For Individual Investors in the US

JMBS Mortgage-Backed Securities ETF

Seeking above-market total returns by modeling inefficiencies in borrower behavior

NAV
$53.22
As of 07/22/2021

1-Day Change
$0.08 (0.15%)
As of 07/22/2021

YTD Return
-0.01%
As of 07/22/2021

Overview

Quarterly Update

Watch the investment team recap this quarter.

An actively managed, high-quality MBS ETF that…

  • Invests predominately in high-quality MBS assets
  • Seeks total returns in excess of the MBS market without taking additional risk
  • Offers the potential for broad portfolio diversification benefits with little to no corporate credit risk
  • Differentiates itself by employing fundamental loan-level analysis and quantitative modeling in an effort to identify mispriced assets with attractive borrower behavior
  • Provides the lower cost, transparency and liquidity characteristics of the ETF structure
  • Mortgage-Backed Securities :

    A Quick Education

    Looking for an introduction or refresher on MBS? Watch this short video to learn more.

    Modeling Borrower Behavior and Prepayment Risk to Find Opportunity

    Our team differentiates itself through loan-level analysis, continuously evaluating roughly $6.5 trillion in mortgages across more than 35 million loans. We believe the MBS market’s sheer size in value and number of loans makes it an attractive area for active management. We take a bottom-up, loan-by-loan approach in an effort to identify the best opportunities.

    Investable Universe

    418844_Graphs_Web-04

    35+ Million Mortgages

    Analyzed By

    418844_Graphs_Web-05

    Location, Coupon,Credit Score,Debt to Income,Cash Flow, Collateral

    Security Selection

    418844_Graphs_Web-03

    Bottom-up,loan-by-loan approach

    Implementing in a Portfolio

    JMBS is a potentially powerful building block for a diversified fixed income portfolio. JMBS may be used for:

    DEDICATED MBS EXPOSURE

    Historically low correlations and strong-risk adjusted returns of the asset class make a strategic allocation attractive

    A COMPLEMENT TO EXISTING CORE FIXED INCOME

    Pair with core bond funds that may be longer duration and corporate credit-focused

    REBALANCING AWAY FROM NON-CORE FIXED INCOME

    Investors may have over-allocated to riskier non-core fixed income given the fear of rising rates and proliferation of new investment options

    JMBS – Our High-Quality MBS ETF

    Actively Modeling Borrower Behavior to Seek Above-Market Total Returns

    PORTFOLIO MANAGEMENT

    John Kerschner, CFA

    Head of U.S. Securitized Products | Portfolio Manager

    Industry since 1990. Joined Firm in 2010.

    Nick Childs, CFA

    Portfolio Manager | Securitized Products Analyst

    Industry since 2003. Joined Firm in 2017.

    Performance

    RETURNS (%) (As of 06/30/2021)
    NAV Market Price Bloomberg Barclays U.S. MBS Index
     
    3M YTD 1YR Since Inception
    (09/12/2018)
    NAV 0.38 -0.36 1.49 5.12
    Market Price 0.43 0.00 1.42 5.15
    Bloomberg Barclays U.S. MBS Index 0.33 -0.77 -0.42 4.03
    RETURNS (%) (As of 06/30/2021)
    NAV Market Price Bloomberg Barclays U.S. MBS Index
     
    3M YTD 1YR Since Inception
    (09/12/2018)
    NAV 0.38 -0.36 1.49 5.12
    Market Price 0.43 0.00 1.42 5.15
    Bloomberg Barclays U.S. MBS Index 0.33 -0.77 -0.42 4.03

    PREMIUM/DISCOUNT HISTORY

    DISTRIBUTION OVERVIEW
    Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
    07/01/2021 07/02/2021 07/08/2021 $0.052763$0.000000 $0.000000 $0.052763
    06/01/202106/02/202106/07/2021$0.051986$0.000000 $0.000000 $0.051986
    05/03/202105/04/202105/07/2021$0.052045$0.000000 $0.000000 $0.052045
    04/01/202104/05/202104/08/2021$0.055663$0.000000 $0.000000 $0.055663
    03/01/2021 03/02/2021 03/05/2021 $0.051056 $0.000000 $0.000000 $0.051056
    02/01/2021 02/02/2021 02/05/2021 $0.059643 $0.000000 $0.000000 $0.059643
    View Full History

    Portfolio

    Index represents the Bloomberg Barclays U.S. MBS Index.

    Top Holdings (As of 07/22/2021)
    % of Fund
    FHLMC 20yr Pool#RB5111 2.000% 01-May-2041 9.76
    UMBS TBA 15yr 2% August Delivery 8.72
    UMBS TBA 30yr 2.5% August Delivery 7.72
    GNMA II TBA 30yr 2.5% August Delivery 7.05
    UMBS TBA 30yr 3.5% August Delivery 6.16
    FHLMC 20yr Pool#RB5114 2.000% 01-Jun-2041 5.58
    FNMA 30yr Pool#FM2847 3.000% 01-Apr-2048 5.24
    GNMA II TBA 30yr 3% August Delivery 5.22
    GNMA II TBA 30yr 3.5% August Delivery 4.78
    GNMA II TBA 30yr 2% August Delivery 4.28
    View Full Holdings

    Documents

    TOP