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Trending ETFs

Name

As of 06/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$44.98

$3.91 B

5.07%

$2.28

0.26%

Vitals

YTD Return

0.0%

1 yr return

3.0%

3 Yr Avg Return

-2.2%

5 Yr Avg Return

0.3%

Net Assets

$3.91 B

Holdings in Top 10

67.5%

52 WEEK LOW AND HIGH

$45.0
$41.84
$46.15

Expenses

OPERATING FEES

Expense Ratio 0.26%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 162.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 06/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$44.98

$3.91 B

5.07%

$2.28

0.26%

JMBS - Profile

Distributions

  • YTD Total Return 0.0%
  • 3 Yr Annualized Total Return -2.2%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Monthly
  • Net Income Ratio 1.24%
DIVIDENDS
  • Dividend Yield 5.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Janus Henderson Mortgage-Backed Securities ETF
  • Fund Family Name
    Janus Henderson Funds
  • Inception Date
    Sep 12, 2018
  • Shares Outstanding
    15900000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Nick Childs

Fund Description

The Fund seeks to achieve its investment objective by investing mainly in mortgage-related instruments. Under normal circumstances, the Fund 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. Mortgage-related fixed income instruments include residential and commercial mortgage-backed securities (“MBS”), collateralized mortgage obligations, stripped mortgage-backed securities, mortgage pass-through securities, credit risk transfer securities (“CRTs”),

and other securities representing an interest in or secured by or related to mortgages, including asset-backed securities and securities issued by other exchange-traded funds (“ETFs”) that invest principally in MBS. Under normal circumstances, the Fund will invest predominantly in mortgage-related securities issued by the U.S. government and its agencies, such as the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). The Fund may also invest up to 20% of its net assets in non-agency, or privately-issued, residential and commercial MBS, and other non-agency or privately issued mortgage-related and asset-backed securities. The Fund will typically enter into “to be announced” or “TBA” commitments when purchasing MBS, which allows the Fund to agree to pay for certain yet-to-be issued securities at a future date and which may have a leveraging effect on the Fund. Similar to its use of leverage with respect to TBAs, the Fund may enter into reverse repurchase agreement transactions and use the cash made available from these transactions to make additional investments in mortgage-related instruments or other fixed-income securities. In addition to its investments in mortgage-backed and mortgage-related securities, the Fund will from time to time also invest in certain other fixed-income securities and/or hold cash and cash-equivalents (such as U.S. treasuries). The Fund will invest primarily in securities rated investment grade (that is, securities rated Baa3/BBB- or higher, or if unrated, determined to be of comparable credit quality by the Adviser). The Fund may also invest in lower-rated, higher-yielding securities, including securities rated below investment grade (sometimes referred to as “junk” bonds), when the Adviser believes that the increased risk of such lower rated securities is justified by the potential for increased return. The Fund invests only in U.S. dollar denominated securities. The Fund may invest its uninvested cash in affiliated or non-affiliated money market funds or unregistered cash management pooled investment vehicles that operate as money market funds. The Fund also invests in securities that have contractual restrictions that prohibit or limit their resale, which may include Rule 144A securities.

As a general indication of the Fund’s targeted risk/return profile, the Fund’s portfolio management will seek to select mortgage-related instruments that can over time provide a return of 0.50% (net of fees) above the Bloomberg US MBS Index Total Return Value Unhedged USD (“Bloomberg US MBS Index” or the “Index”), while generally maintaining an investment return with substantial correlation to the Index. There can be no assurance that the Fund will achieve this targeted risk/return.

Additionally, the Fund may invest in derivatives, which are instruments that have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, interest rates, or market indices. In particular, the Fund may use swaps, futures, forward contracts and options. The Fund may use derivatives only to manage or hedge portfolio risk, including interest rate risk, or to manage duration. The Fund’s exposure to derivatives will vary. The Fund may also enter into short positions for hedging purposes.

The Fund is “actively managed” and does not seek to replicate the composition or performance of an index. In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, portfolio management applies a “bottom up” approach in choosing investments. This means that portfolio management looks at securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. Portfolio management additionally considers the expected risk-adjusted return on a particular investment and the Fund’s overall target risk allocations and volatility. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.

The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.

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JMBS - Performance

Return Ranking - Trailing

Period JMBS Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -3.9% 14.7% 27.88%
1 Yr 3.0% -4.4% 30.4% 11.95%
3 Yr -2.2%* -7.8% 11.3% 11.56%
5 Yr 0.3%* -5.6% 2.9% 4.69%
10 Yr N/A* -2.1% 3.3% 14.51%

* Annualized

Return Ranking - Calendar

Period JMBS Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -1.0% 22.1% 58.41%
2022 -13.7% -20.4% -5.8% 62.22%
2021 -1.5% -7.1% 16.6% 7.73%
2020 2.7% -1.3% 8.8% 57.94%
2019 3.3% 0.3% 7.1% 54.50%

