Janus Henderson Investors has launched a new exchange-traded fund providing European investors with dedicated access to long-dated Mexican government bonds
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By ETFWorld.co.uk
Ignacio De La Maza, Head of EMEA & LatAm Client Group at Janus Henderson
The Janus Henderson Mexico Government Bond USD 10-30Y Core UCITS ETF (ISIN: IE000J8RGOJ4) began trading today.
The launch is a specific, fixed-income strategy that comes amid a record year for ETF launches and significant investor flows into bond funds.
ETF Specifications and Strategy
The fund is designed to track the ICE 10-30 Year USD Mexico Government Index (GDMX1030). Its key details are outlined below.
| Feature | Specification |
|---|---|
| Investment Objective | Track the index performance within an acceptable tracking error. |
| Strategy | Optimization/sampling. Invests at least 75% of assets in a portfolio of fixed-rate, USD-denominated Mexican sovereign bonds with 10-30 year maturities. |
| Portfolio Rules | Minimum 6 different bond issues; no single issue exceeding 30% of Net Asset Value. |
| Total Expense Ratio (TER) | 0.20% |
| Index Name | ICE 10-30 Year USD Mexico Government Index |
The fund employs standard portfolio optimization tools, such as the Bloomberg PORT terminal, to select a basket of bonds that mirrors the risk and return profile of the full index.
The Mexican Bond Market Context
The fund enters a market where Mexican government bonds offer yields that are notably higher than those in many developed economies.
Analysts have linked the strategic rationale for this ETF to Mexico’s “nearshoring” economic boom and the perceived sovereign guarantee on certain debt instruments.
Broader ETF Market Environment
This launch occurs during a period of exceptional activity in the ETF industry:
Record Launches: Over 1,000 new ETFs have launched in the U.S. in 2025, a record high. A significant majority (84%) of these are actively managed funds.
Strong Fixed Income Flows: Fixed income ETFs have gathered over $384 billion in flows in 2025 through early December, surpassing the previous annual record by nearly $100 billion.
Active Strategy Popularity: Active fixed income ETFs have captured a record 38% of total fixed income inflows this year.
This product contrasts with many of 2025’s new launches, which Morningstar analysts have criticized as including gimmicky strategies like leveraged single-stock ETFs. Instead, it offers a straightforward, indexed exposure to a specific sovereign debt segment.
Analysis and Investor Considerations
The fund provides a tool for yield-seeking investors willing to take on emerging market sovereign risk. Its USD denomination eliminates direct currency risk for international investors, though it concentrates on the long end (10-30 years) of the yield curve, making it sensitive to interest rate changes.
Janus Henderson has prior experience with similar strategies, such as its GCC Sovereign USD Bond Core UCITS ETF, which tracks dollar-denominated bonds from Gulf Cooperation Council states. The new Mexico ETF represents a further expansion of their targeted fixed-income ETF shelf for European investors.
Key points for investors:
Yield Access: Provides concentrated exposure to high single-digit yields from Mexican sovereign debt.
Diversification: Offers geographic and economic diversification relative to developed market bonds.
Risks: Carries standard emerging market risks, including political, economic, and liquidity risks. Long duration increases interest rate sensitivity.
Cost: The 0.20% TER is competitive for a specialized sovereign bond ETF.
The fund is registered for sale across multiple European jurisdictions, including the UK, Germany, France, Italy, and Switzerland
| Product Name | Janus Henderson Mexico Government Bond USD 10-30Y Core UCITS ETF |
| ISIN | IE000J8RGOJ4 |
| SEDOL | BSY3NR8 |
| Currency | USD |
| TER | 0.20% |
| Benchmark | ICE 10-30 Year USD Mexico Government Index |
Source : ETFWorld.co.uk
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