JSI vs SECU: Grades, Fees and Holdings Compared

Janus Henderson Securitized Income ETF

JSICNYSE Arca

iShares Securitized Income Active ETF

SECUCCboe

Overlap

No data

Expense ratio

SECU −0.09pt a year

JSI0.50%SECU0.41%

Avg volume · 30D

SECU 1.1×the volume

JSI178KSECU199K

JSI vs SECU Performance

Jul 31, 2026 – Oct 30, 2026

−0.3%JSI+0.2%SECU

Expense ratio: JSI 0.50%; SECU 0.41%, better
Fund size: JSI $1.55B; SECU $843M
1Y total return: JSI +2.0%; SECU No data
Yield (12M): JSI 6.59%; SECU No data
Holdings: JSI 577; SECU 922
Avg volume (30D): JSI 178K sh; SECU 199K sh, better
NAV per share: JSI $50.27; SECU $48.98
52W range

ETF.net Grade

Pillar letters and Scores for JSI, SECU, with each pillar’s weight
Pillar	JSI	SECU
Cost30% weight	F23	D33Higher
Mission25% weight	D36Higher	F24
Risk15% weight	C43Higher	D32
Tradability15% weight	A70	A71Higher
Holdings10% weight	B64	A70Higher
Durability5% weight	A88	A91Higher

Rank among Multi-Sector Securitized Bond funds

How we build Categories ›

Same Category. JSI and SECU are both graded against the same 11 Multi-Sector Securitized Bond funds, so their Grades compare head to head.

Multi-Sector Securitized Bond⁠

Category · 11 funds

See all 11 ›

SECU ranks 4th and JSI 5th of 11 funds in the Multi-Sector Securitized Bond Category.

Rank 1ANSCINuveen Securitized IncomeScore 70
Rank 2BDABSDoubleLine Asset-Backed Securities ETFScore 56
Rank 3CWDEPrincipal Securitized Debt ETFScore 52
Rank 4CSECUiShares Securitized Income Active ETFScore 49
Rank 5CJSIJanus Henderson Securitized Income ETFScore 46
Rank 6CPINCPGIM Securitized Income ETFScore 43

Our read on each fund

ETF.net Research

JSICJanus Henderson Securitized Income ETF

SECUCiShares Securitized Income Active ETF

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.

SECU A 2005-vintage BlackRock mortgage-bond strategy that moved into an ETF wrapper in January 2026: active, roughly 900 securitized bonds deep, at 0.41% with no waiver due to expire.

Stated mandate

JSI The fund seeks current income while emphasizing capital preservation.

SECU The Fund seeks high total return through active management of a diversified portfolio of securitized fixed-income assets.

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.com usnews.com
Built as the firm's best-ideas securitized fund, run by the same desk behind its dedicated CLO and agency-mortgage ETFs.janushenderson.com morningstar.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

SECU Rare pedigree: the strategy launched as a BlackRock mutual fund on July 29, 2005 and was reorganized into this ETF on January 23, 2026, so the research desk predates the ticker.sec.gov blackrock.com
Wide net: roughly 900 positions spanning asset-backed bonds, agency and non-agency mortgage paper, CLOs and CMOs, up and down the capital structure.sec.gov
The 0.41% fee is the whole story: gross equals net, no waiver propping it up, and it sits near the median for funds in the securitized bond group.
Active mandate, no index leash. Managers can hold investment grade or high yield at any maturity, with at least 80% of assets in securitized exposure.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

SECU At least 25% of total assets sits in non-agency mortgage bonds, which carry no US government backing. Credit and prepayment swings come attached to the income.sec.gov
Cheaper doors exist in the same category: Principal's WDE charges 0.19% and Nuveen's NSCI 0.38%, neither relying on a waiver.
The wrapper is young even if the strategy isn't, so exchange-traded history on spreads and volatility is thin next to the predecessor fund's record.sec.gov

Full JSI profile⁠

Full SECU profile⁠

JSI vs SECU Holdings

How JSI and SECU differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector18 Sectors0.0%
Countryby domicile97.5%
Asset classFixed Income100%

