Overview
Government-guaranteed mortgage bonds — over 5,000 agency MBS pools from Fannie, Freddie and Ginnie — at 0.03%.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| FNMA | Fannie Mae 30yr pools | ~55% |
| FHLMC | Freddie Mac 30yr pools | ~28% |
| GNMA | Ginnie Mae pools | ~12% |
| FNMA | Fannie Mae 15yr pools | ~4% |
| UMBS | 6.0% coupon pools | ~14% |
| UMBS | 5.5% coupon pools | ~16% |
| UMBS | 5.0% coupon pools | ~15% |
| UMBS | 4.5% coupon pools | ~12% |
| UMBS | 4.0% and below pools | ~30% |
| CASH | Cash & equivalents | ~1% |
Fund Details
Investment Thesis
Agency MBS pays a visible spread over Treasuries for prepayment risk rather than credit risk — the government guarantees the principal — and with mortgage spreads still historically wide, VMBS collects 4.3% monthly from the safest structured product in finance. It is the passive, three-basis-point counterpart to active JMBS: no manager picking pools, just the whole market at cost.
Who It's For
Income investors who want government-backed yield above Treasuries and prefer index pricing to active fees. A core bond-sleeve diversifier alongside Treasury and corporate funds.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $45.56 | -- |
| 2017 | $46.02 | +1.0% |
| 2018 | $46.25 | +0.5% |
| 2019 | $48.33 | +4.5% |
| 2020 | $50.02 | +3.5% |
| 2021 | $49.27 | -1.5% |
| 2022 | $43.36 | -12.0% |
| 2023 | $44.22 | +2.0% |
| 2024 | $44.44 | +0.5% |
| 2025 | $46.00 | +3.5% |
| Year | Yield |
|---|---|
| 2016 | 1.80% |
| 2017 | 2.00% |
| 2018 | 2.60% |
| 2019 | 2.60% |
| 2020 | 1.90% |
| 2021 | 1.50% |
| 2022 | 2.50% |
| 2023 | 3.60% |
| 2024 | 4.10% |
| 2025 | 4.30% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $3B | -- |
| 2017 | $5B | +66.7% |
| 2018 | $6.5B | +30.0% |
| 2019 | $9B | +38.5% |
| 2020 | $12B | +33.3% |
| 2021 | $15B | +25.0% |
| 2022 | $15B | +0.0% |
| 2023 | $15B | +0.0% |
| 2024 | $15B | +0.0% |
| 2025 | $16B | +6.7% |
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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