Overview
The mortgage REIT complex — Annaly, AGNC and 33 other leveraged spread investors earning the gap between mortgage yields and funding costs, paying out 11%+.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NLY | Annaly Capital | 22.2% |
| AGNC | AGNC Investment | 15.7% |
| STWD | Starwood Property Trust | 6.7% |
| RITM | Rithm Capital | 5.1% |
| EFC | Ellington Financial | 4.8% |
| DX | Dynex Capital | 4.7% |
| ARR | ARMOUR Residential | 4.3% |
| BXMT | Blackstone Mortgage | 4.1% |
| LADR | Ladder Capital | 3.5% |
| ORC | Orchid Island Capital | 3.4% |
Fund Details
Investment Thesis
A pure spread trade in fund form: mREITs mint money when the yield curve steepens and funding costs fall — exactly the setup a peaking rate cycle creates. The -14% year reflects the curve pain already taken; the 11% yield is what buyers collect while waiting for the turn, and book values historically inflect fast when it comes. This is the highest-octane income vehicle in the REIT universe, behaving like a leveraged rates position because it is one.
Who It's For
Rate-cycle traders and income speculators who understand they're buying leveraged mortgage spreads — double-digit yield as compensation for genuine volatility.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $42.06 | -- |
| 2017 | $45.20 | +7.5% |
| 2018 | $39.94 | -11.6% |
| 2019 | $44.53 | +11.5% |
| 2020 | $31.86 | -28.5% |
| 2021 | $34.51 | +8.3% |
| 2022 | $22.69 | -34.3% |
| 2023 | $23.59 | +4.0% |
| 2024 | $21.35 | -9.5% |
| 2025 | $22.18 | +3.9% |
| Year | Yield |
|---|---|
| 2016 | 10.20% |
| 2017 | 10.20% |
| 2018 | 9.67% |
| 2019 | 8.83% |
| 2020 | 11.83% |
| 2021 | 7.22% |
| 2022 | 10.18% |
| 2023 | 10.06% |
| 2024 | 9.39% |
| 2025 | 9.06% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.4B | -- |
| 2017 | $0.5B | +25.0% |
| 2018 | $0.5B | +0.0% |
| 2019 | $0.6B | +20.0% |
| 2020 | $0.5B | -16.7% |
| 2021 | $0.5B | +0.0% |
| 2022 | $0.4B | -20.0% |
| 2023 | $0.4B | +0.0% |
| 2024 | $0.4B | +0.0% |
| 2025 | $0.5B | +25.0% |
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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