Sector

Sector weights in JSI and SECU, widest gap first
Sector	More in JSIMore in SECU	JSI	SECU
Technology	JSI +39.1 points	39.0%	0.0%
Commercial Mortgages	SECU +38.3 points	0.0%	38.3%
Non-Agency Mortgages	SECU +33.8 points	0.0%	33.8%
Financials	JSI +11.1 points	11.1%	0.0%
CLO Securities	SECU +10.8 points	0.0%	10.8%
Communication	JSI +10.6 points	10.6%	0.0%
Consumer Discretionary	JSI +9.9 points	9.9%	0.0%
Agency Residential Mortgages	SECU +8.4 points	0.0%	8.4%
Health Care	JSI +8.3 points	8.3%	0.0%
ABS	SECU +7.9 points	0.0%	7.9%
Industrials	JSI +7.8 points	7.8%	0.0%
Consumer Staples	JSI +4.5 points	4.5%	0.0%
Energy	JSI +3.1 points	3.1%	0.0%
Utilities	JSI +2.1 points	2.1%	0.0%
Real Estate	JSI +1.8 points	1.8%	0.0%
Materials	JSI +1.7 points	1.7%	0.0%
US Investment Grade Credit	SECU +0.8 points	0.0%	0.8%
Bank Loans	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in JSI and SECU, widest gap first
Country	More in JSIMore in SECU	JSI	SECU
United States	SECU +2.5 points	95.4%	97.9%
Cayman Islands	JSI +2.2 points	4.3%	2.1%
Japan	JSI +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

JSI17.4%
SECU13.1%

Securities held

JSI573
SECU919

Asset class

JSI: Fixed Income
SECU: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. JSI holds 573 securities, SECU 919.

All 563 JSI holdings⁠All 911 SECU 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.

JSI vs SECU Cost

Overpaying JSI vs SECU

$1,698

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

JSI 0.50%
$9,979
SECU 0.41%
$8,281

Amount$10,000

Years30 years

Cost over time

JSI 0.50%
SECU 0.41%
Overpaying

Year by year

Year	JSI	SECU	Overpaying
10	$900	$741	$159
20	$3,460	$2,860	$600
30	$9,979	$8,281	$1,698

Expense ratio

0.50%JSI
0.41%SECU, cheaper

SECU0.41%JSI0.50%

0.19%0.64%

Middle half of Multi-Sector Securitized Bond funds
Median 0.39%

SECU 8th cheapest of 11 funds

JSI 9th cheapest of 11 funds

JSI vs SECU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JSI 6.59%; SECU No data
Payout (12M): JSI $3.30; SECU No data
Last payment: JSI $0.26; SECU $0.28
Ex-dividend: JSI Oct 30, 2026; SECU Oct 1, 2026
Paid on: JSI Pays Nov 5, 2026; SECU Oct 6, 2026
Frequency: JSI Monthly; SECU Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JSIMonthly · 36 paymentsAll JSI payments⁠

SECUMonthly · 8 paymentsAll SECU payments⁠

JSI vs SECU Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JSI 2.7%since Dec 2023SECU No data
Return per unit of riskSharpe ratio, 3 years: JSI 0.49since Dec 2023SECU No data
Worst fallMax drawdown, 5 years: JSI −2.3%since Nov 2023SECU No data
Market sensitivityBeta, 5 years: JSI 0.09SECU 0.80; Market = 1

JSI and SECU in the news

All news⁠

ETF Launch Alert
T. Rowe Price's TSCZ enters a crowded securitized-income sleeve at 0.20%
Sep 4, 2026JSISECU
First-Year Review
Nuveen's securitized-income ETF returned 4.2% in year one, almost all from coupons
Sep 23, 2026JSI

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JSI vs SECU

In short

Stated mandate

Why people hold it

Worth knowing

How JSI and SECU 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

T. Rowe Price's TSCZ enters a crowded securitized-income sleeve at 0.20%

Nuveen's securitized-income ETF returned 4.2% in year one, almost all from coupons

How JSI and SECU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings