUSB vs JIII Performance

Oct 31, 2025 – Oct 30, 2026

0.0%IUSB+1.8%JIII

Expense ratio: IUSB 0.06%, better; JIII 0.54%
Fund size: IUSB $50.2B; JIII $339M
1Y total return: IUSB 0.0%; JIII +1.8%, better
Yield (12M): IUSB 4.32%; JIII 7.66%, better
Holdings: IUSB 18280; JIII 577
Avg volume (30D): IUSB 6.13M sh, better; JIII 54.9K sh
NAV per share: IUSB $44.91; JIII $48.38
52W range

ETF.net Grade

Pillar letters and Scores for IUSB, JIII, with each pillar’s weight
Pillar	IUSB	JIII
Cost30% weight	A92Higher	F16
Mission25% weight	A100Higher	A79
Risk15% weight	C54	A82Higher
Tradability15% weight	A89Higher	D34
Holdings10% weight	A76Higher	D34
Durability5% weight	A94Higher	C40

Rank among US Aggregate Bond funds

How we build Categories ›

Same Category. IUSB and JIII are both graded against the same 114 US Aggregate Bond funds, so their Grades compare head to head.

US Aggregate Bond⁠

Category · 114 funds

See all 114 ›

IUSB ranks 2nd and JIII 87th of 114 funds in the US Aggregate Bond Category.

Rank 1AAGGiShares Core U.S. Aggregate Bond ETFScore 87
Rank 2AIUSBiShares Core Universal USD Bond ETFScore 86
Rank 2ASCHZSchwab U.S. Aggregate Bond ETFScore 86
Rank 87CHTABHartford Schroders Tax-Aware Bond ETFScore 47
Rank 87CJIIIJanus Henderson Income ETFScore 47
Rank 87CZHOGF/m Opportunistic Income ETFScore 47

Our read on each fund

ETF.net Research

IUSBAiShares Core Universal USD Bond ETF

JIIICJanus Henderson Income ETF

In short

IUSB Most core bond funds stop at investment grade. IUSB keeps going, folding high-yield USD debt into the same wrapper across roughly 18,000 bonds, for 0.06% a year.

JIII Active multi-sector income from Janus Henderson, built to sit between a core bond fund and a single-sector high-yield fund. Pays monthly. Costs 0.54%, net of a waiver through February 28, 2028.

Stated mandate

IUSB The Fund seeks to track an index of U.S.-dollar-denominated bonds spanning investment-grade and high-yield sectors.

JIII The fund seeks long-term returns through a combination of income and capital growth.

Why people hold it

IUSB 0.06% a year, a fraction of what the typical broad bond fund in its category charges, and iShares has run it since 2014.
Roughly 18,000 bonds spanning investment-grade and high-yield sectors, so one ticker covers ground a plain Agg tracker leaves on the table.ishares.com
Tracks its index closely, trades heavily, and sits on a multi-billion-dollar asset base. Income is paid monthly.
Among the strongest implementations in a crowded field of nearly 200 core bond funds.

JIII Actively managed across bond sectors, US and non-US, instead of tracking one index. Janus Henderson positions it between a core bond fund and a constrained high-yield fund.janushenderson.com
Income comes first in the mandate, capital appreciation second, and cash goes out monthly rather than quarterly.janushenderson.com
Roughly 500 holdings spread across credit, securitized and government debt, so the risk is not purely a bet on Treasury rates.janushenderson.com

Worth knowing

IUSB That high-yield sleeve is the trade-off: more credit risk than an investment-grade-only fund, and more movement when spreads widen.
BND, SPAB and SCHZ charge 0.03%, half IUSB's fee, but they stay inside investment grade.
Payouts land monthly, but the amount floats with the coupons underneath. Nothing about the income stream is fixed.

