JSI vs NSCI

JSICJanus Henderson Securitized Income ETF

NSCIANuveen Securitized Income

In short

JSI Janus Henderson made its name in securitized credit, and JSI is the all-sleeves version: ABS, CLOs, CMBS and agency mortgages in one active ticker at 0.50% net of a waiver through February 28, 2028.

NSCI Securitized credit is the bond market's plumbing: mortgage, consumer-loan and CLO paper that broad index funds only skim. NSCI is Nuveen's active run at it, holding at least 80% in structured bonds with room to reach below investment grade.

Stated mandate

JSI The fund seeks current income while emphasizing capital preservation.

NSCI The Fund seeks a high level of current income and total return. It is actively managed and normally invests at least 80% of net assets plus investment borrowings in securitized credit investments.

Why people hold it

• JSI One ticker for the whole securitized market: ABS, CMBS, CLOs and mortgages, with at least 80% of net assets in securitized debt under the prospectus.janushenderson.comusnews.com
• Built as the firm's best-ideas securitized fund, run by the same desk behind its dedicated CLO and agency-mortgage ETFs.janushenderson.commorningstar.com
• Pays monthly, spreads risk across roughly 600 bonds, and crossed $1 billion in assets within two years of its November 2023 launch.morningstar.com

• NSCI Active securitized credit for 0.38% a year, under its bond-cohort median and under the closest rival, iShares' SECU at 0.40%.sec.gov
• Mandate spans agency and non-agency MBS, CMBS, ABS and CLOs, spread across roughly 200 positions rather than a handful of big bets.sec.govnuveen.com
• Guardrails are in the prospectus: up to 50% below investment grade, nothing rated under CCC at purchase, unrated capped at 25%.sec.gov

Worth knowing

• JSI 0.50% net of a waiver through February 28, 2028 (0.51% gross) sits above the category median and above peers like WDE at 0.19% and NSCI at 0.38%, neither of which is waived.
• Non-diversified by prospectus, and credit sleeves like CLOs and non-agency mortgages can trade thinly under stress. Capital preservation is the stated emphasis, not a floor.usnews.com
• Fully active with no index to anchor it, so results ride on manager calls; on our review it lands in the lower half of its securitized peer group.janushenderson.com

• NSCI No index to hug. Returns ride on Nuveen's securitized desk picking the right structures, which cuts both ways.sec.gov
• Launched in 2025, so there is no long record to judge the strategy through a full credit cycle.
• Thinly traded and small so far, which can mean wider spreads than household bond ETFs, especially on large or hurried orders.

Full JSI profile⁠

Full NSCI profile⁠