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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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