JIII At 0.54% net of a waiver through February 28, 2028 (0.56% gross), it sits above the category median, while index trackers AGG, BND and SPAB each charge 0.03%.
Launched in 2024, so the live record is short, and the fund trades moderately rather than heavily.
A manager's sector calls drive the portfolio, which can leave it looking quite different from a plain aggregate-bond index fund.janushenderson.com

Full IUSB profile⁠

Full JIII profile⁠

IUSB vs JIII Holdings

How IUSB and JIII differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector17 Sectors0.0%
Countryby domicile93.7%
Asset classFixed Income100%

Sector

Sector weights in IUSB and JIII, widest gap first
Sector	More in IUSBMore in JIII	IUSB	JIII
Treasury	IUSB +40.6 points	40.6%	0.0%
Consumer Discretionary	JIII +31.5 points	0.0%	31.5%
Technology	JIII +21.0 points	0.0%	21.0%
Materials	JIII +20.2 points	0.0%	20.2%
MBS Pass-Through	IUSB +19.6 points	19.6%	0.0%
Industrial	IUSB +18.4 points	18.4%	0.0%
Communication	JIII +10.9 points	0.0%	10.9%
Utilities	JIII +10.5 points	0.0%	10.5%
Financial Institutions	IUSB +10.0 points	10.0%	0.0%
Financials	JIII +6.0 points	0.0%	6.0%
Sovereign	IUSB +3.3 points	3.3%	0.0%
Utility	IUSB +2.7 points	2.7%	0.0%
Agency	IUSB +2.3 points	2.3%	0.0%
CMBS	IUSB +1.2 points	1.2%	0.0%
Supranational	IUSB +1.0 points	1.0%	0.0%
Local Authority	IUSB +0.5 points	0.5%	0.0%
ABS	IUSB +0.3 points	0.3%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IUSB and JIII, widest gap first
Country	More in IUSBMore in JIII	IUSB	JIII
United States	JIII +4.1 points	88.1%	92.2%
Cayman Islands	IUSB +1.6 points	3.1%	1.5%
Luxembourg	JIII +1.0 points	0.4%	1.4%
Canada	JIII +0.6 points	1.2%	1.8%
Mexico	IUSB +0.5 points	0.5%	0.0%
Other countries (35)	IUSB +3.5 points	6.6%	3.1%

Concentration

Weight in the 10 largest Holdings

IUSB8.1%
JIII38.7%

Securities held

IUSB17,809
JIII572

Asset class

IUSB: Fixed Income
JIII: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. IUSB holds 17,809 securities, JIII 572.

All 18,365 IUSB holdings⁠All 544 JIII 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.

IUSB vs JIII Cost

Overpaying JIII vs IUSB

$9,450

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

IUSB 0.06%
$1,270
JIII 0.54%
$10,720

Amount$10,000

Years30 years

Cost over time

IUSB 0.06%
JIII 0.54%
Overpaying

Year by year

Year	IUSB	JIII	Overpaying
10	$110	$971	$861
20	$432	$3,724	$3,292
30	$1,270	$10,720	$9,450

Expense ratio

0.06%IUSB, cheaper
0.54%JIII

IUSB0.06%JIII0.54%

0.00%1.04%

Middle half of US Aggregate Bond funds
Median 0.34%

IUSB 10th cheapest of 114 funds

JIII 96th cheapest of 114 funds

IUSB vs JIII Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IUSB 4.32%; JIII 7.66%, better
Payout (12M): IUSB $1.94; JIII $3.71
Last payment: IUSB $0.15; JIII $0.22
Ex-dividend: IUSB Oct 1, 2026; JIII Oct 30, 2026
Paid on: IUSB Oct 6, 2026; JIII Pays Nov 5, 2026
Frequency: IUSB Monthly; JIII Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IUSBMonthly · 45 paymentsAll IUSB payments⁠

JIIIMonthly · 23 paymentsAll JIII payments⁠

IUSB vs JIII Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IUSB 5.5%JIII 3.0%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: IUSB 0.25JIII 0.10since Dec 2024
Worst fallMax drawdown, 5 years: IUSB −17.4%JIII −3.5%since Nov 2024
Market sensitivityBeta, 5 years: IUSB 0.96JIII 0.14; Market = 1

IUSB and JIII in the news

All news⁠

ETF Filings
BondBloxx registers a 0.22% core-plus bond ETF, and two funds still not for sale
Oct 21, 2026IUSB

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IUSB vs JIII

In short

Stated mandate

Why people hold it

Worth knowing

How IUSB and JIII differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BondBloxx registers a 0.22% core-plus bond ETF, and two funds still not for sale

How IUSB and JIII differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings