Janus Henderson Mortgage-Backed Securities ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, Janus Henderson Mortgage-Backed Securities ETF held 648 positions with $6.62B in net assets. Its ten largest holdings made up 57.1% of the fund. The JMBS share class costs 0.21% a year. Over the 12 months to May 2026, JMBS returned 7.2%, with dividends reinvested. In 2026 Q3 it added 90 new positions and exited 105.
Janus Henderson Mortgage-Backed Securities ETF seeks a high level of total return consisting of income and capital appreciation.
The fund invests predominantly in agency mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, with up to 20% in non-agency residential and commercial mortgage-backed securities and related asset-backed instruments. The fund uses to-be-announced commitments and reverse repurchase agreements, which may leverage the portfolio. The fund targets outperformance of the Bloomberg US MBS Index by 0.50% net of fees while maintaining substantial correlation to the index, though there is no assurance this target will be achieved.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
FNMA or FHLMC 2.50% · due 2056-05-25 | 19.96% | $1.32B | — |
GNMA 2.50% · due 2056-05-15 | 9.20% | $608.44M | — |
FNMA or FHLMC 6.00% · due 2056-05-25 | 6.38% | $422.53M | — |
FNMA or FHLMC 2.00% · due 2056-05-25 | 4.37% | $288.82M | — |
FNMA or FHLMC 3.00% · due 2056-05-25 | 4.01% | $265.51M | — |
FNMA or FHLMC 5.50% · due 2056-05-25 | 3.07% | $203.42M | — |
GNMA 5.00% · due 2056-05-15 | 2.97% | $196.81M | — |
GNMA 5.50% · due 2056-05-15 | 2.51% | $165.84M | — |
GNMA 3.00% · due 2056-05-15 | 2.45% | $162.17M | — |
FNMA or FHLMC 6.50% · due 2056-05-25 | 2.16% | $142.98M | — |
The 200 largest of 648 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 134.41% |
| Cash & short-term | 1.55% |
| Bonds | 0.24% |
| Derivatives | 0.13% |
These positions come to 136.32% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
How it has done
JMBS share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.65%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Janus Henderson Mortgage-Backed Securities ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.21%· JMBS 0.21%
- Portfolio turnover
- 102.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
90 new· the largest 3
105 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 89.6% |
| Floating rate | 10.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 0.2% |
| 3-5y | 1.0% |
| 5-10y | 1.2% |
| 10y+ | 97.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 54% |
| Interest rates | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.89 yr |
| High yield | +0.37 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.85 yr | 13% |
| 5 yr | 1.59 yr | 25% |
| 10 yr | 2.87 yr | 45% |
| 30 yr | 0.97 yr | 15% |
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.78 yr | 11% |
| 5 yr | 1.96 yr | 27% |
| 10 yr | 3.44 yr | 47% |
| 30 yr | 1.03 yr | 14% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.05 | +0.01 | $29.8k | $3.6k |
| 1 yr | +0.85 | +0.72 | +0.06 | $479.4k | $37.2k |
| 5 yr | +1.59 | +1.87 | +0.10 | $1.24m | $62.9k |
| 10 yr | +2.87 | +3.25 | +0.19 | $2.15m | $124.2k |
| 30 yr | +0.97 | +1.00 | +0.02 | $664.7k | $14.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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