PINC vs SECU

PINCCPGIM Securitized Income ETF

SECUCiShares Securitized Income Active ETF

In short

PINC Most securitized-credit ETFs sit at the short end and float with cash rates. PINC is PGIM's active take with a twist: a duration overlay of Treasury futures and swaps that stretches its rate exposure beyond what its CLOs, CMBS and ABS carry on their own.

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

PINC The Fund seeks to maximize total return through a combination of current income and capital appreciation.

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

Why people hold it

• PINC Active across the securitized stack: CMBS, RMBS and CMOs, ABS, and CDOs including CLOs, picked by PGIM's securitized products team instead of an index.sec.gov
• The overlay is the twist: Treasury futures, rate swaps and options extend duration past what its securitized holdings carry, so it isn't purely a floating-rate sleeve.sec.govpgim.com
• At 0.39%, the fee lands just under the 0.40% median for its securitized peer group and under iShares' SECU at 0.41%.
• Mandate is total return from current income plus capital appreciation, with cash paid out quarterly.

• 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.govblackrock.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

• PINC Cheaper shelf-mates exist: Principal's WDE runs 0.19%, roughly half the fee for securitized debt exposure.
• Extended duration cuts both ways, with more price movement when rates swing than a short-duration securitized fund, plus the usual derivatives plumbing.sec.gov
• The track record starts in 2026, and it's a small, thinly traded fund, so the spread deserves a look before you place an order.

• 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 PINC profile⁠

Full SECU profile⁠