Janus Henderson Mortgage-Backed Securities ETF

Janus Henderson Mortgage-Backed Securities ETF (JMBS) is an actively managed bond fund that holds mostly government-backed home-loan bonds from Fannie Mae, Freddie Mac and Ginnie Mae. Over time, its managers aim to beat the Bloomberg US MBS Index by 0.50% a year after fees. It charges 0.21% a year, more than index mortgage ETFs such as VMBS (0.03%). It pays monthly, with a 5.42% trailing yield as of October 27, 2026.

• Over the year to Oct 27, 2026, JMBS returned -1.0%, 6th of 8 among similar funds.
• Its 5-year annualized return was +0.4%.
• In the 2020 COVID crash it fell 4.3% and regained its old high 1.4 months after the low.
• Its worst full calendar year was 2022 (-11.4%); its best was 2025 (+8.8%).
• The deepest fall in its price history was 16.7% (Aug 3, 2021 to Oct 20, 2022), recovered by Sep 5, 2025.

As of Jul 31, 2026, the fund held 623 securities; the ten largest made up 57.67% of assets.

The bonds mature in 28 years on average (weighted by size), with an average coupon of 4.57%.

• Over the three months to Jul 31, 2026, investors added a net $224.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.27%, +0.21%, -1.51%.

JMBS is actively managed, so it does not copy an index. It puts at least 80% of net assets into mortgage-related bonds, mainly mortgage-backed securities (MBS) issued by Ginnie Mae, Fannie Mae and Freddie Mac. MBS are bonds paid from pools of home loans. Up to 20% can go into mortgage bonds without a government agency behind them (non-agency) and other asset-backed bonds. Most holdings are investment grade, but some can be lower-rated "junk" bonds. The managers pick bonds one at a time. Over time, they aim to beat the Bloomberg US MBS Index by 0.50% after fees while tracking it closely. Portfolio turnover was 102%, a sign of frequent trading.

Much of the buying happens through "to be announced" (TBA) trades. These are agreements to buy pools of home loans that will be delivered on a future date. As of July 31, 2026, the largest positions were 30-year Fannie Mae/Freddie Mac pools (about 17% of net assets) and Ginnie Mae II 30-year pools (about 9%). Bond positions added up to about 162% of net assets. That reflects the leveraging effect of TBAs that the prospectus describes. The fund may also borrow through reverse repurchase agreements.

Small Treasury futures positions help the managers adjust duration, which measures how much bond prices react to interest-rate changes.

• JMBS charges 0.21% a year, versus an average of 0.28% for the similar funds below (4th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $22 in the first year and $268 over 10 years (assuming a 5% annual return).

It pays monthly from a portfolio of mostly government-backed mortgage bonds, with a trailing yield of 5.42% as of October 27, 2026.

JMBS paid $2.35 per share over the 12 months to October 27, 2026, a 5.42% yield, in monthly distributions. Rising interest rates hurt it badly. It lost 11.5% in 2022, its worst calendar year. Its deepest fall was 16.7%, from August 2021 to October 2022, and it took about 34.5 months to get back to its old high in September 2025. It held up better in the 2020 COVID crash, slipping 4.3% and recovering in about six weeks. The fund launched in 2018, so it has no 2008 record. Anyone who had to draw money in 2022 would have been cashing out shares at lower prices for almost three years.

It costs 0.21% a year, or $22 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future. A plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).