JPLD vs SECR

JPLDBJPMorgan Limited Duration Bond ETF

SECRBNYLI MacKay Securitized Income ETF

In short

JPLD A bond strategy that has been running since 1993 and moved into an ETF wrapper in 2023. Actively managed, securitized-heavy, and steered to a duration of three years or less: income with the interest-rate dial turned down.

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

JPLD Seeks a high level of current income while seeking low volatility of principal.

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

Why people hold it

• JPLD Long lineage, new wrapper: it operated as a mutual fund from February 2, 1993 until converting to an ETF in July 2023, same mandate, now traded on an exchange.jpmorgan.comsec.gov
• The fee sits below the median of the ten securitized-bond funds in its group, with no waiver expiry to diary.
• Securitized engine room: roughly 800 positions in mortgage-backed, asset-backed and mortgage-related debt, with income paid monthly.sec.gov
• One of the stronger builds in its securitized-bond peer group, and a multi-billion-dollar fund rather than a thinly backed launch.

• 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

• JPLD Three years or less is a target, not a wall. The prospectus says duration can run longer when rates or spreads turn volatile.sec.gov
• Active, not an index clone. It is measured against the Bloomberg 1-3 Year U.S. Government/Credit Bond Index but picks its own bonds, so results diverge from that yardstick.sec.gov
• Not the cheapest seat in the category: peer JMBS charges 0.21%.

• 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 JPLD profile⁠

Full SECR profile⁠