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