ETF Evaluator: Janus Henderson Mortgage-Backed Sec ETF () Follow This ETF

Janus Henderson Mortgage-Backed Sec ETF Overview

Janus Henderson Mortgage-Backed Sec ETF (JMBS) is an actively managed Taxable Bond Government Mortgage-Backed Bond exchange-traded fund (ETF). Janus Henderson launched the ETF in 2018.

The investment seeks a high level of total return consisting of income and capital appreciation. The fund seeks to achieve its investment objective by investing mainly in mortgage-related instruments. Under normal circumstances, it will invest at least 80%, and often times substantially all, of its net assets (plus any borrowings for investment purposes) in a portfolio of mortgage-related fixed income instruments of varying maturities. Additionally, the fund may invest in derivatives.

About Janus Henderson Mortgage-Backed Sec ETF (JMBS)

There are 3 members of the management team with an average tenure of 5.67 years: Nick Childs (2018), Thomas Polus (2025) and John Kerschner (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US MBS TR USD index with a weighting of 100%. Janus Henderson Mortgage-Backed Sec ETF has 631 securities in its portfolio. The top 10 holdings constitute 55.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Janus Henderson Mortgage-Backed Sec ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Janus Henderson Mortgage-Backed Sec ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.1% (99.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Janus Henderson Mortgage-Backed Sec ETF has 0.7% of the portfolio in cash.

Assets Under Management

The fund has $6 billion in total assets, which is above the $5 billion average for the Government Mortgage-Backed Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

JMBS Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Janus Henderson Mortgage-Backed Sec ETF expense ratio is below average compared to funds in the Government Mortgage-Backed Bond category. Janus Henderson Mortgage-Backed Sec ETF has an expense ratio of 0.21%, which is 15% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Janus Henderson Mortgage-Backed Sec ETF has a portfolio turnover rate of 102%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 210% for the Government Mortgage-Backed Bond category.

Recently, in the month of July 2026, Janus Henderson Mortgage-Backed Sec ETF returned -1.5%, which earned it a grade of F, as the Government Mortgage-Backed Bond category had an average return of -1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Janus Henderson Mortgage-Backed Sec ETF has a trailing yield of 5.72%, which is above the 4.68% category average. The fund normally distributes its income monthly and its capital gains monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Janus Henderson Mortgage-Backed Sec ETF Grades

Year to date, the ETF has returned -0.5%, 0.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.4% over the past year (grade of B), 4.4% over the past three years (grade of A) and 0.4% per year over the past five years (grade of B).

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