First Trust AAA CMBS ETF
$19.77−0.01 (−0.05%)
- 0.30%
- $35M
- +0.6%
- 4.92%
- 0M sh
- $19.75
- low $19.65high $20.85
The ETF.net CAAA Grade
C
Score 43 out of 100
- 13 of 25
Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B58 out of 100Rank 11 of 25Mission
Whether the fund did what it promised, tested against its stated mandate.F24 out of 100Rank 17 of 20Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B62 out of 100Rank 6 of 25Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D32 out of 100Rank 18 of 25Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C42 out of 100Rank 18 of 25Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C40 out of 100Rank 19 of 25
Our read on CAAA
CMost mortgage-bond ETFs buy Fannie and Freddie home loans. CAAA goes commercial: an actively run book of AAA-rated bonds backed by offices, hotels and apartment buildings, bought at the top rung of the deal structure.
The Fund seeks to maximize long-term total return.
Why people hold it
- Owns the AAA slice of non-agency commercial mortgage deals (conduit, single-asset single-borrower, CRE CLO), the senior rung with the first claim on interest and principal.ftportfolios.com
- Actively managed rather than index-replicating: at least 80% of net assets in CMBS rated AAA at purchase, with the strategy built around the AAA tier of the capital structure.ftportfolios.comftportfolios.com
- Charges 0.30% a year, below the median fee for mortgage-bond ETFs, and distributes monthly.
Worth knowing
- Agency-mortgage index funds cost a fraction of this (VMBS 0.03%, MBB 0.04%). The 0.30% buys active management and commercial, non-agency collateral instead of home-loan pools.
- Thinly traded next to the big agency mortgage funds, so bid-ask spreads can run wider.
- Launched in 2024, non-diversified, and concentrated in roughly 50 positions, all tied to commercial property credit. Short history, narrow book.ftportfolios.com
CAAA Holdings
- Bonds
- 116
- 37%
- US 2YR NOTE (CBT) Dec26
CAAA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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CAAA$10,062
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CAAA |
|---|---|
| Year to date | −0.3% |
| 1 month | −0.6% |
| 3 months | −1.4% |
| 1 year | +0.6% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CAAA |
|---|---|---|
| 2026 YTD | −0.3% | |
| 2025 | +8.0% | |
| 2024 | +4.7% |
CAAA in the news
CAAA Dividends
- 4.92%
- $0.97
- $0.07 per share
- Monthly
Distribution history
CAAA Risk
- 3.3%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.04
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −2.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.12
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CAAA Cost
0.30%
CAAA0.30%
- The middle half of Mortgage-Backed Securities funds
- Median 0.36%
10 of the 24 Mortgage-Backed Securities funds charge less.
Other funds in Mortgage-Backed Securities
- CDMBSDoubleline Etf Trust - Mortgage ETFExpense ratio 0.39%1 year return −1.9%
- CLMBSFirst Trust Low Duration Opportunities ETFExpense ratio 0.66%1 year return +1.4%
- CIMTGInvesco Actively Managed Exchange-Traded Fund Trust - Invesco Agency MBS ETFExpense ratio 0.22%1 year return —
- CVABSVirtus Newfleet Securitized Income ETFExpense ratio 0.39%1 year return +2.7%
- DVETZAcademy Veteran Impact ETFExpense ratio 0.35%1 year return −1.3%