Total Return Ranking - Trailing

Period JMBS Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -3.9% 14.7% 27.88%
1 Yr 3.0% -4.4% 30.4% 11.95%
3 Yr -2.2%* -7.8% 11.3% 11.56%
5 Yr 0.3%* -5.6% 2.9% 4.69%
10 Yr N/A* -2.1% 3.3% N/A

* Annualized

Total Return Ranking - Calendar

Period JMBS Return Category Return Low Category Return High Rank in Category (%)
2023 5.7% -0.5% 28.8% 4.87%
2022 -11.4% -18.5% -3.3% 38.22%
2021 -0.3% -4.5% 25.3% 17.73%
2020 5.8% -1.3% 13.0% 55.61%
2019 7.1% 1.8% 11.3% 2.84%

JMBS - Holdings

Concentration Analysis

JMBS Category Low Category High JMBS % Rank
Net Assets 3.91 B 9.43 M 134 B 26.11%
Number of Holdings 621 17 12663 43.81%
Net Assets in Top 10 2.64 B 5.3 M 53 B 21.24%
Weighting of Top 10 67.45% 4.6% 98.5% 13.27%

Top 10 Holdings

  1. UMBS, Single Family, 30 Year 28.26%
  2. UMBS, Single Family, 30 Year 7.26%
  3. UMBS, Single Family, 30 Year 6.21%
  4. UMBS, Single Family, 30 Year 5.01%
  5. GNMA II, Single Family, 30 Year 3.81%
  6. GNMA II, Single Family, 30 Year 3.77%
  7. GNMA II, Single Family, 30 Year 3.77%
  8. GNMA II, Single Family, 30 Year 3.29%
  9. UMBS, 30 Year 3.16%
  10. UMBS, 30 Year 2.91%

Asset Allocation

Weighting Return Low Return High JMBS % Rank
Bonds
116.12% 0.07% 159.23% 15.49%
Other
9.51% -23.81% 17.63% 2.21%
Cash
1.41% -20.28% 26.05% 58.41%
Stocks
0.00% 0.00% 96.18% 32.74%
Preferred Stocks
0.00% 0.00% 0.11% 29.20%
Convertible Bonds
0.00% 0.00% 3.29% 30.09%

Bond Sector Breakdown

Weighting Return Low Return High JMBS % Rank
Securitized
99.79% 0.00% 99.79% 0.44%
Cash & Equivalents
1.41% 0.00% 26.05% 49.56%
Corporate
0.08% 0.00% 9.48% 20.80%
Derivative
0.07% -19.23% 1.69% 32.30%
Municipal
0.00% 0.00% 5.24% 44.69%
Government
0.00% 0.00% 100.00% 94.25%

Bond Geographic Breakdown

Weighting Return Low Return High JMBS % Rank
US
116.12% 0.07% 159.23% 15.49%
Non US
0.00% 0.00% 2.20% 29.65%

JMBS - Expenses

Operational Fees

JMBS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.26% 0.03% 3.55% 88.44%
Management Fee 0.26% 0.00% 0.85% 34.96%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

JMBS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 4.50% N/A
Deferred Load N/A 1.00% 4.50% N/A

Trading Fees

JMBS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

JMBS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 162.00% 3.35% 948.00% 48.59%

JMBS - Distributions

Dividend Yield Analysis

JMBS Category Low Category High JMBS % Rank
Dividend Yield 5.07% 0.00% 4.94% 0.44%

Dividend Distribution Analysis

JMBS Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Quarterly

Net Income Ratio Analysis

JMBS Category Low Category High JMBS % Rank
Net Income Ratio 1.24% -0.80% 2.96% 15.11%

Capital Gain Distribution Analysis

JMBS Category Low Category High Capital Mode
Capital Gain Distribution Frequency Monthly Annually Annually Annually

Distributions History

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JMBS - Fund Manager Analysis

Managers

Nick Childs


Start Date

Tenure

Tenure Rank

Sep 12, 2018

3.72

3.7%

Nick Childs, CFA, joined Janus Capital in 2017. Prior to joining Janus Capital, he was a portfolio manager at Proprietary Capital, LLC from 2012 to 2016, where he managed alternative fixed income strategies specializing in MBS, absolute return investing. Mr. Childs holds a Bachelor of Science degree from the University of Denver. Mr. Childs holds the Chartered Financial Analyst designation.

John Kerschner


Start Date

Tenure

Tenure Rank

Sep 12, 2018

3.72

3.7%

John Kerschner, CFA, is Head of U.S. Securitized Products of Janus Henderson Investors. He also performs duties as a fixed-income analyst. Mr. Kerschner joined Janus Capital in December 2010. Prior to joining Janus Capital, Mr. Kerschner was director of portfolio management at BBW Capital Advisors from 2009-2010 and the Global Head of Credit Investing for Woodbourne Investment Management from 2007-2009.Kerschner is a senior portfolio manager with Smith Breeden. Kerschner joined Smith Breeden in 1994. Mr. Kerschner holds a Bachelor of Science degree (cum laude) in Biology from Yale University and a Master of Business Administration degree from the Fuqua School of Finance at Duke University, where he was designated a Fuqua Scholar. Kerschner holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.11 31.64 8.38 7.35