JMBS vs SECR

JMBSAJanus Henderson Mortgage-Backed Securities ETF

SECRBNYLI MacKay Securitized Income ETF

In short

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.

SECR Most securitized bond ETFs stop at agency mortgages. SECR roams the whole structured-credit stack, CMBS, ABS, non-agency RMBS and CLOs, picked by MacKay Shields, at 0.28% net of a waiver through August 28, 2027.

Stated mandate

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

SECR The Fund seeks total return with an emphasis on current income.

Why people hold it

• 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.

• SECR At least 80% of assets sit in securitized paper: CMBS, ABS, agency and non-agency RMBS, CMOs and CLOs. Agency-mortgage peers like JMBS and JHMB work a narrower slice.sec.gov
• 0.28% net of a contractual waiver through August 28, 2027 (0.49% gross), below the category median and under FSEC's 0.36% and JHMB's 0.39% net of a waiver through July 31, 2027.
• Actively run by MacKay Shields rather than tracking an index, with income paid monthly and risk spread across roughly 400 positions.nylim.com
• Holdings line up with the securitized mandate the filings describe, one of the tidier implementations in this small peer group.

Worth knowing

• 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.

• SECR Thinly traded, so spreads can run wider than the giant bond ETFs' and bigger orders may need patience.
• The 0.28% price tag leans on a waiver through August 28, 2027; the gross expense ratio behind it is 0.49%.
• Up to 20% of total assets can sit below investment grade, and non-agency structures carry credit and prepayment risk. The fund has only traded since 2024.sec.gov

Full JMBS profile⁠

Full SECR profile⁠