Securitized
Markets

Education and access

The securitized market, worth $14.6 trillion, offers investors significant opportunities

Explore each of the U.S. Securitized Markets to learn the characteristics of each asset class

Agency MBS

Mortgage-Backed
Securities

Agency MBS

Mortgage-Backed Securities

Agency MBS are issued or guaranteed by one of three government or quasi-government agencies: Fannie Mae, Freddie Mac, and Ginnie Mae. Because of this government support, the credit risk within agency MBS is considered negligible, similar to U.S. Treasuries.

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CMBS

Commercial Mortgage-
Backed Securities

CMBS

Commercial Mortgage-Backed Securities

CMBS are collections of commercial mortgage loans issued by banks, insurers, and alternate lenders to finance purchases of commercial real estate, such as office, industrial, retail, hospitality, and multi-family. CMBS structures help link the financing needs of real estate buyers with investors' capital.

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CLO

Collateralized Loan
Obligations

CLO

Collateralized Loan Obligations

CLOs are managed portfolios of bank loans that have been securitized into new instruments of varying credit ratings. CLOs have increasingly become the link between the financing needs of smaller companies and investors seeking higher yields.

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ABS

Asset-Backed
Securities

ABS

Asset-Backed Securities

ABS are built around pools of similar cash-flowing assets that include auto loans, credit card receivables, and student loans, all of which grant investors exposure to the consumer credit market.

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Non-Agency RMBS

Mortgage-Backed
Securities

Non-Agency RMBS

Mortgage-Backed Securities

Non-agency RMBS are created by private entities and do not carry a guarantee from a government agency. Non-agency RMBS are typically comprised of residential mortgages that are unable to meet the criteria to qualify as agency loans.

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Meet the team behind our success in securitized markets

1st

top growing actively managed fixed-income ETF provider for taxable bond ETFs*

3rd

largest active fixed-income ETF provider by AUM*

$44.6B

in firmwide securitized assets

*Source: Morningstar Asset Flows Data as of 12/31/24

Explore our suite of securitized ETFs

AAA CLO ETF

For investors looking for a fund that seeks to generate yield above money markets while maintaining high-quality benefits.

BBB CLO ETF

For investors looking for a fund that aims to maximize yield in a floating rate strategy.

Mortgage-Backed Securities ETF

For investors seeking above-market total returns by modeling inefficiencies in borrower behavior.

Securitized Income ETF

For investors looking for income diversification and higher yield potential.

Benefits of having securitized assets in your portfolio

Diversify risk exposures

Securitization can reduce idiosyncratic credit risk by providing exposure to thousands of underlying loans.

Manage duration & improve credit quality

The addition of securitized assets provides an opportunity to dampen overall portfolio duration and increase average credit quality compared to The Bloomberg U.S. Aggregate Bond Index (the Agg).

Access better yield opportunities

Securitized assets may offer higher yields than alternative options of similar or equal credit quality.

Insights

CEO Sessions: Navigating a brighter future with innovative asset-backed private credit solutions

Ali Dibadj speaks with Victory Park Capital’s co-founder Brendan Carroll about the successful integration of asset-backed private credit into portfolios.

A column chart in three colours showing the change in debt as a percentage of GDP since 2019. Orange represents governments, grey represents corporates and blue represents households. The vertical axis is the percentage point change in debt as a percentage of GDP. The horizontal axis represents different countries or regions. In general, the rise in debt has been greatest for governments. Going along the horizontal axis, the first country is mainland China where the figures are a 25% rise in debt as a percentage of GDP for the government, 10.7% fall for corporates and a 4.6% rise for households. The UK the figures are a 15.8% rise in debt for the government, a 4.5% fall for corporates and a 7.0% fall for households. For the US the figures are a 12.6% rise in debt for the government, a 4.5% fall for corporates and a 5.3% fall for households. In the euro area, the figures are a 3.7% rise for government debt, a 6.2% rise for corporates and a 5.8% fall for households. On average there has been a 9% rise in debt for governments, a 2% fall for corporates and a 4% fall for households.

Chart to Watch: Is government debt helping corporate credit?

Exploring the potential interplay between government and corporate debt levels.

Multi-Sector Credit Asset Allocation Perspectives: Emphasising carry in fixed income

Delving into the relative value between fixed income sectors and our preference for carry.

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Agency MBS
CMBS
CLOS
ABS
Non-Agency RMBS