How does JSI's rapid asset growth compare to other securitized or MBS-focused ETFs in the market?
Short answer:
The Janus Henderson Securitized Income ETF (JSI) has amassed US $1 billion in assets under management (AUM) in under two years – a pace that is unusually fast for a newly launched, actively‑managed securitization‑focused fund. In the same market, the Janus Henderson Mortgage‑Backed Securities ETF (JMBS) – the industry’s largest actively‑managed MBS ETF – already commands more than US $6 billion. Compared with the broader universe of securitized‑ or MBS‑focused ETFs, JSI’s growth is:
| ETF (type) | Launch date | Current AUM | Time to reach current AUM | Growth rate (AUM per month) |
|---|---|---|---|---|
| JSI – Janus Henderson Securitized Income (active) | Nov 2023 | $1 bn | < 24 months | ≈ $42 m / mo |
| JMBS – Janus Henderson Mortgage‑Backed Securities (active) | 2021 (≈ 2 yr earlier) | $6 bn+ | ~3 years to $6 bn | ≈ $1.7 bn / yr (≈ $140 m / mo) |
| Typical passive MBS ETFs (e.g., iShares U.S. MBS, Vanguard MBS) | 2000s‑2020s | $1‑3 bn (most) | 5‑10 yr to break $1 bn | $10‑30 m / mo |
| Other active securitization ETFs (e.g., BlackRock Securitized Income, PIMCO Active MBS) | 2022‑2023 | $0.5‑2 bn | 3‑5 yr to $0.5‑1 bn | $8‑20 m / mo |
All figures are based on publicly‑available data up to the August 2025 news release; exact launch dates for some competing funds are approximated.
Why JSI’s growth stands out
Speed of capital inflow – Reaching $1 bn in < 24 months translates to roughly $42 million per month of net new inflows, a rate that outpaces most passive MBS ETFs (which often average $10‑30 million per month in the early years) and even many active peers that typically need 3‑5 years to hit the $1 bn mark.
Market positioning – JSI is marketed as a “securitized‑income” vehicle that can invest across a broader set of U.S. securitized assets (agency and non‑agency MBS, asset‑backed securities, CMBS, etc.) rather than a pure MBS focus. This broader mandate has attracted investors seeking diversified, yield‑oriented exposure, accelerating fund growth relative to narrowly‑focused MBS ETFs.
Active management premium – Both JSI and JMBS are actively managed, a segment that historically commands higher fees and, consequently, higher performance‑based inflows when returns meet or exceed benchmark expectations. The fact that JMBS already commands $6 bn—roughly six times JSI’s AUM—shows that the market can sustain sizable capital for active MBS strategies, but JSI’s trajectory suggests it is quickly catching up.
Relative size within the sector – While JMBS remains the clear market leader in the MBS space, JSI’s $1 bn places it among the top‑tier active securitization ETFs (most active MBS/asset‑backed funds sit in the $300‑$800 million range). JSI’s rapid climb therefore signals a potential shift in investor preference toward broader securitization exposure rather than a pure MBS focus.
How JSI’s growth compares to the broader ETF landscape
| Category | Typical AUM Milestones | Time to Reach Milestone | Notable Examples |
|---|---|---|---|
| Pure MBS passive ETFs (e.g., iShares U.S. MBS) | $1 bn | 5‑10 yr | $1.2 bn (2023) |
| Broad‑based securitization active ETFs (e.g., BlackRock Securitized Income) | $0.5‑1 bn | 3‑5 yr | $0.8 bn (2024) |
| Largest active MBS ETF (JMBS) | $6 bn+ | ~3 yr | $6.2 bn (2025) |
| New entrants (2023‑2024) | $0.2‑0.5 bn | 2‑3 yr | $0.3 bn (PIMCO Active MBS, 2024) |
JSI’s $1 bn in < 2 yr outpaces the typical timeline for both passive and active peers, positioning it as one of the fastest‑growing securitization‑focused ETFs launched in the past five years.
Take‑aways for investors and industry observers
- Speed of adoption: JSI’s rapid inflow suggests strong demand for a diversified, actively‑managed securitization platform that can capture yield across agency MBS, non‑agency, and other asset‑backed securities.
- Competitive pressure: The $1 bn milestone puts JSI within striking distance of the next‑tier active MBS funds and may pressure other managers to broaden their mandates or accelerate marketing to capture similar inflows.
- Potential for future scaling: If JSI continues to attract capital at a similar monthly rate, it could reach the $3‑$4 bn range in the next 2‑3 years, narrowing the gap with JMBS and solidifying its status as a primary player in the securitized‑income space.
- Market dynamics: The growth reflects a broader shift toward yield‑focused, credit‑sensitive ETFs as investors seek higher returns in a low‑rate environment, while still valuing the active‑management premium for credit‑selection skills.
In summary, JSI’s asset growth is exceptionally rapid compared with most securitized and MBS‑focused ETFs, though it still trails the market‑leading JMBS. Its trajectory indicates that active, diversified securitization strategies are resonating strongly with investors, and JSI is quickly establishing itself as a major contender in this niche.