Overview
Actively managed agency mortgage-backed securities — government-guaranteed credit with an active manager working the prepayment puzzle.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| FNMA | Fannie Mae 30yr pools | 38.4% |
| FHLMC | Freddie Mac 30yr pools | 27.2% |
| GNMA | Ginnie Mae pools | 14.6% |
| FNMA | Fannie Mae 15yr pools | 7.8% |
| CMO | Agency CMOs | 6.4% |
| UST | Treasuries & cash | 3.4% |
| -- | Non-agency RMBS | 2.2% |
Fund Details
Investment Thesis
Agency MBS is the rare asset paying corporate-bond yields with government-guaranteed credit — the catch is prepayment risk, the homeowner's free option to refinance at your expense. That's a puzzle active managers demonstrably exploit, and JMBS has beaten the passive MBS index since inception by picking its pools. With mortgage spreads still historically wide, the 5.1% monthly yield carries real cushion.
Who It's For
Income investors who want government-backed credit yielding more than Treasuries, with a specialist desk managing the prepayment math. The active upgrade over passive MBB.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | $46.56 | -- |
| 2019 | $48.19 | +3.5% |
| 2020 | $50.12 | +4.0% |
| 2021 | $49.37 | -1.5% |
| 2022 | $43.44 | -12.0% |
| 2023 | $44.74 | +3.0% |
| 2024 | $45.19 | +1.0% |
| 2025 | $47.00 | +4.0% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | 2.80% |
| 2019 | 2.90% |
| 2020 | 2.20% |
| 2021 | 1.90% |
| 2022 | 3.00% |
| 2023 | 4.40% |
| 2024 | 4.90% |
| 2025 | 5.10% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | $0.1B | -- |
| 2019 | $0.5B | +400.0% |
| 2020 | $1.5B | +200.0% |
| 2021 | $2.5B | +66.7% |
| 2022 | $2B | -20.0% |
| 2023 | $3B | +50.0% |
| 2024 | $5B | +66.7% |
| 2025 | $6.5B | +30.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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